Michael Quinn 23 November 2020 Investing Property

Trust & safe property investment

Trust: it cannot be bought or sold – it can only be applied and earned.

Bringing the word “trust” into the conversation regarding property investment can often be a deal breaker, as many in this industry are transaction and margin focussed as a priority, with the client coming in a distant second place……..

That being said, it is a true pleasure to work with those in the industry that have the commitment to take the long view of looking after the client as a priority, knowing that this is the key to repeat, and referral, business.

This has been our business model and one that we are proud of. This is why we created our code of conduct and our “A” Team of independent service providers that only do the right thing by the client – as a priority.

As a result, we won the NSW Business Chamber, City of Sydney winner for Excellence in Business Ethics award and we are proud of this, whilst also protecting this acknowledgement.

How do you keep it safe and work with trust?

It is in the follow-through. Many may “talk the talk” but then focus on their own needs as a priority, instead of the clients’ needs.

We recently saw examples of what we consider to be the wrong thing / unacceptable business practices. We have a policy to end all future business with any supplier that demonstrates this and we suggest that you do the same.

The first was a situation that left a client exposed to costly additional stamp duty with a SMSF purchase. We are of the belief that having the right, proven advisors on your team is vital and that they will work to keep you safe, protecting you from errors and additional expenses.

The second was with a client whose builder had decided to charge for bush fire zoning works (a new invoice for $5,200), yet the client had a “fixed priced” contract. How does this happen? Well it does, especially if this cost is hidden in the building contract, as it this was in this case.

In both of the above situations we chose to cover the cost to the clients to rectify these situations, and to then ensure that this cannot, and does not, occur again.

With the popularity of social media and now “everything” is only a few clicks away; having the “trust” element is now more important than ever. Word of mouth referral and personal testimonials is everything so trust and always doing the right thing is the key of a successful relationship.

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