Property Investment advice currently isn’t regulated allowing anyone to have the ability to give property advice despite their experience and qualifications. There have been calls to introduce a national regulatory framework for some time now; with some saying it is in far closer reach under the current government.
There are many examples in the property industry where property marketers or other professionals don’t act in the client’s best interests; these people are referred to as property spruikers. They claim to be property investment advisors but really have a hidden agenda to sell you a property with huge commissions and kickbacks from developers and builders of anywhere between $20,000 and $50,000 per property. Every time I hear people falling for these traps it makes me cringe.
We need to see national regulation of property investment to ensure advice is only given by a qualified financial adviser with a set standard of qualifications required. Just like any other industry including Financial Services and Real Estate, licensing and regulation should be implemented. Investors are seeking to create wealth for their future with property being a very high value transaction. For most households it is the biggest single investment outside of the family home.
It is important to consult with a property financial adviser who operates under an Australian Financial Services License to ensure you are getting the right tailored investment advice, someone who isn’t bias to a certain product, who isn’t trying to sell you a house but rather providing you with personalised advice to suit your situation and end goals.
When dealing with a property advisor a few questions you should always ask include what their qualifications are, are they covered by PI Insurance, are they certified to provide you with tailored financial advice to suit your personal situation. After all, investing in property is a big transaction and something you want to get right from the start.
Portfolio Property Investments operates under an Australian Financial Services license with a team of qualified financial advisors who deals with clients across Australia in helping them achieve their property investing goals.