Over the last couple of decades, real estate India has taken a surge from the bottom to the top, and investors, both foreign and Indian, see this trade as a potential weapon in the their investment plans. However, this venture is not all about having enough capital to spend. As they say, practice makes a man perfect, this business requires sheer amount of patience to cross the line. Here are few basic things; an investor should keep in mind.
Do proper market research – As an investor, you need to be on top of the market all the time. Investing in properties that are well below market price can be profitable, given that reasonable changes are made to the property in order to put it back in the market and sell it for a higher price.
Set realistic goals – Real estate business can be tricky and it can test your patience to an infinite level. You need to keep things simple by starting up small and gradually increasing your intensity. Envisage an objective that is well within reach and then spread your hands, once you get the grip. You don’t want only short bursts of success in this field, rather long term profits in little episodes.
Beware of Danger – The only way you can under the risks involved in the business, is by taking proper control of your investments and knowing how well they have performed and under what conditions. You should be able to estimate the returns and categorize them as per the level of riskiness, whether high or low.
Keep networking – Successful business can’t be executed only by market research and proper planning. You need to mix with other people who are in the same business for a long time. Gaining knowledge from someone experienced is beyond any form of knowledge and sharing ideas with each other adds to the benefit of both the parties. Networking helps in getting a better idea about property’s resale value, ideal location and whether the risk factors are manageable.
Be honest – If you are not honest with your business, don’t expect others to be the same with you. It takes years to build a reputation in any field and seconds to break them. Follow the set of principles and don’t get carried away by what’s happening around. Your clients look up to you as someone they can rely upon. If you break this trust, they probably won’t leave nice feedbacks about you.