Best buyers agent stories.....? Recommendations please.

Hi guys im looking to hear from property investors who have dealt with the property agents/ companies like Propertyology, Metropole, Binvested etc etc as i am ready to enter the property market and wanted to make sure i got my first big decision right when it came to putting my 100k deposit in the right hands and working to its best capability ie. Investment stratergy to set up my family etc. Im currently renting in Sutherland as im here in Sydney for work with a big company as a subcontractor in construction. I have my last 2 years financials and no debt. Just thinking to go down the rentvesting path if people could help me with there thoughts it would be greatly appreciated. Ron

 

I'll give you the same advice I give everyone asking your question. It's not sexy and requires effort but imho it'd the best way to start and reduce overall risk in so many ways , especially if you're wanting to build a portfolio.

First thing to do is spend a few months to educate yourself. Emerse yourself with learning the basics and the industry in general. That way if you decide to use a buyers agent, you'll be able to do your own due diligence on the buyers agent's recommendations. But more than that, you'll be empowered with knowledge which will reduce the amount of silly and easily avoidable mistakes many newbies make, which can be very costly in dollars and time wasted.

The idea is not to avoid ever making a mistake. No one can. But why make unnecessary mistakes which can be easily avoided by educating yourself on the basics. I can tell you now, no one will be better able to better guide your investments than yourself. Get outside help and support along the way, that's important. But make sure you don't give up being the captain of your ship.

Good luck.

 

As a mortgage broker, I've had clients purchase through the various buyers agents mentioned.

I've got no problems with purchasing with Propertyology. My experiences with have been good, but I don't know them as well as I some BAs.

I wouldn't use Metropole myself. The long term outcomes that clients have had are mixed. They're not bad, but I think you can do better. I think their overall problem is they're too large and you're going through more of a process than a personalised service.

I won't recommend Binvested. If someone came to me with a property from these guys I'd probably tell them to go elsewhere for the finance.

 

Welcome to PC Ron.

I agree with @Sackie that the best way forward is for you to immerse yourself and become an expert. It'll serve you well over the long term.

If that isn't possible for whatever reason (and I can appreciate not everyone has the time with work/family commitments etc) I'd recommend you have a chat with some of the BAs on the forum. The pressure test I think is to make sure you're dealing with someone who has a proven track record building their own portfolio and can "walk the walk".

 

Thanks @Sackie. I've been educating myself for the last 6months regarding property cycles, different kinds of stratergies etc. My main concern was teaming up with a proven B.A as i wont be able to afford something to live in around where i work in sydney with the family hence renting and was looking to first buy an investment property or two. I know Propertyology would suggest laying 2 x 50k deposits on 2 x 350k investment grade properties or so with close to neutrally geared outcomes compared to me buying something (1 property more expensive and having to outlay a lot more out of my pocket along with the rent im currently paying while supporting the family. First child 5month old daughter and partner not working obviously with bubs.

 

It's great that you've spent some time to learn this stuff. Have you identified what your goals are and what strategies you may want to use along the way?

 

I have used 2 buyers agents in the past with very poor advice and recommendation on locations to purchase, I was basically left stuck on 2 properties until I have been able to save another deposit.

What I have learnt from that is that how important it is to aline your strategy with a BA who is on the same page as you. Too many BA out there today are all about the transaction than assisting you with your portfolio building goals etc. I now have had 3 years (since my last purchase) to absolutely tailor my plan and I now have the perfect BA in mind who I will be working with very soon to grow to where I want to be financially.

All the best, don’t rush the process! There’s so much information out there these days and so many ways of building wealth, remember it’s a long term game but if you can execute correctly from step one you will have a much more stress free process!!

 

Thanks for that @MattyB i was thinking along the lines of investing in 550+sqm sized blocks to be able to subdivide and option to build later option. Can i ask which BA you have found to team up with this time around.

 

Yeah no worries at all! I follow pumped on property up in Brissy! They have some great content on YouTube and I will hopefully be working with them soon

 

With 1000 independent purchases at our firm, I can tell you what makes for a successful BA. Heaps of data and technical research to find the best locations from across Australia, a team of experienced operators sharing their grouped knowledge and in field fundamental analysis.

 

If your long term aim is looking to live in a property you own (and it might not be) - I would suggest thinking about buying that property as an IP, riding the long term growth and paying down the loan.

This avoids doubling up on stamp duty, crystallising CGT, agent fees etc

 

Hi matty B. can you update us whenever your gonna work w/ pumped on property. I am also thinking of getting them for my 1st IP. Cheers

 

Absolutely!! Hopefully if all goes to plan, it will be happening in early 2020! Cheers

 

Hi Matty, if you dont mind who were those 2 BA that you had negative experiences and where were the locations that they told you to put your money on? Cheers

 

Ron...in my view very few BAs will get you want in the current Sydney market if that is the market you are looking at.

If you intend to be a longer term property investor you are better to take that journey in your own hands. Being a lazy investor can be the worst thing to do...