Licensed Agents The Real Deal On Property
Newcastle Herald
Wednesday August 31, 2005
THE news has been filled lately with "rip-off merchants" who promise great returns from property and deliver nothing but heartache.
Go to any city in Australia and you will find the "Saturday night guru" inviting the local public to invest in their property show. One thing is common to most of these gurus they prey on the trust and naivety of good people. Most of these predators, gurus, spruikers whatever we wish to call them do deliver one clear and honest message, and that is "investing in property is a wise investment". But from there on the investor must be careful to do their own investigations, and the best way to do these is via local professionals. Many spruikers will advise you that investing in property is purely a financial decision, based on returns, but it is more than that and whether that property be in Newcastle, Brisbane or even Auckland, those local marketplaces should be thoroughly researched and investigated before making a decision.With the benefits of the internet, we can investigate marketplaces with programs such as Australian Property Monitors, R. P. Data or Red Square, but talking to local professionals who are licensed and registered through their industry bodies is still the safest bet. There is a push from the Real Estate Institute for a National Regulatory Code, to provide consistent national legislation for use by all stakeholders who deal in property.Until then it is wise to look for local agents within your chosen area of investment, who are licensed members of the Real Estate Institute. These agents work under stringent statutory guidelines in giving professional advice and dealing with the public and those few who don't are quickly struck off by industry bodies.Choosing the market to invest in is never easy, but again there are easy tell-tale signs within the regions if the proper research is done. Questions to investigate are:? Does the area or region have a history of good employment and is that likely to continue?? Is there major corporate and government investment occurring in the area?? Does the area or region provide good lifestyle and amenity? Many people choose to invest locally, and in the Newcastle/Hunter Region that is a very wise choice for all the above-mentioned reasons. Also, when you invest locally, it is much easier to research, to keep in touch with local professionals, and to keep an eye on your investments.There will always be predators, but their integrity can be checked by talking to local professionals (real estate agents, solicitors and accountants, who all have a history in property transactions) for an unbiased opinion. Do your own research on the area, the market, the properties you are interested in and the future, and you may save yourself a lot of grief and make some tidy profits.Wayne Stewart is chairman of the Hunter Division of The Real Estate Institute of NSW.
© 2005 Newcastle Herald