Real Estate investment is the new talk of the town, or so it seems. Everyone wants to make quick money, be it a novice or a professional investor. No matter how easy it may seem when others talk about it. It has its own share of difficulties and risks to overcome. But that does not mean an investor should hold a degree in real estate investment. Trust me, it is not rocket science. With a little knowledge and a couple of tricks up your sleeve, you, could become a realty investor.
For the same reason, many people have taken up real estate as their career and are minting money. Beware, not all of them who forayed into real estate investment have made big bucks in this lucrative field, so to say. When closely examined, people who have excelled at being real estate investors display certain behaviors or characteristics. If understood and inculcated, you could make it big in this industry too. If you are wondering what those are. We have compiled a couple of such key points for you to start your career in realty.
Set realistic goals: If you are venturing into real estate business. The first thing that you should do is to set goals. That are realistic and work in the real time. Know your budget and have a mental fixation. As to what kind of investment suits you the best – investment for personal use or invest for gains. Consider India as an example. If you want to invest in Mysore, Karnataka, and are looking to settle down. Buying built properties in Mysore would be your option. On the other hand. If gains are what you are looking for, buying sites or plots in Mysore and re-selling it after a span of time would be best suited for you.
Buy low & sell high: This is a common thing that everybody is aware of and specifically applies those who wish to buy and resell later. You always buy a property at its depreciated price and sell it when its price appreciates. It is easier said than done and involves a lot of risks. Those risks can be overcome by studying the market fluctuation of the locality or town, analysing the trend growth and a bit of lucrative marketing.
Location of the property: Buying or investing in a property that is located on the outskirts of a town can prove to be non-profitable in a short span of time. Usually, outskirts of any town that are being developed are deemed as up-and-coming, but may not be as foretold also. To be safe, it is always advisable for beginners in real estate to go for a property that is located inside the city at a prime location so that its value never depreciates.
Evaluating the risks involved: Every business has its own set of risks involved and there is no exception in realty as well. While some properties are like a double-edged sword and come with a lot of risks involved but also with good returns, others do not pose much risks but have less returns. You should always know what kind of risks are involved so it is advised to test the waters before diving right in.
Planning & execution: Without any plan, no business can achieve any success, keep that in mind. In real estate, or many real estate investors for that matter, always have a well-developed plan of action. It is very crucial in setting both your long-term and short-term goals. Apart from just that, it helps you plan your finances and does not hamper your goals in case a few small setbacks pop up. Mostly, a plan helps keep every task organized so you never have to fret about your investments getting negated.
Establish connections: This is the most important factor that has to be considered and applies to all walks of life. Establishing connections and networking with people in the same field can be a boon to you, if executed in the right way. Connecting and networking helps bring in new customers when you are looking to resell a property and helps in negotiating when buying a property. For establishing good connection, good interpersonal skills are required and need to be developed.
Stay up to date: Learning is a never ending process. And even if it were, it would not have helped businessmen achieve their success. Always ensure that you stay updated with the latest market trends and the guideline values of the property. That you wish to buy or have already bought. A good knowledge regarding the fluctuations help in better price predictions. Which then help in getting a good price for your property. Either buying or selling. For that to happen, you constantly need to keep yourself updated on the market value.
Patience & grit: Having patience and displaying grit are some classic qualities possessed by true businessmen and realtors. While some offers seem unbelievably good, there are some offers that blow your mind to smithereens. The only key to it is to wait for the right offer, be it buying or selling. People with tremendous experience in this field show no signs of agitation to fluctuating rates and know the best offer the moment it comes. With patience comes the peer pressure of either buying or selling the property. One should have grit to resist the pressure and wait patiently until the right offer comes along your way.
Bottom line – Any person only becomes a true investor with experience and time. All the key points provided above are just shortcuts for all beginners. But does not guarantee any sort of experience in the field. Only when a person inculcates these values and learns from his experience can he climb the success ladder at a faster pace. We hope this article helps you in your real estate journey, wish you the best of luck.