Five tips on your way to becoming a smart realtor
Because roti, kapda and makaan shall forever remain the necessities of life, smart investment in real estate is one avenue that’ll provide ample return potential even amidst an ever-fluctuating market. If you’re a skeptical first-timer or someone who picturizes turning into a snoopy landlord each time you hear real estate investment, here are a few tips for you to extract the full potential from your property transactions.
Stick to your budget (and save for a rainy day): Whatever be your grand plans for your property, you must first stick to a budget and not get sucked into the lucrative nature of profit and over-leverage. Whether you purchase a lower budget residential property or a more daring commercial space depends on how much you can afford to invest, while making sure not to place all your eggs in one basket.
Study the market and potential locations: If you don’t want to end up buying a property in a neighborhood where burglars and drug pedlars stroll through the night, you would do well to do a prior survey of locations in demand. Also, an eagle’s eye on the market will help you turn into a buyer the moment real estate prices are slashed and sell property when the value shoots up.
Rent it out: Nobody wants the headache of damaged windows or the risk of your place being used for illegal means but let’s face it. Renting out your property is the easiest way to earn a continuous flow of money if you have the patience to monitor the upkeep of your rented space. If this seems too much of a deal, you can try with renting a room or a floor in your house. You will still need to deal with complaints but at least you can make sure no dead body is stuffed in your space for months under your watchful eye.
Ensure to be sure: Precaution is always better than cure hence, it is important to purchase the right insurance for your property as soon as you purchase it. These can be of great help in times of electrical/fire damage or unprecedented burglaries.
Make friends and try real estate investment groups (REIGs): REIGs are akin to the LinkedIn of real estate and saves you the hassle of hankering after potential clients. These platforms allow real estate managers to connect with potential investors which helps fund the investment of diverse properties. Make acquaintance with people who know the market well. You can even hire a manager to look after all your investments. Just be sure not to sign any papers when drunk!Like every other sector, real estate investment is tricky but whereas many other sectors operate mostly on paper and the web, real estate is real and so are the gains that come with it, real-ly!
