Responsible property investment means having a good Properties Team.It is one of the most important Property Investment Tips.
John Donne once said “No man is an island”.
When talking about Property Investment, this expression could not be more fitting. Whilst it may be possible to build a property empire all on your own, it is a lot easier to build upon the knowledge and skills of others where possible. By employing the help of an expert, the amount of time that you can save as well as the amount of money you may save in the future should make the decision a “no-brainer”.
Who are these mystery experts that no Property Investor can do without? I’m talking about Solicitors, Accountants, Real Estate Agents and of course the support of Family and Friends. They can all be very valuable for Property Investment Tips and advice.
1) A Solicitor
Now a Solicitor may sound like a dirty word to some of you, but I guarantee that a good solicitor is worth his or her weight in gold. However, they will need to be specialized in the property field. A commercial litigator will not be a lot of help to you in this respect but a good property lawyer will be. They can examine all the legal aspects of any prospect you have, they can set up trusts, partnerships and companies for you to structure all your dealings and they can advise you on any legal obligations you may be accountable for, now or in the future. Solicitors are very easy to find and most should advertise their credentials. Shop around and ask people in the know who they may recommend for your properties team.
2) An Accountant
An accountant will be able to advise you on the best ways to set your respective empire up from a tax and benefit perspective. They will prepare your financial accounts at the end of the financial year and the really good ones will be able to set out your finances in a way where you may be able to save yourself a bit of tax. You may have to liaise with both your accountant and solicitor to set out your portfolio in the best way possible. Like a solicitor, accountants are very easy to source. Try to find one that specialises in property. Most accountants will offer a free consultation before they commence working with you. Talk to them and get a feel for how they operate, if you don’t feel comfortable, then try someone else. Remember they are there to work for you, not the other way around.
3) A Real Estate Agent
Real Estate agents are the men and women on the ground in your properties team. Until you are in a position to know your market 100%, these are the people to talk to. From sales volumes to what prices are doing and where the place to buy is, a real estate agent should be able to give sound advise. Once you have been in this game for a while you will develop your own feel for things and may not need to rely on an external agent as much. It’s always good to have the contacts in place to have a catch up every once in a while, just to double-check your own thoughts. In real estate circles, big would appear to be better, with the most popular sales agents generally being popular because they sell more property and have a good idea on what the market is doing. Try to stick with these people, they will not be hard to locate.
4) Your Family & Friends
Whilst these particular people may not offer any particular specialist skills, they will be able to offer help, support and ideas to assist you with your decision-making. Having the support of family can do wonders for stress levels and having good friends you can call upon from time to time to help out with the odd job (as long as it is reciprocated) can save time and costs. Friends may have undertaken a similar endeavour as yourself, of which they may be happy to steer you in the right direction. Remember a problem shared is a problem halved.
Whilst there will be many others who will no doubt provide you with information and guidance along your path to investment nirvana, I believe that the 4 groups listed above are probably the most important components of your Properties Team.