A Checklist for Creating Your Power Team

Checklist for Building Your Investment Team

1. Initial Team Establishment:

  • Identify the types of professionals needed for your real estate investment team.
  • Research and list potential real estate agents, solicitors, accountants, and valuers.
  • Evaluate the experience and expertise of each professional in relation to real estate.

2. Before Property Search:

  • Ensure your team is in place before beginning your property search.
  • Discuss and align your investment goals with each team member.
  • Establish clear communication channels and protocols with your team.

3. Team Capabilities for Quick Actions:

  • Verify the team’s ability to act quickly in various market conditions.
  • Conduct a readiness assessment for quick transaction closures.
  • Develop a strategy for fast decision-making and offer placements.

4. Research and Analysis:

  • Coordinate with your team to effectively research properties before making offers.
  • Plan for comprehensive property evaluations including legal, financial, and physical aspects.
  • Implement a process for thorough market analysis and property valuation.

5. Making Informed Offers:

  • Discuss the implications of conditional versus unconditional offers with your team.
  • Ensure financial readiness before approaching a property deal.
  • Involve your legal advisor in reviewing and making offers on properties.

6. Legal Advice and Support:

  • Seek a real estate solicitor experienced in the Australian market.
  • Have your solicitor review sale documents for any unique conditions or legal complexities.
  • Utilize legal expertise for complex transactions, especially those involving special financing or loan assumptions.


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7. Selecting the Right Legal Help:

  • Decide between using a solicitor or a conveyancer based on the complexity of your transactions.
  • Evaluate the cost versus benefit of each option.
  • Ensure your legal advisor is skilled in conveyancing and property law, particularly in tenancy and commercial lease laws.

8. Continuous Team Evaluation:

  • Regularly assess the performance of your team members.
  • Stay informed about changes in real estate laws and market conditions.
  • Foster a culture of ongoing learning and adaptation within your team.

9. Inspecting with a Building Expert:

  • Hire a qualified builder for property inspection, regardless of the property’s age.
  • Obtain a building report and a pest-inspection report, each costing around $400-$600.
  • Schedule building and pest inspections about a week before an auction.
  • Use the inspection reports to understand current and potential future maintenance issues.
  • Consider using the reports for price negotiation if major flaws are identified.

10. Working with Real Estate Professionals:

  • Understand the role of real estate agents in marketing and selling properties.
  • Acknowledge the commission-based structure of real estate agents’ fees.
  • Learn negotiation tactics used by agents to align buyer and seller price expectations.
  • Be cautious when disclosing your budget to agents.
  • Research and understand the role of buyers’ advocates in the property buying process.

11. Utilizing Buyers’ Advocates:

  • Consider hiring a buyers’ advocate for impartial dealings and local industry insights.
  • Understand the commission structure of buyers’ advocates.
  • Assess the benefits of advocates in identifying underpriced properties and negotiating prices.
  • Verify the advocate’s expertise in the local market and their investment criteria.
  • Ensure the advocate’s investment strategy aligns with your financial goals and risk tolerance.

12. Understanding the Advantages of Advocates:

  • Recognize the potential cost savings and risk reduction offered by advocates.
  • Evaluate how an advocate’s property recommendations align with your investment criteria.
  • Consider different property investment focuses, such as tax minimization or geared properties.
  • Determine if the advocate’s approach matches your income and wealth creation plans.

13. Building the Right Team

  • Identify real estate professionals with expertise in your target geographic market.
  • Verify the professional license status of each team member.
  • Obtain and check bona fide references from recent clients.
  • Choose professionals with strong communication skills.
  • Select representatives with proven negotiation skills and a reputation for honesty and integrity.

14. Utilizing Real Estate Agents

  • Build relationships with agents specializing in your desired property types and areas.
  • Regularly communicate with agents for updates on local market trends and opportunities.
  • Be strategic in sharing your budget and investment preferences with agents.
  • Utilize agents’ insider knowledge to access unadvertised properties and exclusive deals.
  • Balance agent interactions with your own research through the internet, newspapers, and other listings.

15. Evaluating and Avoiding Risks

  • Stay vigilant about property spruikers and their get-rich-quick schemes.
  • Be skeptical of property investment seminars and avoid impulsive commitments.
  • Research the background and track record of any seminar or course before investing in it.
  • Approach property deals offered by developers with caution, considering additional costs and potential overpricing.

16. Dealing with Developers and Leasing Agents

  • Understand the risks and benefits of purchasing properties directly from developers.
  • Consider the advantages of buying slightly older properties over brand-new ones.
  • Assess the need for leasing agents in managing your investment properties.
  • Evaluate potential leasing agents based on their property management portfolio, vacancy rates, fee structure, and tenant screening processes.

17. Financial Planning and Valuation

  • Seek a financial adviser who can provide holistic and unbiased investment advice.
  • Prefer financial advisers who offer fee-for-service arrangements.
  • Ensure your financial adviser supports and understands property investments.
  • Use valuers for their insights into property value, market dynamics, and renovation potentials.
  • Leverage valuers’ expertise in identifying properties with hidden value-add opportunities.

18. Maximizing Investment Returns

  • Regularly consult your financial adviser to align property investments with your overall financial goals.
  • Utilize valuers to assess the current and potential value of properties.
  • Diversify your investment portfolio to protect against market volatility.
  • Stay informed about market trends, legal changes, and investment opportunities.
  • Continuously evaluate and adjust your investment strategies based on market and economic conditions.

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