To be successful in property entrepreneurship, there are 9 elements that every entrepreneurs must have in order to be successful. Many people in the market are talking about property investment as an investment; but here I’m going to share with you what you can do with your properties and turn it into a business.
1. Strategic Game Plan
Begin with an End in mind – I always emphasize this root with students to BEGIN with an END in Mind. Are you investing the properties for Capital gain or Rental Gain? You must develop a clear method of renovating your property or running an interior design renovation business with clarity in finances, marketing and operations.
Identify your current financial reserve and potential of fund raising options. Be extra careful on budgeting is important as it will determine the operation flow and the timeline of completion of the project.
3. Area Due Diligence
The best place to invest is the place “you know the best”. Identify area that will potentially grow in terms of upcoming projects and additional surge of population.
4. Price Due Diligence
Gain the expert knowledge by knowing the price of “un-renovated” and “id renovated” price in targeted area with a forecast exit value upon id renovated. Choose only selected area you know well for potential of gain after adding value by transforming an ugly duckling into a beautiful swan.
Note: not every property is deem appealing to potential buyer as it is very much determined by the affordability and psychographic of the people in that area.
5. Property Due Diligence
Know how to discover the profit potential of a property before committing in your purchase. Understanding criteria to spot on where you can enhance the value after the purchase can make you BIG money.
6. Signing the Deal
Buy upon knowing or estimating how much you can exit with the property after id renovated or value add price with creative negotiation strategies.
7. Planning Approval
Get the fastest and the right assistance to get your renovation scope approve by the local council or the property management.
8. Interior Design Renovate
Learn how to design and renovate like a professional interior designer. Mastermind a team for execution with pre plan checklist for a time saving, cost effective and quality works.
Finally, Sell your property for the highest price with the shortest time and rent your property the fastest time with least amount of effort to accumulate your property portfolio wealth.
Hope that the above sharing will help you in your property investment and entrepreneurship journey.
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