Five ways To Unleash The Full Potential Of Your Real Estate Portfolio
By Abigail Mwikisa, March 29th 2021
1. Empty plot?
With Covid-19 still terrorizing the global economy in 2021 many property owners are frustrated and struggling to initiate developments and building ideas they had in the works for their property portfolio’s. From us at Tempeat Gold to you, dont be discouraged! Here are a few ideas on how to ensure your property makes money for you, even during this untimely pandemic.
More like the location for your next big business venture! Its all about mindset and ideas. Yes you may have planned to build your family home on the lot you bought and covid-19 changed your budget now the plot is empty and void but it doesn’t have to be that way! The Value of the space upon that land can be exploited in many different ways, it just depends on how creative you and your estate manager are. Explore using your plot as a campsite, renting it out for religious congregations or even a storage/parking space for heavy duty machinery and trucks for companies, te list is endless!
2. Find Your Niche Target Market.
There’s an old saying: “The three most important factors in real estate are location, location, location!” knowledge of the area your property is located in is very important as this knowledge helps you position yourself uniquely within the community. Be it realizing student Accommodation is high in demand in your property’s area and providing such would be your niche, or that a residential property you own is located in a high business traffic spot and changing its usuage to office space will bring you more income or even be it available your warehouse to media companies for studio, set building and filming purposes. With the right research on the strengths of the property and its leverage in the market, one simple change could lead to a massive change in flow of income from your property.
3. Reform Your Commercial Property into an SME Incubation Hub.
With a budding SME industry many small businesses need office space to operate fr bit cannot afford the current market price of office rentals creating a huge gap in the market. With Minimal adjustments to ones property such as temporary partitioning, printong facilities and a Wi-Fi connection a communal business hub can be created and tenanted easily by targeting start up businesses with lower rental budgets to occupy this shared working space. This allows you to have multiple tenants, passively practicing company social responsibility by empowering young entrepreneurs as well as creating other money making ventures for yourself by providing things like an inhub cafe,inhun stationary shop and printing and photocopying subscription services as well as receptionist services. It all depends on how much you can invest.
4. Invest In Value Increasing Developments and Renovations
Keep your property up to date with the changing trends. Covid-19’s dire effect on businesses is a blessing in disguise. Retailers and Contractors have been forced to create sales promotions and discounts to keep attracting customers and house, home, building material supplier’s and even construction companies are not an exception. This is the right time to engage your estate manager and find out how to physically increase the value of your property and purchase the recommended materials and services while the market is still flexible. The best investment you could possibly make is to focus on increasing the value of your property during this pandemic so it can bare long term fruits for you.
5. Engage A Professional Registered Real Estate Expert.
Many property owners are sceptical about hiring a property manager and whether the fee is worth it. Most successful property owners will tell you they have indeed engaged an estate manager or property manager and the fees are minial in comparison to the gains. The job of the property manager is to handle all dealings of your property and tenants while you enjoy the luxury of owning property without having to think about its operations or worry about tenant disputes because you can rest assured knowing an accountable professional is managing the premises. Be it rental collections settling teenant disputes, tenant screening, installing and evicting tenants, handling maintenance, managing lease agreements as well as advising you on how best to maintain or improve the value of your property. Real Estate is one of the most treasurable assets on the world that one can own and its only wise to seek professional advice to make the most of it. In Botswana the regulated fee set by The Real Estate Institute of Botswana and well as The Real Estate Advisory Council for engaging a property manager is 10% of monthly rentals per a month.
We can help you manage, sell, buy, rent or lease out property. Get in touch with one of our Tempest Gold Real Estate Institute of Botswana registered agents on 72196950/74312714 or email us on firstname.lastname@example.org for enquiries on all our property services. STAY GOLD!