Many people invest in real estate market for safe moneymaking, but not every real estate deal is a profitable one. Through all the years of my experience at Luther Ragsdale and Platinum, I have recognized the fact that for getting and accomplishing a profitable real estate deal, you need to process your business variables in the most profitable manner. It includes training your lawyers, preparing prospects, finding a profitable property and other related variables.
Once you perfect the art of processing the variables, you can confidently enter on and off markets and make profit in all the economic conditions. As an Atlanta real estate agent, you can simplify your business processes by spotting profitable real estate deals with the help of the given features.
Location and Neighborhood of the Property
Location and neighborhood of the property play a key role in deciding the market price of that property. Neighborhood features include political infrastructure of the community, communication trends, average age and number of residents, types of residents, crime rate and other features. Types of residents include race, age group, religion, and gender. The real estate agent may not discriminate but your prospect buyer may want to live with people belonging to their race or religion only. Some people also inquire about literacy rate of an area. In general, a property at a location with more than 60% literacy rate tends to be sold at higher rates than other properties.
Moreover, other important things regarding the location of the property include distance between property and main road, school, commercial market and church.
An ideal property is the one which is clear of all types of taxes. Make sure that the property does not have high taxes with not-so-favorable neighborhood. After conducting several case studies in Platinum.com, I have found out that most often, potential buyers ignore high property taxes if the neighborhood and location are excellent.
Type of Property and Market requirements
Market requirements keep on changing for residential and commercial properties according to national economic and social infrastructure. For example, single family homes have the highest demand in American real estate market; therefore, investing in single-family small homes than complex condo units will be a more profitable real estate deal. With condo apartments, you also need to hire maintenance and collection teams. Similarly, small business companies prefer renting or buying complex unit offices than one-unit buildings. Check the local business trends for commercial property investment.
Promotional literature and public amenities are government provided additional features which can hike up the price of a property. These include public library, cinema, recreational center, public park, public transport hub, mall, gym and many others. Taking leverage of these additional features will help you prepare a profitable Atlanta real estate deal.
Sometimes a property might not be profitable in its current state. Gather information about future development from municipal planning department. The municipality might be planning to construct a new theatre, public library or preparing to cut trees for constructing new homes in the locality. The construction of new homes and reduced number of trees will automatically reduce the price of property, making it unsuitable for long-term investment. In contrast, the construction of public amenities will increase the price of properties.
A careful look on all these features will help you identify a profitable real estate deal and ensure business expansion in the upcoming years.
For more information on real estate prospecting and finding a profitable real estate deal, download my eBook “The Viral Noise – Social Media Marketing for Real Estate Agents”.
On January 23rd, 2016. I will shed light on untouched aspects of real estate prospecting in my million dollar producer workshop. For more information, visit Luther Ragsdale.com or Platinum Real Estate.com.