Can investment tools help me decide where to buy property?

A plethora of products exist to help investors optimise the management of your property portfolio

As with most aspects of our lives, there have been major changes to the way we buy property in recent years.

With the rapid pace of technology development over the past decade or so, investors now have access to a large number of tools that can assist in sourcing and managing real estate. Adapting to the new environment is critical for buyers who want to get the best mileage from their capital in the property market.

 

Let’s take a look at what’s new in the toolkit of the average investor:

Revolutionising property investment

How does this help?

Sophisticated software, the vast information available online and the myriad ways in which it can be accessed mean that investors in the 21st century are better able to:

  • make informed decisions
  • invest outside their immediate locale, including overseas and
  • manage property post acquisition.

Many savvy property owners are already taking advantage of these products and services to save time and make their lives easier. Sadly, fewer are making the most of the opportunities presented by developments in technology to broaden their horizons and explore different avenues for investment.

As Pete Wargent noted in his recent article for propertyupdate.com.au, in the past buyers tended to focus their portfolios on property within striking range of their own residential area. Although it has always been possible to invest in more distant properties with the support of a professional buyer’s agent and property manager, there were obvious logistical hurdles to taking this approach. Given the access to new platforms for researching and managing property, now should be the time for those who have stayed close to home to consider whether this is the right strategy.

Should I stay or should I go?

Easier access to distant markets combined with endless data and analysis makes for exciting stuff. It is sensible for all investors to consider taking advantage of these changes. Nonetheless, along with the many benefits derived from new methods in the industry comes the challenge of screening out abundant white noise. Successful investors are those who find the right balance between keeping their fingers on the pulse and consulting with quality advisers. Seeking professional opinions from a buyer’s agent, financial planner and property manager is an invaluable step towards making wise investment decisions.

Finally, while it makes sense for investors who are fortunate to live in areas with high growth potential to own property nearby, this does not mean there is no value in investigating prospects further afield. For those in tougher markets the benefits of investing further away are evident. Buyer’s agents and other real estate industry professionals alike should encourage all buyers looking for property to explore options in a range of locations.

About the Author: Kristin is a freelance writer and property investor from Brisbane, Australia. You can view Kristin's other projects or contact her at LinkedIn or Google+. If you have any topics that you would like to see covered on this blog, please email blog at buyersagentguide.com.au

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