Getting property investing right takes research and patience. But some extra help from the experts can do wonders for your equity and rental returns.
An investment property portfolio is sometimes called a passive income stream. But anyone who has experienced buying, selling and renovating property knows there’s nothing passive about it! It takes a lot of time and knowledge to get it right and avoid costly mistakes.
Seeking the services of these five property professionals can really help you make smart choices and benefit from the income potential of your property investments.
Whether you’re planning on buying just one investment property or many, you’d be wise to plan ahead with your finances. If you don’t set up your mortgage with all the right features, you might find it costs you dearly when it’s time to refinance and draw on your equity for your next buy.
A good broker will be looking to understand your investment goals and match them with the right loan products currently available. Always look for an accredited broker with access to a wide panel of lenders and a strong track record in arranging finance for property investors.
2. Buyer’s Agent
Offering a wide range of services from finding properties to buy before they are listed, to negotiation, buyer’s agents can be your ace in the hole for getting the right properties for your portfolio at the right price. But their services will come at a price too, so you’ll need to run the numbers and see if you think their input is worth the fee.
An agent that covers more than one city or region can be particularly helpful if you’re looking for property investment opportunities interstate. They can be a valuable shortcut to knowledge about current market trends, rental and occupancy rates so you can make a smart choice about where and what to buy.
Done the right way, renovating can potentially boost the income you can expect from your investment property. If you’re planning on taking this approach, you’d be wise to strike up a partnership with a trusted building professional. You can draw on their expertise to help you vet properties before you buy. Plus you’ll be grateful for a fast, reliable turnaround on fixing up the property, whether you’re planning to sell straightaway, or rent it out. No matter how much you trust your builder, always make sure you’ve got a proper contract in place so you both know your rights and responsibilities.
4. Property Manager
As a property investor and landlord, getting the rent paid and protecting the value of your investment are both high on your agenda. If they can make sure you have a steady supply of good tenants and keep your property well-maintained at all times, your property manager will be one of your greatest assets.
5. Real Estate Agent
Some investors aim to build a portfolio and generate plenty of rental income. Others might look to buy strategically and cash in on the capital gain from their properties when they think the time is right. Depending on your investment strategy, you may only need the services of a real estate agent once in a blue moon. But regardless of when or why you’re selling, you certainly want to stir up some buyer interest to get the best possible price for your property.
Who are your trusted advisers for investing in property? Share your experiences in the comments below.