Jan 20, 2020
It’s already turning out to be an interesting year for property in 2020.
Some commentators are suggesting double-digit capital growth in some of our capital cities, others are suggesting more subdued growth.
The question is, who are you going to listen to? Whose advice are you going to take?
Because if history repeats itself, and it surely will, many property investors are going to get it wrong this year and in this new decade.
In today’s show, I chat with property researcher John Lindeman to give you some warnings about a new breed of property spruikers who are out there to get you and take advantage of you.
By the end of the show, you’ll have a better understanding of whose advice to take and what traps to watch out for.
Don’t get hoodwinked by property spruikers
Whenever the market starts to move, the spruikers come out to promote their wares.
And they may twist facts and research to do so.
Research can be twisted to give any result you want. There are a number of statistics that can be used to paint a misleading picture.
For example, a spruiker might preset statistics showing that values in a particular neighbourhood have grown over the past 12 months.
However, if you looked at the statistics for the past five years, you would realize that while values in that neighbourhood may currently be on the rise, they’re still below the level they were at five years ago. In other words, the deal is not as good as the last 12 months of statistics alone make it appear to be.
You also need to be wary of high-pressure sales tactics.
Look out for free events that come with lots of perks. It may sound good at the time, but these events are often an excuse to give you a hard sell.
Who should you be asking for property advice?
Probably not family and friends, unless they happen to be property experts as well. Realtors are there to represent the seller, not you.
And you certainly don’t want to be taken in by spruikers.
But you need reliable advice from somewhere.
Independent investment advice, such as the kind offered by the Property Strategists at Metropole, is your best bet. These advisors aren’t selling property, so they’re not invested in urging you to buy property that might not pay off for you in the long run. Instead, they’re invested in giving you the unbiased property advice that you need to succeed.
Links and Resources:
Metropole’s Strategic Property Plan – to help both beginning and experienced investors
Join Michael and a group of property experts at their annual Property and Economic Market Updates in Sydney, Melbourne, and Brisbane
Show notes plus more: Don’t get hoodwinked by property spruikers with John Lindeman
Some of our favourite quotes from the show:
“Others ask family and friends, and unless they’re property experts, have a fun chat with them but don’t take their advice.” – Michael Yardney
“Be careful about people who talk a little about investing but who have never done it themselves.” –Michael Yardney
“Without action, dreams are really just a belief.” – Michael Yardney
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