If purchasing an investment property is something that is on your ‘2020 to do list’ then there are several steps you need to take before diving into the often turbulent waters of the property market. 

1.    Understanding within yourself the driver for this purchase so you can set realistic goals
2.    Doing your budget to see if you are financially ready
3.    Arranging preapproval of finance
4.    Deciding on whether to appoint a Buyer’s Advocate to represent you 

When it comes to appointing a Buyer’s Advocate or arranging finance, it can be difficult to know who to choose and how to know if they are reputable and the right match for you. 

The Buyer Advocacy industry has grown in leaps and bounds in the last 10 years.  

It wasn’t that long ago that using a Buyer’s Advocate was unheard of or the public was under the illusion that only extremely wealthy buyers availed of this service.  

In today’s market, using a Buyer’s Advocate/Buyer’s Agent/Property Advisor (whatever term you like, it’s all much the same) is becoming more common with every demographic of buyer from downsizers and investors to first home buyers.  

The sheer volume of information available to buyers these days can be overwhelming and deciphering what is legitimate information and what is rubbish can be difficult.  

Buyers tend to fall into one these categories: 

1.    ‘I can do this myself; it can’t be that hard’. They pour over the internet research trying to figure out what makes for a great property, spend months traipsing to open house after open house getting beaten at auctions. Eventually they get frustrated and can be in the unfortunate position of buying a property for the sake of getting the job done.  Not ideal considering this is a venture to make money. 

2.    ‘I’ll sit back and watch the market’ . There is merit in knowing your market and the current conditions but sitting back and waiting can mean missing out on good opportunities or being priced out of the market because you’ve been sitting on your hands for too long. 

3.    ‘Let’s appoint a professional to do this right for us’. This in my humble opinion is the common-sense approach.  Why spend hundreds of thousands of your hard-earned dollars to buy an investment property yourself when there are experts in this industry able to buy you the best quality property to suit your individual property goals at the best price. It saves you time, saves you money on the purchase price and makes you money by knowing the intricacies of an A grade property versus a B grade property. 

This leads me to my final point – how to choose the right Buyer’s Advocate.

If you google Buyer’s Agent Melbourne, there are numerous pages of companies with impressive websites designed to lure you in.  

You need to make sure the company you choose to entrust one of your biggest life purchases does these five things: 

1.    Makes you feel heard, listens to you and customises their strategy to suit your goals.  A one size approach does not fit all.  There are many ways to make money through property and a good advisor will tailor their approach to achieve the desired outcome rather than have you fit into the box they set.
2.    Educates and explains why the strategy they recommend is right for you and answers any questions you have in a clear and direct manner – no matter how big or small.
3.    Is 100 pre cent independent in their dealings with service providers, agents, developers and does not receive kickbacks.
4.    Will be communicative with you each step of the way and will not pressure you into buying a property that you are not comfortable with.  They must keep in regular contact with you after the purchase to let you know how the property is performing and what is happening in the market.
5.    Is willing to take the time to find the right property for you and not rush you through the process to expedite their payment.  As most Buyer’s Advocates only get paid once a property has been purchased, you need to be wary of inferior properties being spruiked to you. 

When you meet with your potential Buyer’s Advocate candidates, ask them how long they have been in the industry, how many properties they have purchased for clients, what areas they specialise in and what qualifications they have.  

Most importantly – you must feel comfortable with the person you are working with. 

To find out more about our approach and how we have been helping our clients make the right property moves, visit our website or call us on 03 9018 7870 www.propertybureau.com.au