Ways to find the best deals in properties

      I believe you know a few individuals who seem to easily connect with the right opportunities at the right time. They seem to have the right and most profitable information. You may call them fortunate or lucky but if the pattern is consistent, know that they may be following, consciously or by instinct ,a clear set of working principles.

The same goes for those who seem to be able to get properties at  great locations whenever they desire. We’ll examine seven simple but profound ways to find profitable properties anywhere and anytime.

But first, let’s define what we mean by ‘profitable properties’. In real estate investment,you make money when you buy and also after you have bought. However, if you lose money when you buy, you’ll pay dearly for it before you can reverse the loss.A profitable property purchase should be a property that has a good location and is bought at a discount,that is,a little less than its actual market value.This means ,technically,that you have made money buying.The subsequent appreciation in value, is your next phase of profitability.This  presupposes that you already know what you you want and where you want it. Those who do not know what they want often engage in a wild goose chase.

When looking for properties to buy in an area, you need to find out the average or median selling price of properties in those areas. Making use of the several resources available and that will be discussed in this write-up should give you the price range within which you ought to plan. This consideration when viewed against your current budget should give you an insight as to where you can afford.The wisdom of these preliminaries is to make it easier to reach your goal.As it is said,if you know what you want you are likely to get it faster.

One of the first places to look is in the newspapers.Most of the daily newspapers  feature  real  estate  adverts on specific days of the week.Find out which of the days.There are also magazines  that are specifically for real estate agents where advertisers  advertise their properties for sale. These adverts contain the contact details of the estate agents in charge of the transaction.You can call them and find out more details on the property. And don’t forget to carry out your due diligence before you part with your money.

You can also advertise for the properties you want, using any of the newpapers or property magazines. A simple ‘box’ advert titled ‘request’ is sufficient for this purpose. But get prepared for an avalanche of phone calls .This method will give your request maximum visibility and hopefully the right person or agent with the right property will call.

Another effective method of sourcing for properties in a specific area is to drive round the neighbourhood and take note of signages with ‘For Sale’ or ‘Enquiries’ on them. In some more developed and active real estate markets you can also find ‘FSBO’ For Sale By Owner on some properties. Sometimes you can extend this to those with ‘To Let’ on them.

The essence of this is to contact estate agents operating within the area and who may possess information on the properties available for sale.Even if they are not directly in charge,they may know of colleagues who have the type of property you desire for sale.

And sometimes by making discreet enquiries about who owns any vacant or dilapidated property in the neighborhood you may come across a willing seller.

Although this has not yet gained popularity in Nigeria,another source of profitable real estate deals is foreclosures.Foreclosures are usually bank sale of properties whose owners defaulted on a loan and the bank has the authority to sell. Since the bank is basically interested in the recovery of the loan,they often sell such properties less than the actual market value.

In addition to the above,online social platforms are becoming more popular in sourcing for and advertising properties for sale.The large number of people using these platforms,their diversity and the spread of information at a click of a button makes it attractive and convenient.Using major search engines could lead you to good deals.Placing your request on some of these medias gives it a spread that could prove highly effective.

Another good medium is using property professionals whose vast network of contacts makes it easier for them to get you what you want faster.

Experienced real estate professionals will help pre screen properties and narrow down to the ones they consider most appropriate to your purpose.They also have access to professional networks that circulate such information regularly.You will also be able to tap into their knowledge and experience in analysing such properties during or after inspection.

Finally,if you belong to a co-operative society or an investment club of likeminded people, share with those likely to know, what you are looking for. The more you spread the information of the specific request you have the more likely you are to find it.In the words of the good old book ‘every one that asks receives and he that seeks finds’.