Many qualified property investors are usually amazed at how much information people believe they know and understand about property. Yet, time and time again, when chatting with others, they discover that the largest problem is everything they don't know. The information sources that many property investors rely on are also surprising. We'll look at Property Advice - Never Rely on These 5 Sources for Property Investment in this article.
1# Property advice from online forums and Facebook groups
While property investors do occasionally read information on some of the larger online property forums and facebook groups, they frequently cringe at what they see. Every participant has an opinion, and certain participants' viewpoints are frequently treated as gospel. When this occurs, Mum and Dad investors are frequently buying in areas recommended by others or employing tactics learned from others that may be utterly inappropriate for their own financial situations. Property Investors talk to a lot of folks who are from out of state and want to buy in Brisbane. It's part of their responsibilities as a buyer's agent.
But it's the number of clients who tell property investors which they would have bought in this or that suburb based on what they've read about the area that truly astounds them. When they go looking for more information, they frequently discover that their knowledge comes from online property forums! This is quite dangerous, so proceed with caution and double-check your facts before depending only on this source of real estate advice.
2# Friends and family
Family and friends have always been there for us... or have they?
Our relatives and acquaintances appear to be specialists in a variety of fields, particularly real estate. Who hasn't been to a BBQ and heard about the house around the corner that would make a great investment property?
The truth is, unless your family and friends have developed a successful property portfolio of their own, you have no way of knowing if their property advise is good for you. Are their goals and circumstances the same as yours, even if they have developed their own portfolio?
It's nice to have our loved ones back us, but when it comes to property investment advice, it's probably best to leave it to the specialists in most circumstances.
3 #Property guidance from real estate sales agents
When you’re looking for a home, you frequently come across postings that advertise a house as a "great investment opportunity" for the savvy buyer. Who is it that says this? Sales agents are hired to market a property on behalf of the seller, and they have no way of knowing whether or not a property will be a good investment for a buyer. In fact, a Sales Agent is unlikely to ask enough inquiries to determine what a buyer's property investment objectives are, what their risk profile is, or what property investment strategy they are employing.
4#Real Estate Marketers
A property marketer's job is to sell real estate on behalf of a developer. Because many Property Marketers supply a lot of information on property investment indicators, determining if they are acting in your best interests or not can be challenging. The greatest way to tell if you're being "sold" to by a property marketer is if they're not charging you anything for their property advice. Now, this is sure how many people work for free, and it’s pretty sure these people don't either. They are compensated by the developers, and their fees are included in the price of the spanking new building.
Property marketers are known as "property spruikers" because they frequently draw big crowds to free "property investing" seminars. Then, during the sales presentation, they give all of the reasons why the product they're selling is the ideal investment for everyone in the room — regardless of their own circumstances.
5#Mortgage brokers, accountants, and financial planners are among the top five professions.
Mortgage brokers, accountants, and financial planners are all licensed or trained in their own fields of competence, but the majority of them are not equipped to provide property advise or do not comprehend the complexities of real estate markets and investment plans. This is due to the fact that property investment is not regarded a "financial service," and hence is not subject to the same regulations as other financial services.