It can be difficult to tell when a real estate "advisor" you are dealing with is the real deal, or if he is more interested in the possibility of filling his pockets.
After all, they can be considered one and the same: professional, confident, experienced and seemingly doomed to your best interests.
As an investor, how can you differentiate the two?
Unfortunately, investors are too often caught unprepared by "crooks" who pretend to be qualified real estate investment professionals – and the financial consequences could be catastrophic, according to two industry figures. point.
Too many stories of investors and ordinary Australians who have lost their savings through shady contracts pushed Property Investment Professionals of Australia (PIPA) and the Property Investors Council of Australia (PICA) to join forces consumers on unscrupulous operators.
"PIPA has heard of tens of thousands of dollars in" cash-back "offers to buyers to buy substandard properties," said Peter Koulizos, President of PIPA.
"Of course, the" cash "is not real because it is an integral part of the selling price, so buyers pay for their own windfall."
PICA President Ben Kingsley added that real estate investors often earn their money by accepting huge commissions of up to $ 50,000 per transaction to promote Real estate investment below investment standards.
How can investors protect themselves against these dubious operators?
By asking as many questions as possible, Kingsley said.
"These false advisers will never disclose how they make their money if a consumer asks them, which should be a big red flag for anyone to be seduced by their clever marketing campaigns," said Mr. Kingsley.
"It's quite common for developers to offer commissions of $ 50,000 or more, as well as gold Rolexes, to help them dump dubious stocks – and unfortunately, huge commissions are only motivation of false advisers. "
It is also a good idea to ask if they are members of PICA or PICA, as these members have received specialized training in real estate investment consulting or are authorized buyer agents.
"Consumers should only work with agents and advisors of the licensed buyer who have completed a quality test, who are also members of PIPA, because of our strict code of conduct which includes full disclosure of commissions, "said Koulizos.
Top suburbs:
St Kilda West
,
East Victoria Park
,
lalor park
,
emerald
,
Tiwi
Get help for your investment property
Do you need help in finding the right loan for your investment?
When you invest in real estate, it is important to make sure that you do not only have the lowest available rate that you can get, but you also have the features of ready adapted to your needs.
Just fill in a few details below and we will then make the necessary arrangements for a local Australian mortgage broker to contact you and solve the problem What features or what types of loans are suitable for your needs? We will even help with the paperwork. In addition, an appointment is free.
We value your privacy and treat all your information seriously – you can check
our privacy policy here
