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How to succeed as a Real Estate Investor

Real estate, like every industry, has changed over the years. Certain rules, though still relevant, should be taken with a pinch of salt. Especially if you seek high return on investment in the very dynamic business environment.

See below 5 tips on how to succeed as a real estate investor:

Network

You may be in an environment where opportunities exist and still not know it. Networking allows you build relationships in order to recognize these opportunities and also seize them.

The more you network, more likely you are to succeed as a real estate investor.

Always study the market

No matter how good your properties are, market trends and events can really slow down your business. From a shift in global economy to government policies and regulations, understanding these factors can help reduce your risk.

Do a lot of marketing

Marketing is powerful and it delivers value. Don’t only market when it’s convenient for you. These days you can choose to advertise anywhere: Your social media pages, blogs,

Research

Do your research before investing in any property and work with experts at every point of the purchase. Don’t do by yourself what you know should be done by a professional.

For instance, before buying a home, at the very least, you must work with a home inspector and a lawyer.

Focus

Focusing on a particular market would make your business grow faster than you know. This is integral to your long-term success as a real estate investor. You can move on to other markets once you have gained enough experience and stabilized.

9 Ways to build Self-Confidence

Confidence is simply the faith you have in yourself and your abilities. Interestingly, there is a correlation between self-esteem, self-worth and confidence. According to Maslow’s hierarchy of needs, self-esteem proceeds self-actualization, the peak of the ‘Maslow Hierarchy of needs’ pyramid.

Positive self-esteem has been linked to psychological and physical health, career success and general fulfillment in life. Low self-esteem has also been shown to be an important predictor of unhealthy behaviors and psychological problems such as feeling of incompetence and suicidal ideation.

There are times when your belief in yourselves is shaken, questioned or threatened.

Can self-esteem be boosted? Yes it can.

One of the ways to boost self-esteem is to build self-confidence.

Here are 9 ways to build Self-Confidence:

  • Keep a positive crowd: Stay away from/manage people who belittle you and your ideas and make you feel like you worth nothing.
  • Do something you love: By doing something you’re good at or love, you’ll feel more competent, accomplished and capable of handling any task that comes your way.
  • Challenge yourself: Never rest on your oars, always set new records.
  • Relax: Anxiety and stress are not only toxic for your physical health, they can damage your self-confidence.
  • Be Optimistic: Speak to yourself more than you listen to yourself. Confess positively
  • Celebrate your achievements: No matter how bad, there must be one or two. Reminisce and celebrate them.
  • Face a fear: Things are not as difficult as they look from afar. Face the fear.
  • Use guided meditation: There is power in meditation and it boosts self-confidence.
  • Don’t leave things undone: Always fulfill tasks that are expected of you.

 

                   

Solar Power and Its Many Benefits

Solar power is one of the most dependable sources of power and is pure energy derived from the sun. It is the conversion of energy from sunlight into electricity, either directly using Photovoltaics (PV), indirectly using concentrated solar power, or a combination.

Energy is the spine of any economy and this justifies the world’s dependence on it. China is leading the world in solar PV generation, with the total installed capacity exceeding 100 GW.

According to the “World Sunshine Map”, Africa receives many more hours of bright sunshine during the course of the year than any other continent in the world. Despite the large solar potential, penetration of solar power in Africa’s energy sector is still very low.

With less than 20 percent of the African population with access to electricity, there is a need to invest more in solar energy.

See below solar power and it’s many benefits:

Solution to global warming.

Global temperature rise, warming oceans, shrinking ice sheets, sea level rise and other extreme events are signs of an imminent global crisis.

However, the more we are able to reduce our dependency on fossil fuels, the easier it is to mitigate global warming. For this reason, solar power is one of the most effective solutions to the global warming crisis.

Renewable energy source

Solar energy is sustainable as it is obtained from an inexhaustible source. The sun will always shine and this makes solar energy a renewable source of energy.  It provides enough energy in one minute to supply the world’s energy needs for one year.

Reliability

Solar power is an extremely reliable source of energy because the rising and setting of the sun is consistent. Although clouds are not that predictable, short and medium-range forecasts are accurate.

Consequently, projections for the amount of sunlight that will be received in different locations are accurate depending on time.

