With investor activity continuing at record levels, time-poor investors are at risk of being taken for a ride, a team of property professionals has warned.
‘Your Property Team’ – consisting of Sky News’ host of Your Money Your Call Margaret Lomas and five of her “hand-picked… most trusted fellow advisers” – said the current market was fuelling a "fear of missing out", which could leave some investors vulnerable to exploitation.
“The spruikers are out in force,” Ms Lomas said. “It’s been quite a few years since we have seen so many opportunists with their own agenda, trying to profit from the enthusiasm of time-poor property investors who fear missing out.
“Investors now account for 41 per cent of all loans written – so it’s more important than ever before that they make well-informed decisions based on information that is communicated without financial agenda.”
Ms Lomas said the main problem facing time-poor investors is the “complete lack of regulation in the space” and the “epic failure of the federal government to even recognise property investing as an industry”.
“With tens of thousands of Australians investing their hard-earned household dollars into bricks and mortar with the intention of being financially fit into their retirement years, the decisions thet make today will have a profound effect on what that retirement looks like.
“I’ve been lobbying the government, both Liberal and Labor, for around eight years now, to step up to the plate and provide supervision and control to precent the often spectacular losses by hapless property investors who fall prey to spruikers. I’ve seen some really sad cases of everyday Australians losing all they have worked for and having nowhere to turn and no laws to back them up.”
Her frustration with the ongoing situation has spurred Ms Lomas to put together ‘Your Property Team’ – consisting of herself, Doctor Andrew Wilson, Lisa Montgomery, Michael Teys, Bradley Beer and Ian Rodrigues – to conduct one day investor workshops across the country.
Ms Lomas said all the experts on the team has appeared regularly on Your Money, Your Call and she regarded them as the best in the business.
“We hope to go some way toward making it hard for the spruikers who offer ridiculously expensive ‘boot camps’ and workshops to get business,” she said.