What’s wrong with “free” property advice?
When I starting investing in 2003, there were few people truly helping buyers in Perth Western Australia, so that’s when I decided to do more research into how to buy great investment properties myself.
At first, I was encouraged by the dozens of websites, magazines and seminars offering “free” advice on property investing. I was excited at the prospect of becoming a property millionaire – and to start living the life I’ve always dreamed of – and to help my family and friends do it too!
Until I got started… That’s when I discovered a couple of unfortunate things about “free” property advice.
- Firstly, most real estate professionals were hired by sellers or developers, and were selling a product – new apartments, house and land packages, established houses for their seller – hence their advice is “free” for property buyers. If you ask any selling agent, “Is this a good investment?”, they are never going to say, “NO”!
- The time came for me to apply the free advice, and having no experience in negotiating, I was up against a seasoned, professional negotiator – I didn’t stand a chance!
- Then, there was the overload of information out there! In Australia, you don’t need a financial license to give property advice (I’m looking forward to the day it’s needed), and there’s a multitude of property spruikers with a myriad of strategies, so where do you start?
One way to avoid making costly property buying mistakes, and to help you make a fully informed buying decision, is to seek professional help and hire a buyers’ advocate.