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Property Investment Advice: Who can you trust?

Date: 30/11/2012

nerdyaccountant2Taking friendly property investment advice can be risky at the best of times and in the day of digital information, it can be even more so.

Everyone has an opinion about the current market and what is the ‘best way’ to take action, or perhaps do nothing at all.

Most people would welcome a few helpful tips on how to proceed, but with so many channels of communication to sift through, it can be tough to identify the good from the bad.

This post may be slightly ironic, but here are some tips about how to take advice.

1) Take a critical look at your property investment advice provider.

Who is offering to share property investment advice? Do you know them personally, do you know them well? Is it a random person on Facebook or someone from your old rugby team?

Many investors are quick to comment but may not practice what they preach. How experienced are they? What kind of assets do they have? Can what they say be backed up by something tangible?

2) What is the motive behind their advice?

As cynical as it may seem, not everyone has your best intentions in mind. Will the advice giver profit in any way from your decision?

Do you have a competitive relationship with this person? Did you ask them for advice, or did they approach you?

3) Can anyone vouch for what they say?

People can be very charming and convincing about what they believe. You should always ask around to get all the facts before acting on someone’s advice.

Ask for referrals and, if they don’t have any, ask why.

Trust your instincts. After all, it is your money so you can never be too cautious when it comes to taking the advice of others.

Profile photo of Steve McKnight

By Steve McKnight

Steve McKnight, the founder of PropertyInvesting.com, is a respected property investing authority as well as Australia's #1 best-selling business author.

Comments

  1. auproperty

    You have a very helpful tip above, but to also help others reading this, i want to add something on your list of reminders.

    Also, Make a short investigation. Based on my experience, it is very best to ask other people about your adviser.. in connection to that, look over their past clients that they have given advises too. I know it is important to give trust to somebody, but you don't want to end up regretting it.

    Then, Ask…Ask…Ask. ask about their background, family and how wealthy they are… you can see that in the eyes on the way they answer things. I agree on you point about trusting one's instincts.. That is really effective. Very Nice Post. In the Property realm, risk is everywhere.

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