As of 2019, over 113,000 property businesses existed in the United Kingdom, with more than 514,000 workers collectively. These businesses contribute greatly to the UK economy. Even amidst the Covid-19 Pandemic, the property market has a promising future. Are you dreaming of being the next biggest property mogul, but lack a strategic sense of direction? Then the following information will help you better manage your existing resources. This article will take you through effective strategies that can help you add value to your real estate business and grow it further.
Whether you are a property owner or an agent, house-flipping can make you tons of money provided you master the craft. The idea of house-flipping is pretty simple — buy a house cheaply, renovate it, and resell it at a higher price. While it seems like you can easily hit the jackpot and walk away with some profit, professional real estate tycoons such as Mark Ferguson, have some advice for you. According to Ferguson, hitting the jackpot with just one property doesn’t count as real money. You should rather aim to flip multiple properties to accumulate modest profits over time. Perform your risk analysis before you fall for any asking price. Before you can buy a property below its market value, you should be able to make fairly accurate estimates of the renovation costs.
- Ensure your buildings comply with noise regulatory standards
If you’re a real estate investor in the UK, you may want to ensure that your properties comply with the British Building Regulation Standards. External noise in big cities can decrease the comfort of a building’s occupants. Do some sound testing to have a fair idea on the noise control in and out of your structures. It’s much easier to sell a property to buyers when they are convinced that it meets noise compliance standards. Hire professional acoustic consultants, and they will carry out noise and vibration studies on your real estate properties in your area. Acoustic experts can also advise you on how to insulate your building against noise.
- Take advantage of hidden markets
You may not get the best offers when you compete with other buyers on house-flipping websites such as Multiple Listing Service (MLS). So, make it your responsibility to hunt for hidden properties that are being offered for sale. People who are desperate to sell out their properties may agree to slash off their asking price if you negotiate with them. Off-market offers are common among divorcing couples who want to sell their joint properties and go their separate ways. Look for these cheap gigs and convert them into gold mines.
- Target tourists’ centers
Tourism is a profitable niche market for real estate investors. By 2025, Britain’s tourism sector is expected to hit $257 billion (£208 billion). If you build several properties around tourist locations, they can make fortunes for you. In peak tourists’ seasons, vacation rentals will be in high demand, and that is a big money-making opportunity you don’t want to miss.
To summarize, growing your real estate business can be tough, especially if you don’t know how to get good deals and maintain your properties. Consider acting on the top four tips above to transform your real business positively.
