STEP 2: YOUR TEAM
Why is having a team so important? Buying a property is a team sport, there are lots of people that need to be involved. You can’t play cricket as a single player, you need a team of speciality players like batsman, bowlers, wicket keepers, fielders and coaches. The captain of the cricket team is the leader, which in this case is YOU as the property investor.
The people you are going to need on your team are a Property Advisor / Strategist, Accountant, Mortgage Broker, Real Estate Agent, Buyers Agent, Financial Planner, Builder, Architect, Tradies, Solicitor, Conveyancer, Town planner, Property Manager …. and that’s just to name a few. Now you should be starting to get the idea, there are lots of people involved in your property investing journey. You need to set up the right team to achieve a successful outcome.
I will briefly cover off the main ones;
- Property Advisor / Strategist is the person that can help you navigate your way through the property search and recommend properties that are going to suit your goals and needs. (Blue Wave Property Strategies can help out here)
- Accountants are the people who will help you with tax related issues, set up investment structures such as companies and trusts, they can also look at cash flow too.
- Mortgage or Finance Brokers should have a excellent understanding of the lenders and how to submit investment property deals and help with the bank selection. They are crucial in the big picture. (Blue Wave Property Strategies can help out here)
- Real Estate Agents work for the property they are trying to sell. They are paid their commission from the seller. However, they are the chief negotiator between the buyer and the seller, usually doing up the contracts and getting both parties to agree on a final price.
- Buyers Agents work for the buyer, they source the property that the client is looking for. They charge a fee or commission from the buyer for finding suitable property.
- Financial Planners will make sure you have all your insurances such as life, income protection and trauma up to date, they also look at your whole portfolio with diversification in shares, managed funds and superannuation.
- Builders build the property….. of course
- Architect or Building Designer designs the property…. again pretty obvious
- Solicitor or Conveyancing will give you legal advice around contracts and the property purchase. They will attend settlement on your behalf and do searches on the property to make sure you are buying the property stated in the contract. (Very Important).
- Town Planner or Certifier gives you advice, makes sure you can build the type of building you want on the particular block of land, signs off on the official approvals for the building to commence and reviews the plans drawn up by the architect or building designer.
Tradies, electricians, plumbers, carpenter, landscape gardeners, painters, concreters, fencers etc. All help in the building, renovations or maintenance of your investment property.
Always do you research on who you want on your team, in many cases cheaper is definitely not better, go with your gut, recommendations and people you have used and been happy with in the past. Make sure your team has your end goal in site and will do what they need to get you there!
At Blue Wave we can help you with a few of the crucial items you need like strategy, finance and finding you the perfect property and if we cant help with a task, we have great contacts we can recommend. Give us a call today at 5443 8773 or schedule your FREE Strategy Session below.
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