Building a reliable team is one vital part of most investors’ success in property investment. Aside from advisers and brokers, accountants also play a big role in making sure that you make the best decisions, create the best strategy and get the most out of your properties.
While every investor has different needs for each member of their team, buyer’s agent Paul Glossop and Smart Property Investment’s Phil Tarrant agree that there is one thing that could determine if an accountant will actually be a good addition to your journey.
The special criteria? Objectivity and independence.
“You pay for good advice, so your expectation from your accountant is that they will provide you advice which is in your best interest, not in someone else’s best interest. You need to be looking for that independence. If your accountant starts offering you potential properties that are probably worth buying, [he’s] probably not the accountant you need to be with,” Phil said.
Paul added: “Look at where the bias is. Even if someone’s going to refer you to someone else, make sure you know why and what’s in it for them. I’d ask them the questions. Be open. If they’re going to be saying you should speak to this financial adviser or this broker or this buyer’s agent, try to make sure that full disclosure’s there. If they’ve got nothing in it other than your best interests at heart, then great. That’s what you want.”
Moreover, it will be easier for an investor to build a team when he has a clear set of goals that he wants to achieve.
According to Phil, know yourself, then prepare to get to know more from other people.
He explained: “Don’t let your own personal objectives and biases get in the way of a good decision. If you are biased one way or another, then try to find someone whose objective and whose experience you trust. Get their opinion and react in a way that’s going to be in accordance to what you can see is factual rather than just emotional.”
Being a successful property investor does not only require good education and an inspired mindset, but more importantly, it takes an open mind, willing to learn from other people. After all, what could be a better teacher than experience?
Tune in to The Smart Property Investment Show’s Q&A session to find out the answers to some of the most frequently asked questions about property investment.