Purchasing a property can often be a daunting and painstaking experience, particularly if it’s someone’s first buy.
Like most first time buyers, when Katie Simpson purchased her first investment property, she did it all – from researching, to making appointments, to taking out her first loan with a bank. Ms Simpson admitted that while her first investment was an exciting experience, the process behind buying was also a tense learning curb.
However, having recently settled her sixth investment, Ms Simpson told The Smart Property Investment Show that she was finally in a position where she could create a financial team to assist on her investment journey.
For investors like Ms Simpson who are looking to simplify their investment experience and expand their portfolio, here is a guide to five key personnel experienced investors often work with.
Brokers liaise with both borrowers and lenders, researching products on the market and assisting clientele with the application and loan settlement process. As many banks tighten lending standards based on risk assessment, investors often work with brokers to secure property funding through alternative lenders.
A buyer’s agent works on a client’s behalf to search, evaluate and negotiate the purchase of a property. Many interstate or time-poor investors employ an agent to do the groundwork in finding a property and often have access to resources otherwise unattainable for investors.
An investment accountant maintains a client’s investments while providing financial advice and monitoring their finances. Many investors work with accountants to determine what they can afford to purchase and how quickly they can expand their portfolio.
A solicitor in this space is a representative of, or negotiator for, clients regarding contractual agreements and transactions. Investors often work with solicitors for property settlement, ensuring the accuracy of contracts as well as ensuring relevant documentation has been received.
Real estate agents are instrumental to investors looking to rent out their properties and will advertise the property, schedule viewings, liaise with potential tenants and arrange paperwork in preparation for rental agreements within a short time frame.