Prior to starting out as a buyers agent, Paul Mollica had a long career helping others as a financial planner.
Over the years, the ability to help his clients achieve financial success through traditional superannuation investment strategies began to diminish and he realised he needed to help his clients do what he was already doing.
Paul had a 15-year record as a successful property investor and understood that property represented a better option for most people to build wealth.
“I spent the last 20 years as a financial planner and absolutely over time realised that it was failing consumers miserably. I thought there had to be a better way.
“I was starting to invest myself and see the benefits of that through leverage and the fact that you’ve got control over the asset, you can add sweat equity, you can manufacture improvements, all these sorts of things. I started talking to my clients about it and also looking at where my wealthier clients built or accumulated their wealth.“
“None of them accumulated it from the superannuation system or saving money, it was all through either business, buying and investing in property or inheriting property. So it was pretty easy to join the dots there.”
These days Paul operates, Wealthkey Property and uses a range of different strategies to assist investors to build wealth, including looking for positive cashflow opportunities outside of metro areas, adding value through renovation while also buying in blue-chip locations, if it suits the individual. Paul is also able to help project manage any properties that are using strategies such as a cosmetic renovation to provide a full end-to-end service.
Over the past few years, Paul has transitioned out of financial planning and into a full-time buyers agent. A move that was helped by his prior relationships with both clients and referral partners.
“I was operating the BA business part-time for the last six years and then last June I jumped out of planning completely and I only do property buying for clients now. I’ve got two staff, we’ve got acquisitions teams everywhere we need them nationally and it’s going really well.”
“With my financial knowledge both inside and outside of super and mortgage broking and also my contacts over the years. I’ve got a fairly healthy referral stream coming through.”
While his transition to fulltime buyers agent has been relatively smooth, Paul found that one of the areas that were lacking was data and research. After initially looking to outsource, he found that he needed to bring the process in-house to get the best result for his clients.
“There was no-one out there that could provide that data and research service. You’ve got get the real-time data but you’ve also got to have eyes and ears on the ground as well and someone to translate that data otherwise you might as well just go and buy a property investor magazine.”
“Because of this problem I started my own service called Right House Research, cherry-picking perfect properties for investors and that’s an exclusive research service for other buyer’s agents. If we can continue to help a number of those every month as well, I think we’re doing a good thing for the buyer’s agent community and for consumers in general.”
Going forward, Paul’s goal is to continue to grow the business, while also adding value to the buyer’s agent community.
“If we can continue to help 50 to 70 families a year to make well-informed buying decisions and if I can put possibly one or two buyer’s agents on under our licence and help and grow Right House, then I think that will benefit a lot of people.”
- Client Service