publication date: Mar 18, 2011
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
Can you trust a ‘Property Guru’?
Well, as someone that is often referred to as a property guru, I should probably say sometimes as long as the title comes from other people and not one just marketed by the company or individual themselves!
The truth is that being a ‘property guru’ is a tough task! I’ve been in the property market now for over 20 years and have spent the last 11 years in the industry working in self build, renovation, lettings, buying and selling and the relocation market. Do I class myself as a ‘property guru’. No not really. I know that I know alot about property, but I learn new things every day. It’s a massive subject with many elements to it such as:-
- Understanding the economy
- Knowing how economic changes impact the housing market
- Understanding how investors and the general public react to media reports
- Knowing how investors and consumers buy, rent or build property
- Understanding town planning and a property’s structure
- Knowing in detail what threats there are to a home such as flooding or subsidence
Then you need to know about all the different services, the pros and cons of each, how much they should cost etc. I know a lot of this stuff, but each area is different and what is true in Nottingham isn’t necessarily true in Cardiff or Edinburgh!
So for those that do market themselves as a property guru – before you take their advice, check out what their motivations are. If they are trying to make money from you buying property through them, then their motivation is to make money from you – is that someone going to give you the best advice? Some will, some clearly haven’t and that’s probably why many have gone bankrupt both now and in the past.
So be warned, being a property guru is a ‘big claim’ and not necessarily one that I think anyone can say of themselves, only something that others can declare. The property market is one that is highly unregulated, so a haven for scam artists and unscrupulous business people.
If you come across a ‘property guru’ then be cautious, make sure you get references first and put their name into the internet to see what other people say about them!
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