The ‘dream team’ you need to purchase property in today’s market

Buying and developing property involves hiring a team of experts from diverse fields. It’s especially important in today’s climate that you work with key players that you trust will act in your best interests.

When you find good professionals, you can end up using them over multiple projects spanning many years as you build your investment property portfolio.

So, who is in the dream team? 

Buyer’s agent

A buyer's agent will get an understanding of your brief and set a purchasing strategy. Many will also help plan a long-term investment strategy for you. 

Firstly, they will contact and follow-up with clients to assess their wants and needs in a home or investment property. 

From there, they will provide potential home buyers with pertinent information about their local housing market and act as the intermediary between the client and the listing agent to ensure a smooth real estate transaction. They will also schedule showings, show homes, and go to open houses for potential buyers. 

Once you’re ready to purchase, they will help you with budgeting and options with a mortgage broker. They can also help put other members of their dream team around them, including an accountant, solicitor and organising the building and pest inspections. 

If needed, they will create documents such as representation contracts, purchase agreements, closing statements, deeds, and leases to close the sale.

Mortgage broker

Mortgage brokers act as the go-between for borrowers looking for a home loan and the lenders offering the loan. 

They offer personalised advice to help borrowers choose the right home loan for their needs. 

Mortgage brokers usually have access to over 30 different lenders on their panel so they can find the best loan to suit their client’s requirements. 

This will often be a better fit than going straight to the bank and just getting a choice of one loan from that bank.

Mortgage brokers are required by law to carry an Australian Credit License (ACL) if they offer credit assistance services. 

They may not need this license if they are working for an aggregator, for instance, as a franchisee. In both these situations, they need to comply with the regulations laid down by the Australian Securities and Investments Commission (ASIC).

These regulations, which are stipulated by Australian legislation, require mortgage brokers to comply with what are called ‘responsible lending’ and ‘best interest’ obligations. 

Responsible lending obligations mean brokers have to suggest ‘suitable’ home loans. This means loans that you can easily qualify for, actually meet your needs, and don’t prove unnecessarily challenging for you.

Solicitor/conveyancer

They complete and lodge all relevant documents with the Department of Land Service as well as search the certificate of title. 

They can search government departments and local authorities for anything that may affect the property such as encumbrances or caveats, will make necessary enquiries about zoning, titles and rates (council and water), adjust rates and taxes and liaise with the purchaser's conveyancer regarding settlement.

A solicitor or conveyancer will also ensure that all special conditions in the contract are fulfilled before settlement takes place and liaise with financial institutions regarding funds required to proceed to settlement. 

Following this, they will prepare the settlement statement and attend settlement on your behalf.

Accountant

A property accountant works in the real estate industry to help individuals, companies or developers with budget analysis, audit reporting, portfolios, reconciliation, and more. 

Property accountants prepare, maintain, and review financial records, commercial property agreements, residential property agreements, and deal with some rentals. 

As an individual purchaser of property your accountant can advise you on the best structures to buy property in - whether the property should be purchased in a trust or company structure of your individual name. 

They will also advise you in regards to the tax implications of each entity as well as advising you on the best tax minimisation strategy for your needs.