Cost Efficiency

Though the initial cost of purchasing a solar system is fairly high, your energy bills will reduce drastically over time and you would be saving a lot of money.

Low maintenance cost

Solar panels are made of tempered glass, so they’re built to withstand hail and other rough weather. The panels also have no moving parts which makes them incredibly durable and require little to no maintenance over their productive lifetime, which can span 25 years or more.

You could use automated cleaners that work similar to sprinklers, which can be programmed to clean your panels as needed. This is very effective in dusty areas.

MD/CEO, Afriland Properties Plc, Uzo Oshogwe, Advocates Collaboration at the Economic and Real Estate Outlook Series 2018

The 5th edition of the Economic and Real Estate Outlook series organized by Fine & Country in collaboration with Business Day and Lagos Business School, recently took place at the Lagos Business School. The programme themed Navigating Change, served as a platform to set the tone for the year in the real estate Industry, while deliberating on the impact of the current economic and political climate on the Industry.

During one of the panels, MD/CEO, Afriland properties plc, Uzo Oshogwe, harped on the need for an urgent collaboration and intervention of real estate professionals to examine and propose a review of some government policies in order to create a conducive environment for the industry to thrive. ‘Government policies impact businesses directly or indirectly and the more unfavorable they are, the more businesses struggle to survive. We as professionals must make a conscious effort to take the lead in the appeal for a business-friendly environment’.

She also referred to the newly passed bill on land Use Charge by the Lagos State House of Assembly, awaiting the governor’s assent, as a development that could further deepen the challenges that exist in the sector.

Also present at the event were Mr Hakeem Ogunniran, MD/CEO, UACN Property Development Company, Mr. Ben Akaneme, MD, Imperial Homes, Mr. Adeleye Adeniyi, Head, Real Estate Finance (West Africa), Standard Bank Group, Dr. Henrietta Onwuegbuzie, Senior Lecturer, Lagos Business School, Mr. Andrea Geday, MD, Elelan Construction and other leading experts in the real estate industry.

 

 

3 Ways to Maximize Profit on Your Rental Properties

Making high returns on your investments is not just a function of the size of your portfolio but also its efficiency and effective management. If your real estate investments don’t generate enough profit as expected, you need to restrategize.  Rental property can be a great source of income but it can also be a huge headache if not properly managed.

The biggest areas for improvement that will positively impact your profits are occupancy, on time payments and maintenance.

See below 3 ways to maximize profit on your rental properties.

Tenant Screening

The quality of tenants that occupy your property is like the foundation for everything and a key determinant of how your investment will perform.

As a rental property owner, it’s absolutely vital for the collection of your rental payments to be timely. Payment delays are not good for your business. Bad tenants may also damage your property and leave a whole lot to be repaired. To avoid this, you need to do a thorough background check to ensure you won’t lease to tenants who would give you problems. You need to follow the basic tenant screening practices to identify the loop holes and act accordingly.

The goal is to find quality tenants that take care of your property and also pay consistently while you increase the cash flow from your rental properties. Late payments, stubborn tenants and property mismanagement is not only a nightmare but also ensures you don’t get the best out of your investments.

Long lease

Tenant vacancy is always a huge issue for property owners. The longer the downtime, the more money you lose. One of the ways to manage this risk is to consider long lease.

You could reduce rental rates by giving discounts, depending on the number of years. This may lead to higher revenue especially if you give discounts and do a 3 to 5 year lease or more.

Some of the advantages of long lease also include the following:

  • It attracts serious renters who are willing to commit to your property.
  • Peace of mind knowing that there will be no vacancy for that period.
  • Not doing repairs yearly will increase your savings.

Choose a good location!

This is still as relevant now as it was in the past, if not more. Oh yes, we know you’ve heard it time and time again, but we’d say it again; location matters and it still tops the list of factors that determine profitability in real estate investments. Before you invest in a property, do your research to determine and have an idea of the value potential tenants are willing to place on the property.

Some of the factors to look out for are proximity to amenities, neighborhood status, scenic views, etc.

Contact us for unparalleled Property Management services and  property investment solutions that will improve your ROI.

The Power of Focus

The brain is always seeking out what’s new and what’s next, but we get better results when we focus. Focus improves efficiency and growth. Identifying what’s important and what’s not will also help determine what to focus on. Focus gives you the clear and sharply defined condition of an image, situation, task etc.

