Tuesday, August 11, 2015 / Services
One of the key elements to creating a successful property investment portfolio is building a property investment team that are experts in their specific fields. For most people purchasing an investment property is one of the biggest financial decisions they will make in life, yet many of these people try to do it all themselves. It’s no surprise that the people that attempt such a big feat on their own are the ones who typically don’t make as much money from property investment, as they don’t have the time or expertise required. By building this team of professionals you are not only saving yourself a lot of time and hassle but you are also ensuring that you make educated and considered decisions from the outset which is vital when investing in property.
A property investment team is generally comprised of the following:
Property Investment Strategist: A good strategist will help you find the right type of property that is geared towards helping you achieve your goals. They will assist with market research, negotiate prices for you and they will put a long term plan in place to ensure you stay on track, and continue to leverage changing market trends to build wealth for your future.
Mortgage Broker: Your mortgage broker will ensure you are only spending what you can afford and will give a clear insight into what different banks will lend you. They will also find the best possible rates so that your mortgage repayments are as low as possible.
Conveyancer: Your conveyancer will handle all of the legal considerations including stamp duty, the settlement process, legal documents and payments.
Property Manager: Property Managers do all of the heavy lifting for you once you have purchased your investment property. They get tenants into the property and manage communication between all parties. They handle all of the finances and any repairs or maintenance that might be required.
Accountant: Your account will help you structure your tax return so that you achieve the maximum tax benefits from your investment property, putting more money back in your pocket.
If you’re not an expert in any of these fields then why waste your time trying to do it all yourself? Employ the right people to do the job for you to help you maximise the potential of your investment property.
Successful property investors will tell you teamwork divides the tasks and doubles the success so the big question is, have you got your team in place?