New Delhi, November 20, 2018: In the history of time, the real estate sector has alone produced more wealth than any other industry. But, it has been noticed that people are still quite skeptical when it comes to entering the fray. Their concerns are not completely unfounded as the real estate industry did suffer a setback following the 2016 demonetization. Not to mention, the implementation of GST and RERA, further aggravated the situation. Even though these reforms were towards improving transparency in the sector and protecting consumer interest, it did take a little while to gain the confidence of the consumers.
However, industry experts are glad to convey that the real estate sector is up and running and has even shown an upward trajectory. As the reform policies have been implemented correctly, homebuyers have gained new confidence and those waiting on the fence are seen returning to the market.
So, if you have wanted to be a part of the real estate industry and make it big, now is the time. Since Sanjay Jhunjhunwala, CEO of Mani Group has been a part of this industry for several years and boasts of hands-on experience. Following his tips will help you in making it big in this sector.
Here, take a look at his tips.
#Home-Renovation Flips
The culture of fix-and-flip has exploded in the real estate sector. The renovation flip market is experiencing an exceptional boom. You can be certain that there is a lot of money to be made in such deals, but navigating these waters can be a bit tricky. If you do not have the adequate knowledge and the experience, you might find yourself to be on the losing end when it comes to selecting the right property to flip. So, make sure to thoroughly research the market before taking any decision. The industry biggies are often heard saying – always look for the ugliest properties in the poshest neighborhood. You can also keep an eye out for properties in the foreclosure market.
#Find off-market properties
Like any other industry, the real estate sector is also a rat race. You have to be at the top. If you want to make money, you need to find property deals before anyone else. In fact, the properties that will fetch you a fortune are usually the ones that are hidden and sold off the market. These properties are those that the owner wants to get rid of immediately. You need to maintain a loyal network of real estate agents who will bring you such information.
#Lease options
Lease options are actually a great way to make money without actually having to invest a lot of your own. To be honest, this is how a great number of entrepreneurs enter the real estate market.
Make sure to lease the property with an option to buy so that when your financial standings have improved, you can buy the property or sell your purchase rights to someone else.
#Short sales
When the present owners are behind on paying their mortgage, but their property has not yet entered the foreclosure stage, short sales occur. This is actually a fantastic opportunity for you to make your entry into the real estate market and make a profit without having to invest in renovations. However, short sales demand outright cash payment at times and you must be prepared for that. Short sales can take a bit of time, but they’re worth the wait.
#Commercial real estate
The residential real estate will always be around for as long as the population keeps growing and people need shelter. Real estate giants like Mani Group know that this sector is secured, but the only problem is the demand for affordable housing. On the other hand, commercial real estate presents a great opportunity of making a significant amount of money. The focus of commercial real estate is not just on flipping, but also on development. People are always going to need retail and office space to run their businesses, which makes the commercial real estate niche worth considering. As you grow, you will find ample opportunities to develop large-scale buildings, open up massive shopping malls and more.
#Vacation rentals
In the real estate marketplace, vacation rentals are proving to be very lucrative. This will not just provide you with a substantial side income, but you can actually grow if you are in a popular tourist locale. The short-term rentals are constantly on the rise and you can actually profit from it.
Mr Sanjay Jhunjhunwala and other real estate magnates truly feel that the most daunting part of the real estate sector is taking a step. Yes, the industry is competitive, but it provides ample opportunities for individuals to shine. You need to put in hard work, research and of course, a deep sense of morality. That is how Mani Group became such a huge name. The Group deeply cares about its consumers and hopes to provide them with better living and working environments within their budget.
You can also become a honcho in the real estate market if you simply overcome your fear and take the plunge.
Corporate Comm India(CCI Newswire)
