It’s undeniable that landing a career in the real estate industry can set one up financially once you master that skill. The big challenge is starting as a novice. In real estate it can seem like an uphill battle, and it is easy to become overwhelmed by all of the books, blogs, and youtube videos telling you how to succeed. You can simplify and ease your experience with these 5 tasks we have gathered with diverse experience from industry experts.
Investing in real estate, it is imperative to be resolved in whatever decision you make. You do not make a decision off the top of your head when investing in real estate; it is a lifestyle decision that determines the direction of your financial future. From that perspective, it is important to keep in mind that every decision should be well planned and any result taken as a lesson and an opportunity for improvement. This task is key for each real estate novice and this will set you apart from your peers.
In addition to doing your homework, it is important to pay attention to other activities. You should research the niche you want to invest in. Make time to study properties, learn about other investors and even know the building’s history. Investing in a property can be a risky endeavor; many investors make the mistake of jumping in head first and falling flat on their faces. In order to avoid losing money on your first property investment, do as much research as possible on the area in which you are thinking of investing. For example, if you were interested in investing in Devtraco Plus properties, you would have to learn more about the plush properties we have in Labone, Dzorwulu, Roman Ridge and Cantonments. If you do this, you will have a better understanding of the value of the property for which you are investing.
One of the most widely trusted aspects of building a business is networking and we all know the value networking drives in every aspect of life. In addition to exchanging information, networking also involves long-term relationships with mutual benefits. In real estate, networking puts you in touch with other investors, property owners and even novices like yourself, this provides you with valuable information and insights. Reach out to your local investors, hang out with them and also allow them to show off some of their properties, also attend key conferences where you can build your network for immediate or future real estate business. This will put you in good standing with the investors and will even have some of them teaching you tricks and tips from when they were also beginners in the game.
Small steps are fine. Many investors believe that to build up their portfolio, they need a sizable property to demonstrate their business acumen. But contrary to popular beliefs, there’s nothing wrong with starting small. Instead of looking for that high-rise building to invest in, why not start with the office space in your neighbourhood or even with your own home as a real estate novice. Starting small also ensures that any mistakes you make as a rookie will be on a small scale and will prepare you for when you eventually do buy the high-rise building. Introducing real estate to the general public can be intimidating at first as it is a complex undertaking. However, starting small as a novice doesn't mean you aren't going to make a difference.
The last thing you should do is quit your job! Don't brand yourself a pro and put all your effort into your property investment business after you have invested successfully. Unless your ideal job is buying cash-flowing properties, why not keep reinvesting that cash flow into bigger and better real estate and creating investments for your future. Assuring financial freedom for you and your family through real estate investment while maintaining your career is possible.
Devtraco Plus offers great investment opportunities. The Devtraco Plus properties are award-winning developments located in prime areas of Accra and managed by a distinguished in-house property management team called Talis Property Services. If you invest in some of our properties, you will enjoy an appreciation in value of between 5-10% annually along with an average of 8 - 12% rental return. Throughout the whole process of purchasing a property, Devtraco Plus aids you in making informed decisions. An investment in a Devtraco Plus property is never a loss, only a win!