Get help: property professional services

Accountant

You may already have an accountant for tax purposes or other bookkeeping services. Talking to your accountant about your current financial position, including cash flow and existing equity, will help you assess your ability to take on further mortgage debt. Managing multiple rental properties can be complicated, and a taxation accountant can help manage your investment property expenses, particularly the depreciation on your rental property assets, ensuring you claim all the deductions you are entitled to.

Financial planner

A financial advisor or planner will take into account your personal financial circumstances and help you map out a financial plan to meet your goals. Always use a licensed financial advisor who holds an Australian Financial Services Licence. ASIC’s MoneySmart website provides advice on how to choose a qualified financial planner and what you can expect to pay for their services. You can also try The Financial Planning Association or The Association of Financial Advisors to access their databases of qualified financial professionals. A financial planner can also manage the mortgage brokering process.

Mortgage broker

A broker will research the various mortgage products on the market and negotiate the loan terms. With hundreds of home loan options available, using a mortgage broker can save you time and money. Mortgage brokers usually provide their services for free as they receive a commission from the lender at settlement of the loan. You should ask your mortgage broker to be transparent about the commissions they receive on the products they are offering you.

Solicitor

Buying and selling property involves creating and negotiating legally binding contracts. Along with managing the legal obligations associated with the exchange of property ownership, a solicitor can manage the overall conveyancing process (see below).

Conveyancer

A conveyancer is a legal advisor who specialises in real estate. They can manage the conveyancing process, including conducting real estate title searches and overseeing the transfer of title at settlement; organising inspections, valuations and survey reports for the home for sale; examining and advising on contracts for sale and mortgage agreements; and managing the settlement process. Always use a licensed conveyancer.

Valuer

The lender must receive a valuation of the property for sale prior to approving your home loan. Obtaining a qualified valuation on your prospective investment property will also help you evaluate the sale price. There are two main industry bodies – the Australian Valuers Institute and The Australian Property Institute – and their members have completed accredited valuation courses.

Quantity surveyor

If you are claiming depreciation deductions on your investment property assets, the Australian Taxation Office (ATO) requires that you complete a depreciation schedule. Quantity surveyors are qualified industry professionals who can inspect your investment property and accurately calculate the available depreciation deductions. The ATO recognises tax depreciation schedules completed by quantity surveyors, and engaging a specialist can save you significantly in the long run.

Property manager

Managing a rental property, let alone multiple rental properties, can be very time-consuming, which is why some people choose to engage a property manager. For a fee, they will manage the rental process for you, including finding tenants; organising the lease agreement and bond payment; collecting rent; organising repairs; and managing tenant requests. Property management fees are generally deducted from the weekly rental income, are commonly charged at 5 to 7 per cent of the rent (shop around for a number of quotes) and are tax deductible.