Business News

Call for greater property professionalism

Advisers servicing the property space can mitigate the damage being done by property spruikers and give consumers a greater level of protection by increasing their professional standards, according to a senior property executive.

In order to achieve that, financial planners, accountants and mortgage brokers should consider joining professional bodies covering the sector, such as the Property Investment Association of Australia or Property Investment Professionals of Australia, DomaCom head of sales and marketing Warren Gibson said.

“Much has been written about investing in the property market, particularly in relation to the SMSF sector, with concern voiced from many quarters about its appropriateness, given the high cost of property and its potential to overweight portfolios, and the lack of regulation surrounding property,” Gibson said.

“Investors are warned to beware setting up a SMSF for a single property asset and of the dangers of a lack of liquidity in their portfolio.

“If financial planners, accountants and brokers support these bodies and gain the credentials being offered, they can increase their client reach, extend their revenue potential and bring property into a regulated space.

“This will help protect their client base and deliver better outcomes.”

He pointed out joining those bodies would also help advisers strengthen their value proposition for their clients by further enhancing their qualifications and providing a greater point of professional differentiation.

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