kidd, if it is your first or second IP, there's no doubt you'll feel more secure doing a lot of research yourself, then sighting the property. People who solely rely on a BA tend to have the confidence and knowledge to discern whether a BA is using good judgement.
Buying an IP is seriously a big deal. Don't pretend it isn't.
And remember your BA usually isn't going to be around to help you with property management troubles in 3 years' time. They pass on the risk of their recommendations to you.
Hi WW
Whilst it's admirable if you have the time to conduct the on-ground research yourself it's not always possible, hence the reason some buyers elect to use us if purchasing interstate or out of their familiarity zone.
As for ascertaining whether or not a BA is using sound judgement, by all means this is crucial and there are certain qualifying questions or criteria a buyer should be using to verify that the BA of their choosing is not only knowledgeable, but appropriately licensed, insured and experienced. I would suggest asking for recent references as well as a raft of other questions (ones that have already been covered in previous posts right here on SS- do a search to locate these) as, you're 100% right, it's a seriously big deal so why stuff it up by doing a half-cocked job? If you can't dedicate the time or resources then a BA can be the ideal choice.
As for PM choices, part of our service for investors involves interviewing local PM's and sending the transcripts of these to our buyers- there are no referral fees involved from any PM we have contact with so we avoid conflict of interest here. Naturally we recommend particular PM's who appear to pass our 12 question interview script with flying colours but we can't be held accountable for problems years down the track, as I'm sure you can appreciate. After all, PM's change offices, systems are overhauled by agency principals and increased management numbers affect individual attention. However, if a client contacts me years down the track to seek another recommendation or a solution to their current problem with a PM situation (as they have) I will always do my utmost to assist. It's part of our "after sales service".
I have a great dedication to my clients, both present and past and have maintained ongoing contact with several to date- not just on PM issues, but current market movement updates, tradie contacts, reno tips, selling agent advice etc. It may sound cliche but when you're doing something you truly love, it's easy to help out your clients, even when it's been months or years since the last contact.
