We are time poor. In fact with 2 kids we are very time poor. We felt whilst we'd read all there was to read about how to pick an ideal property, we didn't have the time to do it.

So we looked at some Property Advisers/Buyers Advocates.

We wanted something that matched the following criteria,

* located within 12kms of Melbourne CBD
* 2 bedroom unit
* located in a block of less than 12 units
* close to public transport

Some Buyer's Advocates wanted 4% of the property value, some wanted a fixed fee. We felt the fixed fee approach was a much fairer option - that way they'd be unlikely to sway us into the more expensive ones.

We found a property advisory firm who were very good. They took us out to the property which was currently being rennovated. We plugged the numbers into the PIA Software and we were happy with the results. We ended up purchasing that unit.

Mistake #1 - we bought a renovated property and paid the premium - where we should have bought one that needed renovating and manufactured the capital growth!

We've since learnt from another advisory firm that they charge a fee for finding existing properties that are on the open market, and charge nothing when it's an off the plan property.

These people make their cut from the developers so it's in their interest to on sell to any unsuspecting property investor! Therefore it's wise to select a Buyers Advocate or Property Advisor that has a fixed fee and only recommends properties that are on the open market.