Australian investors have become bombarded with property opportunities over the past 5 years, with an agent to be found at almost every turn. In fact, there are now over 64,000 property agents registered in the city.
As the number of agents continues to grow, choosing the right agent has become a challenge for even the most prudent investors. Agents throughout the city make the same claims and in many cases offer the same properties, leaving most investors to wonder what differentiates one from another.
It’s against this backdrop that CityYield conducted an internal survey to determine the best questions for property investors to ask their agent before they buy. Surprisingly, only 5 criteria were agreed upon unanimously among survey participants.
THE TOP 5 QUESTIONS TO ASK YOUR PROPERTY AGENT:
(1) Does the agent invest personally?
If your property agent is not actively investing in the property they recommend, why not? Agents that believe in their recommendations should be making personal investments themselves. If that’s not the case, you deserve to know the reason they’d risk your money but not their own.
(2) Does the agent examine ALL property markets?
What if a stock broker told you that they only sold shares from a single company, no matter the conditions? You’d go somewhere else. You want an agent who evaluates ALL global property markets in an objective manner, without limiting their scope.
(3) Does the agent specalise in property for investment?
There is a stark contrast between property purchased for investment and that purchased for leisure. If you’re looking to purchase property for investment, make sure that the agent specialises in that area to select property that will put money in your pocket.
(4) Does the agent have practical experience?
Are they an expert, or merely an agent? While the reputation of a company is important, working with a seasoned agent is crucial. Understanding the world of property investing is not learned from textbooks, it takes years of hands-on experience. Having an experienced agent in your corner will help you avoid pitfalls and ensure a smooth buying experience.
(5) Does the agent provide end-to-end support?
Make sure that your property agent will be by your side throughout the entire life of your investment, not just one trying to make a sale. You don’t want an agent who just introduces you to third parties, then walks away. Working with an agent who oversees all stages of the purchase and post-purchase process will ensure you are never left standing on your own. Your agent should be doing the hard work while you get on with your day.