Working with conveyancers and lawyers Posted on September 11, 2019September 11, 2019 by InvestorKit Want our top tips for finding investment properties that PAY YOU? Get Your Free “Positive Cashflow Property Checklist” Transcript Working with Conveyances and Lawyers. When working with legal professionals, there’s so many different things to consider, you know price service, thoroughness, efficiency and the list goes on but when you’re thinking about it, I’ve actually personally use lawyers and commands as many times for myself as well as worked with many for my clients and I’ve noticed a few things to consider as part of that working relationship. Number one is I’ve seen certain transactions carry a cost of say eight to eleven hundred dollars. Then I’ve seen others carry a cost of say, 1200 to 1500 then I’ve seen others go up to two and a half thousand now when I looked at across these three price doesn’t always represent value. So just because you’re paying more doesn’t mean you’re getting more but what I have noticed is there are three or four elements that are consistently changing between different lawyers and conveyancers when you’re working with them. Now if you’re working with someone, when you’re thinking of what does a really professional investor expect or have on this? Side that helps them, you know get the right type of Team around them. Here are some of the things to consider. Number one is responsiveness. Responsiveness is crucial when you’re looking to invest in property sometimes before buying the timeline can be extremely tight during buying again extremely tight and once you’ve exchanged to settlement that might be certain deadlines to hit insert and checks to carry out. So responsiveness is the most crucial part getting someone who can pick up your phone calls respond to your emails or at least get back to at the close of business in all cases right now other than responsiveness. The next thing is yes, sure. Someone might be getting back to you quickly but are they thorough. Now with so many different state laws so many different things to consider during the journey of buying property and so many different things from things with your title, the property itself, finance, certain planning rules and regulations. There are so many things that the lawyer needs to consider as well as the contractual document in front of you when that process is happening on there might be fast to get back to you. But also the thoroughness of what is being checked, why is it being checked? So that’s point number two. Point number three is about efficiency. Whilst you might have responsiveness and you might have thoroughness at the same time property is a journey where it’s very easy to be inundated with a lot of paperwork. Paperwork from the contractual period. Paperwork from research and due diligence and what you’re trying to look at. Paperwork from the banks. The last thing you want is a person adding so much more paperwork to it. Now. I know some people it’s going to be inevitable and you just have to have it but I’ve seen working across different lawyers some that just have a lot some that condensed some that are very digitally driven and they can have this range of experiences. So from that those would be some of the top three things to consider responsiveness, thoroughness, efficiency. Now other parts to consider with your side skills to add to it are a bit of tactical or strategic approaches. They might be part of your negotiation strategy for what clauses you may want to look into. How to best negotiate those clauses and request or word certain things in a way that are easier for the vendor or someone to respond and accept. So that’s more of like a side skill that can be the cherry on the top to these three important skills. Number five is basically understanding where to look for long-term strategies. Some people might be completing the transaction for what it is now – a property purchase and that’s it. Where some people might look at it from your long-term strategy. ”Well, Mr. and Mrs. Smith you’re buying for a long-term development strategy maybe did you consider these as part of the checks at the time of buying”. So when you think of these five core things when working with lawyers and conveyancers as a professional investor these things are responsiveness, thoroughness, efficiency, tactical strategies and negotiation and then long-term strategic thinking with regards to you and what you want to do. Now some lawyers may produced this at that lower price point some may not. Some may produce it at that middle range, but the key thing is price doesn’t always represent value. But if you start to see some of these things not included on one end and they are the other maybe the price does sort of represents some sort of value. That’s it from us here at InvestorKit, the Experts in Wealth Creation helping you take action.