Ben appears in Money Magazine’s November article, Warning Signs, this time speaking with the prospective of his position as Chair of Property Investment Professionals of Australia (PIPA).
As the article title suggests, unfortunately many property investors are falling prey to the spiels and spruiks of “advisors” who are making over-the-top-promises and, basically, ripping people off with poor (or downright wrong) information. In an industry unregulated, potential investors need to be aware, perhaps now more than ever, that not everyone has their best interest at heart.
For this reason, Money Magazine offers the warning signs to look out for in order to protect your interest and, let’s face it, your hard earned cash. Please remember that someone in a suit “talking the talk” doesn’t automatically qualify them to be a professional.
“I’ve heard horror stories where people have paid $500,000 for a property the bank later values at $450,000 and the client has had to find a way to cover the extra cost because their contract is with the vendor, not the spruiker.” Ben Kingsley.
So what are the warning signs you can look for?
Click on the image for the full article, but here’s an overview:
- Attend Seminars
- Get educated
- Get a Buyer’s Agent
- Make sure you are seeing a qualified property investment advisor
- Ask for qualifications and licenses from every professional you deal with
- Ask how you are paying them (Fee vs Free)
- Do your homework before you take advice