updated 15th October 2016
I’m interested in getting coached for Property Investment to ensure I don’t make mistakes. What’s the best way to qualify all the Property Coaches that are around today?
Ten years ago, there were very few Property Coaches around BUT these days’ people with 3 properties are calling themselves just that!
The first ‘Property Coach’ I encountered talked the talk, but didn’t walk the walk !. The more questions I asked the more answers I found. Eventually, I found out he was bankrupt. I no longer want or need coaching from this person.
The second ‘property coach’ started off ok, but the more I got to know him and his family, the more I noticed how dodgy they were. They very rarely purchased what they were selling to their clients, and concentrated on high risk investments where they made massive commissions on with all the risk to the purchaser – not them. They continue to run their little club to this day but it amazes me how they have not been closed down !
There are another 3 (high Level) property coaches that I talk too regularly and bounce ideas off to this day.
Now – to answer your question, this is how I qualify ‘Property Coaches’:
- Do a name search on RP Data on the Property Coach. This will show how many properties they actually have. If they buy through trusts, ask for their trust names and do the same search.
- Call/search web of Dept of Fair Trading to find out more about this company/coach. Do they have the valid licences for the services they sell?
- Ask how much coaching costs. Some coaches in the past have asked for ridicules amounts like $25,000.00 or higher. Run a mile if this is the case.
- Do they run seminars & for how much? Anything more than $50.00 is too much.
- Do they run property trips & for how much? More than $50.00 is too much.
- Premium Property Coaching weekends away. How much do they cost? Anything more than $100.00 is too much.
- Do they buy/own property where they are telling you to invest?
- What’s their customer support like, low level (DVDs or books) or high level (actually speak to a consultant)?
- Do they have an office?
- Ask how they make their money. Get something in writing.
- How big is their company?
- How many staff do they have?
- How long has the business been going?
- Name search on Google the coach/club.
When asking these questions, if the property coach or club shows any resistance on passing this information on to you, then run a mile and stay away from these operations.
Remember also to ask ‘What’s the risk to me, my family and my money?’ If the risk is 100% to you and 0% to the property coach/club, then you better make sure the above research has been done for you to move forward in confidence with them.
There is no easy way out if you want to find a quality property coach. You will have to do some leg work BUT I’d rather do that than telling friends or family horror coaching stories.