Don’t Invest in Property Without Having These Professionals in Your Team in 2024

February 19th, 2024

Investing in property can be an exciting yet daunting endeavor. With the market continuously fluctuating, it’s crucial to have experienced professionals guiding you every step of the way. At Empire 8 Property, our team has seen it all. Over the last six years, we’ve helped clients navigate the complexities of property investment to build profitable portfolios. Based on our expertise, we cannot emphasize enough the importance of assembling your “super team” before purchasing an investment property in 2024.

Why You Need a Property Professional

Having an experienced property advisor gives you invaluable insight into deals and growth opportunities that you’d otherwise miss out on. Rather than just relying on a local real estate agent, seek out someone knowledgeable in markets across Australia. Different areas experience peaks and troughs in their property cycles at different times. Just because your neighborhood is in a slump doesn’t mean there aren’t lucrative investments in other cities or states.

A proficient advisor helps you identify upcoming hotspots to maximize your capital growth. We routinely analyze market conditions across the country to pinpoint suburbs primed for growth. This analysis combined with our relationships with developers and real estate agencies gives our clients access to off-market listings. Additionally, we negotiate with agents and developers on your behalf to secure properties thousands below listing prices. The cost savings and growth potential more than justifies getting professional support.

Mortgage Broker – Critical for Financing

Property investing depends heavily on getting your financing right. Having an experienced mortgage broker gives you a specialized advocate that banks simply can’t compete with. They will compare options at various institutions to find ideal loan packages for your situation. Too often, banks only present cookie-cutter products with restrictive lending criteria. In contrast, brokers tap into both standard and alternative lenders to secure you optimal interest rates and flexible terms.

Over the years, we’ve built relationships with specialized lenders catering specifically to investors – even those buying multiple properties. These lenders understand investors’ unique requirements and have more generous approval benchmarks compared to the banks. Our mortgage partners can often get loans approved where the banks bluntly turn investors down. Moreover, they maximize your borrowing power, so you can build your portfolio faster.

Property Solicitor/Conveyancer

Engaging a property solicitor or conveyancer to review contracts and provide guidance during the purchase process is non-negotiable. It’s tempting to cut corners here, but the minimal savings are not worth the massive financial risk. A reliable solicitor will scan documents to spot any red flags or provisions that could cause major issues down the road. Additionally, they ensure contracts get settled properly and all documents get filed correctly after purchase. All of this protects you from nasty surprises that could sink your investment.

Over the years, we’ve partnered with experienced property lawyers who’ve conducted thousands of real estate transactions. They provide pragmatic advice tailored to investors that saves our clients thousands in unnecessary fees and taxes. Conveyancing is unavoidably complex, so having a specialist in your corner is critical.

Need an Investment-Savvy Property Manager

Once you’ve purchased a property, reliable tenants are essential for generating consistent rental income. Thorough tenant screenings, fair rent assessments and prompt maintenance are crucial for keeping your investment occupied and profitable. Rather than just listing vacancies online and hoping for the best, a proactive property manager will market listings through their networks. They’ll tap previous tenants, trade contractors or vendors to find candidates faster.

Additionally, skillful managers build rapport with tenants so issues get resolved amicably. Streamlined tenant-landlord relations reduce unit turnover, saving you thousands in leasing fees and vacancy losses over time. As long-term investors ourselves, we only partner with managers focused on retaining quality tenants for years rather than months. This long-view approach maximizes income and equity growth.

Tax Accountant – Critical for Maximizing Deductions

Once your property is tenanted, a knowledgeable accountant helps minimize taxes by leveraging all allowable deductions. However, it takes an accountant experienced with investment properties to identify all qualifying expenses. We’ve worked with clients whose previous accountants missed thousands in potential deductions by using cookie-cutter homeowner practices rather than investment-specific strategies.

Our tax partners employ aggressive yet ethical techniques to save investors considerable sums each filing season. Understanding depreciation schedules and offsetting maintenance, financing and operating costs against your rental income is tricky but lucrative. With the right accountant, your properties can run at a loss to eliminate tax bills even as they continue appreciating in value.

Financial Planner for Self-Managed Super Fund Investing

If interested in purchasing properties within your self-managed super fund (SMSF), first consult an advisor specializing in SMSFs. They will assess if using retirement savings to invest is prudent for your specific financial situation. Our financial partners help clients manage SMSF obligations and maximize wealth building using super funds. Their guidance ensures you make wise investment choices while staying compliant with all regulations.

Additionally, they assist setting up your SMSF correctly from the start – drastically simplifying administration later. Attempting to use SMSFs without expert input frequently creates headaches due to missed filings, incorrect structures or non-compliant assets. Our preferred financial planners help you avoid these missteps from inception by ensuring everything gets established accurately.

Assemble Your Experts Before Investing

With the right team surrounding you, clever property investing is entirely feasible even in intense markets. Our group of specialized experts offers invaluable insight that new investors simply lack. If you’re struggling to build a profitable portfolio, the missing ingredient is likely a strong support network.

We work with clients nationwide using proven systems to purchase positive cash flow properties in growth sectors. If you’re ready to upgrade your investment outcomes with an experienced team on your side, please reach out. We’re happy to chat about your goals and craft a tailored action plan to make it happen. With the right guidance, you can absolutely thrive through cycles highs and lows alike.

Invest smarter. Partner with Empire 8 Property and visualize your portfolio potential today.