The best thing you might want to do if investing in commercial property is assemble a ‘dream team’ of experienced operators that understand the process and understand why you are investing.
Getting the right people on board who share your ambitions will improve your chances of success in commercial property investment.
While you are outsourcing to experts who really know their stuff, it’s still best to do all the gritty legwork yourself at the same time so you are truly across what is happening in your commercial property portfolio.
So who do you get on your team? Let’s look into who should get a start on your commercial property dream team.
Not just any old mortgage broker, you should find an expert broker who understands the lending process and how you maximise the amount you can borrow as your commercial portfolio grows.
It’s so important to have a good relationship with your broker who you trust so they keep shopping around every year or two to find the best deals. Good brokers do what it takes to make the changes required to refinance with the banks, even if it means they lose their commission.
To get on top the commercial property market properly takes a power of research, so a good buyers agent is great to have by your side to do it all for you.
Buyers agents have an in-depth understanding of the market and years of investment experience spanning many commercial property cycles and can guide you towards investment outcomes they have achieved for themselves. With that in mind, choose a buyers agent for your dream team that knows how to make money in the current market, not from strategies used years ago and one that is already in the financial position you aspire to be in.
A good buyers agent can find a wise commercial property investment for you and tell you which ones to say no to.
Once you’ve taken the plunge and purchased a commercial property, get on board a property manager who understands that your purchase is an investment and therefore won’t waste money on things that aren’t necessary or that don’t align with your bigger picture.
Get across your property tax burden by enlisting an excellent accountant who purchases your commercial investment under the right structure, potentially saving you tens of thousands, if not hundreds of thousands of dollars.
You want to be working closely with your accountant to set up a self-sustaining positive cash flow property portfolio. It’s best to use an accountant who is also a property investor with a wealth-creation mindset, not just a bean counter trying to save you tax.
The final player in your dream team starting five is a laser sharp solicitor who can use their attention to detail to help with any due diligence on commercial property transactions.
If ever anything comes up from a legal standpoint, you’ll want a solicitor in your corner ready to stand up for your rights.
Ideally, you want a solicitor or conveyancer that is tough but willing to negotiate, otherwise too many deals with stall and nothing will ever get done.