How To Avoid Bad Property Advice
When it comes to real estate, everyone is an expert… or so they might think!
Everyone who has ever owned, bought or sold a property that is.
Well, it seems to be the general consensus out there and time and time again, I find myself having to bite my tongue when I meet someone who claims to know it all just because they happened to have bought a property at some point in their life.
This purchase could have been 30 years ago, but heck, seemingly this makes for a property expert?!
Following the wrong advice is all too common for home buyers and investors, especially those buying or investing for the first time.
The trouble is, not many of us know who to turn to when it comes to seeking genuine, trustworthy and financially sound advice when it comes to property.
I get it! It really is slim pickings out there.
Think about it. Who is the first person, or people you would turn to if you’re stuck on something or needing advice?
I’ll bet it’s either your partner, your parents or a trusted friend or family member.
Maybe it’s google? (If google was a person!)
Am I right?
You see, it’s perfectly natural to gravitate our questions toward those we already know and trust, and seek their answers as gospel.
After all, they have our back and won’t want to see us follow the wrong path, right?
But with all the good-intentions present amongst this group, they’re often the WORST people you can turn to when it comes to property advice.
It never seems to amaze me how many “experts” come out of the woodworks when you mention the word property.
Sadly, this is far from the reality. Most people only ever buy one or two houses in their entire lifetime. This DOES NOT make them experts in property.
The bottom line is this.
Well-intended advice is not necessarily GOOD advice, or the RIGHT advice for you and your personal situation.
If you follow the wrong advice, you’re probably going to wind up costing yourself a lot of money, heartache, time and perhaps even your dream home.
But firstly, what IS wrong advice?
Here’s my plain and simple answer to this question …
Wrong advice is any advice that does not benefit you.
So who is likely to give you this wrong advice?
Here’s my shortlist…
Your parents and/or family members.
Your friends - especially those who have ever bought property.
The spruiker you saw in your Facebook feed running the free seminar.
Anyone (either in a professional capacity or not) trying to “sell” you on a specific property. This could be a real estate agent, auctioneer or any kind of salesperson who is NOT representing your beset interests.
Some of these will be well-intended, like your parents or friends, and others just simply won’t know your situation well enough to know what is best for you.
Then there are others who will simply be out to get their hands on your money, (or to get a big fat kick-back).
In this case, trust your gut, and always consider two things:
1. What is this person gaining from giving me this information? Is the information biased in any way and what could be the reason for this bias? Is this person receiving a kick-back or financial incentive of any kind?
2. Has this person already had proven success in property investment and can they show me examples?
And I’m not just talking about whether they’ve been investing for a long period of time, or that they’ve worked in real estate since 1969. That’s all good and well, but have they actually MADE ANY MONEY in real estate and can they prove it with examples?
What mistakes have they experienced for themselves or from others and have they learned from these?
When we break it down like this, it’s clear to see why buyers find it challenging to enter the real estate market and do it strategically, and well.
This is an extract from my soon to be released First Home Buyer’s E-Kit.
If you’re curious to learn more buying your first home or first investment, or you’re simply wanting a step by step action plan on how to buy property and get it right, REGISTER to receive your Kit the moment it is released.
(Note I have extended the earlybird registration date so get in now!)