3 Things You Must Do To Succeed at Real Estate Investments in India

India is a developing country that has a lot of hidden potentials. With the increasing GDP of our nation comes the demand for real estate. Accordingly, people have started investing in real estate in the country, in both commercial and residential segments of the sector. Surely, real estate investments are a mode of reaping huge profits, but it comes with its own risks. For the same reason, not all people investing in real estate sector find success knocking their doors. So, what makes an investor in real estate smart? Here we give you a glimpse of some of the consolidated characteristics of successful real estate entrepreneurs who have made it big in this line of business.

1. Develop a thirst for knowledge.

One major behavioural characteristic of a successful individual that is common in any field has to be the thirst for knowledge. Learning should be a never-ending process for any individual; especially for an investor who wishes to sink his money into something that he believes will award him with significant returns. When it comes to investing in real estate, a piece of first-hand knowledge about the operational methodology of the market is a pre-requisite for everybody. How can that be done? Research.

Yes, researching in depth about the market and its fluctuations will give a significant knowledge about its behaviour and the property value. And not just the market, researching about real estate also includes doing a background study of the property that you wish to invest in. Internet is one of the best places to gather as much information as possible, at no cost. Another way of gathering information is to talk to people regarding the property and collect its details. Suppose you are looking to buy properties in Mysore, a Tier-2 city in Karnataka. It is very essential that you visit the neighbourhood and talk to the residents there to get a basic idea of the amenities in the surroundings and the available resources. In addition to that, you also will get an idea of accessibility and convenience in the locality. This ensures that you get a clear picture of the haves and have-nots of your prospective investment and is helpful in determining the right choice.

Another factor that needs to be known in depth is the documentation of the property. Make sure that you know how the documentation needs to be and what features need to be in your favour. For any beginner who has next to no knowledge about the documentation and legality, it is very easy for sellers or real estate agents to dupe them into buying something that they probably should not. To avoid it, you need to be updated regarding the same. If it proves to be too much for you, you could get the documentation verified by an external agency for your own good.

Lastly, never ever get into real estate investments if you are not aware of the market risks that are associated with it. Internet is a place where you could do most of your research. Then, top it with some real-time updates by keeping in touch with real estate advisors and agents. Research and homework go a long way in ensuring that your investments are done right.

2. Hire a realty advisor.

If you are just starting out with realty investments, do yourself a favour and hire a realtor who can be both a guide and a mentor to you in doing the right investment. Preferably, choose an agent who is recommended by your friends or family so that you know his credibility. If you do not have any referrals, consulting a realty investment firm might get your job done. Do your bit of research on the internet and talk to their previous clients or get their testimonials. A reputable firm always knows how to prioritise its customers’ needs.

There are multiple uses of hiring a real estate broker that you might come to know of gradually but there are some that you need to know beforehand. Realty agents have their own professional network that will help you find a suitable property for you to invest. Their extensive knowledge about the property will definitely help you in deciding the best property for you. Furthermore, realty agents are most helpful during the negotiation and excel at fetching the best price for you. Lastly, they take care of all the paperwork that comes with the property transaction, reducing a big burden for you. For the painstaking work that they do, it is rightful for them to demand a commission. Rewarding them suitably for a well-done job will help you in your future investments and in building your own connections.

3. Patience and perseverance.

John Quincy Adams has rightly said, “Patience and perseverance have a magical effect before which difficulties disappear and obstacles vanish.” When it comes to real estate investments, patience and perseverance play a crucial role. Real estate investments demand a long period of commitment so it is important for an investor to remain patient and wait till the market value picks up. Never ever sell low. You always buy low and sell high. Moreover, buying and selling properties is a long-drawn process that often takes days together to finalise so being patient is the key.

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Epilogue: The above three points are very simple and when followed, are sure to be of help to any investor who is just beginning his career in realty investments. Surely, they seem very plain and straightforward, but these are the things people often ignore in search of more complex ideas and thoughts. When inculcated and applied, they definitely bring about the results that we all want to see.