Successful investors know the value of their advisory team, when it comes to choosing the right investments. Good quality advice from experienced professionals, will increase your chances of a positive experience along your wealth creation journey.
If you seek legal advice, you will find a good lawyer for your advisory team. When you seek good quality financial advice, you will find a financial advisor to help you choose the right financial investments. But who do you talk to for your property investment advice? Who are qualified to give such advice?
Regulation of Property Advice
According to ASIC, Property is not a financial product. This means your financial planner is not qualified to give advice about property as an investment vehicle. Instead, they must rely on their own personal experiences or seek advice from other experienced property professionals.
If property advice is not classified by ASIC or assigned to any particular profession, this means property advice is also not regulated. Spruikers of all kinds can give bad property investment advice without consequences. Many innocent people have lost money due to poor investments made off the back of this bad advice.
How to identify a spruiker
Spruikers are essentially sales people. They sell developer stock for hefty commissions, without disclosing the fact to unsuspecting investors. You can tell a spruiker when they promise get-rich quick schemes or extremely high returns for very little investment. They even say you can buy property without a deposit. The quality of their due diligence is basic at best. So when things go pear shape and your property investment doesn’t perform as promised, they are nowhere to be found.
What a Property Advisor Can Do
A property investment advisor can come from many backgrounds and bring their own set of skills to the role. They will also protect you from spruikers. They work for you, the investor, not the seller of property. They are committed to increasing the investors knowledge, guiding good investment decisions with excellent research and support.
A property advisor can help you choose an investment grade property, secure finance, purchase the property for you, guide you through the settlement process and arrange property management. They also won’t leave you stranded after purchase, because it is an ongoing relationship throughout your property investment journey.
What a Property Advisor Can’t Do
Your property investment advisor may not be qualified to give lending, legal or tax advice. In this case, they will seek consultation from other qualified professionals.
For example, if you need lending advice, your advisor will work closely with a mortgage broker. When you need legal advice, they will arrange for a good lawyer. When you need tax advice, they will refer you to a qualified tax accountant.
Ensure the property advice you receive is from an experienced and independent property professional. At JR Prosperity Partners, we specialise in residential property investments and pride ourselves on giving exceptional quality advice for successful property investment. Contact us today on 1300 522 562 or by email: team@jrprosperity.com.au.
