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Tuesday, 21 November 2017

Practical ideas on how to earn profit from property investing in Zimbabwe?

Being aware of the common mantra " you never go wrong with property" is one thing but having
practical business ideas that helps in making a profit from property investing is another. Indeed, you can go wrong with real estate and become bankrupt if you nose dive into it without proper ideas about how to do it well. Conversely, if you invest grounded in the right ideas real estate's qualities like security of income and value appreciation can take you to a whole new level of profit making. In my career as a property consultant I have benefited from important lessons I learnt from some of my successful clients worked with for years. One of them who is an MD of a major organization in Zimbabwe has at least five properties that are as we speak are accumulating both rental and capital value for him.  Here are some of the things that I have learnt to be behind his success.


SELLING YOUR HOUSE ? THREE REASONS WHY YOU CANT DO IT YOURSELF (DIY).


Selling your house is a process about which DIY (do it yourself) doesn’t work. Many people tend to prefer the DIY way when doing various things in their lives. Probably, this is the reason why some manufacturers sell refrigerators with some parts like handles not installed but having some kind of inlets for the consumers to do it themselves. There can be many reasons why people prefer DIY. These ranges from the contentment that comes after one successfully achieves a personal task to the possibility of saving the hard earned money. Selling your house however, is something that you cannot achieve the DIY way because you compulsorily need help from other people who have trained to give special service to the complex process of selling immovable property. There are many reasons why this is so but here I will give three.


1) Buy in the right suburb density (market segment)


Buying in the right density ( e.g high, medium and low) is your line of first defense in as far as profitability is concerned. A  right density is important because in it the critical real estate profitability ingredients like proximity to CBD (or a competitive business center like Sam Levy & The Brook), social amenities, image etc that leads to good demand are available. Belvedere is a good example you can visit my article that I have written about it.


2) Invest a lot in finishing


Prospects who gives you a profitable deal either as buyers or tenants makes decisions depending on how far a piece of real estate's aesthetics appeal to their sight. In more than nine years of experience I am yet to come across or hear of a prospect who brings along an engineer to test the so-called structural integrity of a property in order to determine its habitability. So to prospective buyers the decision to buy its made basing on how a property looks to him or her, spouse, business partners. It is therefore, critical to make good investments on a property's finishing through renovation or a construction process because final appearance makes or breaks a rental or sales deal.Period.You can even hire an interior designer if your budget permits for maximum impact! Its worth it.

3) Be open to advise from subject matter experts (SMEs)


As an adult you do have some thoughts about property investing but they are not necessarily the best to follow. And the fact that they are your ideas does not qualify them to be the best. This also apply to the education you have. You may have a PHD but the knowledge of prevailing property market dynamics can be way out of the scope of your training. Whatever your education or training it can never beat that of  hands on practitioners in various areas of property. I call these individuals subject matter experts because they have specialized knowledge of a particular area and in this case property or real estate. Therefore, their knowledge and assistance is very valuable. Its worthwhile to listen to them and avoid quarreling.  You know in our lives this is not new because already we have a similar  kind of people who give us special help in certain  areas of our lives. For example we do have people like medical doctors who diagnose us of various ailments but nobody quarrel with their prescriptions.

My MD client is an expert in listening to people about whom he believes they can help him. I am impressed by the fact that despite his vast experience in business he always quietly listen whenever I begun talking on my area of specialty - real estate. He relied on me through out and he would regular ask me " Cain is everything still above board? ". Because of this I gave my very best because I did not want to betray such trust. I was involved in the sales and management of his properties but other aspects he gave to relevant people. On these other areas like interior design his properties also had the highest standard of workmanship. I however, knew that the secret to his success was that he listened to experts' advise and allowed them to do their work the way they knew best.

Here are some of the important subject matter experts you should involve if you want to make a profit from property investing.

1.Conveyancer. This is a lawyer specializing in the transfer of title deeds ownership from the seller to the buyer.

2.Estate agent. This a professional involved in the sales, valuation and management of immovable property.

3.Architect. This one is involved in the creative design of your building plan.

4.Land surveyor. This one is involved the demarcation of land boundaries. He is the man to contact if you want to subdivide a big piece of land into smaller ones.





DISCLAIMER
This article is made available for educational purposes only as well as to give you general information and a general understanding of real estate investing, not to provide specific advice. The article should not be used as a substitute for competent advice from licensed practitioners

2 comments:

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