Michael Yardney, director of Metropole Property Strategists, is no stranger to this award as he was voted Australia’s leading property investment advisor by our readers back in 2011. As a prolific investor, buyer’s agent and author who specialises in the psychology of success and wealth creation, he’s claiming the top prize once more – and shares here his tips to help you minimise your learning curve and maximise your success.
-I’m thrilled to be recognised
for the level of advice I give in an industry where there are many other professionals. But I must say that I would not be in this position without the support of my wife Pamela, who puts up with my obsession with property, as well as the help and
support of the great team at Metropole.
-In my mind it is critical to
have a trusted advisor when making property investment decisions. The fact is that most property investors fail to achieve the financial freedom they desire – most never get past their first or second investment property. It’s just too hard to do it on your own, or by trial and error; there’s a huge learning fee involved, one of time, money, effort and heartache.
-It’s interesting that while
most wealthy people have (and are prepared to pay for) trusted advisors in many areas of their lives, the average person has no advisors or they get their advice from salespeople they perceive as advisors but who are far from independent.
On the other hand, while following the teachings and proven systems of those who’ve already achieved what you want to achieve and who’ve retained their wealth through a number of cycles may not guarantee your success, it makes it much, much more likely.
-A trusted advisor tailors
their recommendations to your personal circumstances and they warn you of the risks as well as the rewards. Their advice is not biased by any property, products or services being sold.
One of the fi rst questions I’d ask them is: how are you getting paid? This will reveal a lot. If they are offering free advice, or they are being paid by a third party (such as a developer or property vendor), then the advice cannot be independent.
-Your advisor should be qualified
“If they are offering free advice, or they are being paid by a third party ... then the advice cannot be independent”
and a member of a recognised organisation such as the Property Investment Professionals of Australia, and they should also be an investor themselves. They should have a thorough understanding of not only property but also fi nance, economics and the taxation system as far as it relates to real estate investment.
Similarly, your advisor should have no properties for sale; should have a number of investment options available to you, depending upon your circumstances; should not make any recommendations at the first meeting; and should not create a sense of urgency.
MICHAEL YARDNEY’S TOP 3 TIPS FOR FINDING AN ADVISOR YOU CAN TRUST
1. Find practitioners, not just teachers
Only take advice from those who have done it successfully and significantly themselves and who have kept their wealth over a long period of time. In other words, find practitioners, not just teachers.
There is a long, long list of people who have given advice or conducted ‘educational’ property seminars over the past 15 years and given what sounded like good advice at the time but who are no longer around. Sure, there are those who can teach even if they haven’t done it, but why take the risk?
2. Don’t follow anyone’s advice blindly
Instead, be a student of property advice. Listen to and read the advice of several experts with confl icting opinions. Consider their viewpoints; check out their results. Different property strategies will suit different people, depending on their income, their stage in life and their risk tolerance. Research, learn and then do what suits you.
3. If it sounds too good to be true, it probably is!
I know some people really, really want to get into property and many want to get started in property renovations and development, so they are enticed by promises that you can “come to our weekend seminar and you’ll learn all you need to give up your day job”. Or you can bypass the banks and buy property with no money. Or you can buy good property on layby.
I often say that property investment is simple but not easy, and that’s not a play on words. If it were easy, everyone would be a successful property investor; however, it is simple if you follow the path other successful investors have taken.
WHAT READERS SAID
“Michael changed our lives through his honest knowledge, personal support and professionalism. After attending a seminar and learning about what Metropole provide and how they guide and mentor you through the property investing process. His mentorship program was profoundly life changing and we have gone from only just owning our own property to now having two investment properties in Melbourne and two in Sydney.
Michael’s unwavering support years on into the journey has been amazing as he continues to guide and mentor us along the way. Thanks to Michael we now have financial security to look forward to in the future and better mindset, investing skills to pass onto our children. Can’t thank him enough, a genuine honest person who wants to contribute and help others.”
– Amanda Newberry
“Michael’s broad depth of knowledge on property investment and updates on everything real estate helps to keep me informed on what is happening in the investment world and the property markets. I’m always learning new tips and ideas from reading Michael’s articles and I especially enjoy his statistics on investment and economics.”
– Daniel Lane
“I am forever grateful to finding Michael and Metropole for the advice I have received from them. Their advice, which I had never known before, saved my fi nancial legacy – from getting off the treadmill and many times losing investments we had worked so hard for, to a sound foundation of true lasting wealth … Previously, I would turn to well-meaning family members, friends and even other ‘professional financial advisors’ whose ideas unfortunately were not only ignorant but also dangerous to the security of my fi nancial future. Michael and his team know their stuff and the market. I receive a thousand-fold financial benefit for what I pay them, and I trust and recommend them to anyone wanting guidance in similar endeavours.”
– Mary Leonardos