Property management, joint ventures, and wholesaling are only a few ways through which the investors can gain from the real estate market, however it takes be a little tough to become prosperous in this competitive domain, especially if one is in a nation like India. Let us identify 6 ways that will make one a highly effective and a badass real estate investor.
- Make a plan
Real estate investors should always approach the various real estate activities as business to achieve and establish both long-term and short- term goals. A planned business strategy always allows the investors to envisage the big picture that further helps maintain a focus on goals and not on some minor setbacks. Investing in real estate can be demanding and complicated, and in times like those, only a solid plan can make the investors organized and focused on task.
- Have market knowledge
The efficient real estate investors should acquire ample in-depth knowledge of the market(s). Being abreast with the current trends, that includes changes in mortgage rates, spending habits, also the rate of unemployment, to mention a few, aids the real estate investors in acknowledging the current situation, and then plan for the profitable future.
Having enough knowledge of the market also helps the investors in predicting when the trends might change, forming potential opportunities for the now ready investor.
- Choose a segment
It is of utmost necessity for the investors to be focused so as to get the in-depth knowledge that is essential for becoming famous. Taking out time to attain this kind of understanding is vital for the long-term growth of the investor. At any stage of real estate investment, it is necessary to master one particular market, especially if its India where commercial and residential market operates differently, the investors can then, with time, move to other areas using the in-depth knowledge achieved through the set market.
- Build a network
Having a network provides necessary support and also create opportunities for both new and proficient investor. The network group should comprise of business partners, clients, a mentor, members of some non-profit establishment, and all other people that have knowledge of the markets that affects the real estate market directly/ indirectly.
Such group not only helps in building profitable connections , a network also solves the referrals issue that the investors rides on when it comes to showing their credibility in both the market and financial institutions.
- Be updated
It is no surprise how turbulent Indian real estate market can be, it is imperative to stay up to date with the regulations, laws, trends, and terminology that form the foundation of real estate investments. The investors who drop back here risk to not only lose thrust of their businesses, but might also face some legal ramifications in case some laws are broken or ignored.
- Understand the risks involved
Real estate investors are likely to see advertisements, which claims that it is extremely easy to generate money by investing in real estate. However badass real estate investors knows and are prepared for the risks not just when it comes to real estate transactions but also the involved legal implications and are ready to adjust their strategies to mitigate those risks in real time.
As someone who is new in the real estate investment market, opt for a city/ state that is known to guarantee high returns. The kind of city that ensures just that, in India, is Bangalore; also known as the city of tech and startups. The real estate investment in Bangalore has been seeing as the one that needs zero efforts to start and also that ensures a hefty return irrespective of the locality one invests in.
If to buy a residential property in Bangalore is something on your mind too, it is time you hire a lawyer and an accountant so that you are updated on what is happening in the economy in real time.
Despite various examples saying that real estate investing is the easiest route to profit, the fact is that a challenging business, like real estate investments, requires planning, expertise, and focus. Besides, as this business rotates around human connections, the investor who gains in the end, operates by showing respect to clients and associates and by functioning with integrity. Though it might be simple to benefit from the short-lived profits, establishing a long-term business in real estate investing calls for effort, skill, and these 6 ways.
Tripti writes for 99acres.com, with articles focused on real estate industry. Being an avid reader and a keen observer, she keeps herself informed about the new realty developments in real time. You can reach her on G+ and/or LinkedIn.