In the 16th century, there was a legal Chinese punishment called ‘The Chinese Water Torture’, where a continuous stream of dripping water strikes the same spot on the offender’s forehead for a prolonged period of time, cracking them up emotionally and leading to death in some cases. An investigation on the effectiveness of this torture found that it was effective, capable of causing so much damage even in a controlled environment.

That is what focus does. A drop of water would not have made an impact, but the consistency ensures each drop leaves the spot worse than it was.

As at the time of writing this article, 420 hours have passed from a total of 8760 hours of the New Year. If Les Brown’s quote expressed thus ‘What you focus on the longest becomes the strongest’ is anything to go by, then what you have focused on the most in the first 420 hours might turn out to be where you get the best results so far.

Staying focused can be tough sometimes due to several distractions and dwindling attention span. When you need to focus without distractions, here’s what to do:

Focus on what really matters

Identify what is worthy of your energy and what is not. Ask yourself, for optimum results, what really requires your focus today, tomorrow, this week, this month, this year? Make a plan and prioritize. Identify when you function better and take advantage.

Don’t let the tough tasks build up

Typically, we tend to take care of the less tedious tasks before we move on to the tough ones.  As you continue your tasks, your energy level drops, and sometimes, so does your productivity.

If the task requires creativity and more concentration, carry it out before you move to the less difficult ones.

Manage distractions

The same way you ask what needs your attention, you need to ask and understand what is worthy of your distraction. While at work, you can schedule a time to attend to some of these necessary distractions. Eg. Checking your phone etc.

Pause to replay

Sometimes you need to take a few minutes break from everything to re-energize your brain. Brief mental breaks will actually help you stay focused on your task.

Signs your building is on the verge of collapse

A building may collapse for many reasons. In Nigeria, structural failure is the most common cause and we have had incessant news and reports of collapsed buildings recently. Ofcourse, the general conclusion is that the construction team was made up of quacks. It’s more shocking when you realize some of these buildings were constructed by reputable companies.

Buildings collapse when overstressed construction reaches a critical stress level and it is often atrocious, leading to lose of lives and properties. However, the truth is the signs are always there, but sometimes we choose to ignore. Noticing these signs early would not only save lives but also offer a chance to correct and maybe save the property.

This also comes in handy if you would like to purchase a home.

Simply look out for these early signs:

‘Crack Crack Crack’ in the Wall

When there is a major crack, it means the walls are under pressure and are no longer able to support the weight of the roof. That is a major sign right there. Do not ignore it, it may lead to a building collapse.

There are 2 types of cracks: structural and non-structural.

Unusual sounds

Creaking and popping sounds in a building should never be ignored. Those sounds could be a warning of an imminent collapse and should be immediately investigated.

Moving house

This is a red flag!!! When your building is moving, it’s a no brainer, it’s a warning of an impending collapse. This movement does not mean you would find your house distressingly seated miles or plots away from where it is located. It just means, some particular parts of the building shift from their original positions.

Sagging floors and roofs

Sagging floors which is often caused by inadequate support beneath load-bearing walls or heavy room partition walls, is a special sign of building collapse because it often goes unnoticed. You should also pay attention and not ignore once noticed.

How to Move to a New Home

The decision to change apartments, especially rented ones, is often unavoidable due to changes in household size, needs, desires and even taste. For instance, just a few years back, your apartment might have been all you wished for but now that you are married, you need more space.

Your neighborhood is also another reason you might want to move. It may have been a quiet one when you moved in but ever since lifestyle and event centers came in, you just can bear the privacy breach and the noise that comes with it. You just keep saying to yourself, I need to move!

We understand that moving is one of the biggest household tasks so here are some heads up for you if you’d really like to do that:

Set a Budget

After you’ve decided you want to move and have gotten a new home, the next step is to set up a moving budget. It’s an important step to keep you on track financially and to know how much your move will end up costing you. It’s almost unbelievable how small items you need to replace would add up and cost you quite a lot, so you need to be aware and prepared.

Organize early 

When planning to move, it is very easy or convenient to push things to the last minute. Try as much as possible to avoid that. Ideally, you should have a countdown list and at least a 30-day plan.

Chances are you will remember tasks randomly and it’s advisable to include them in your already prepared list.

Plan your move strategy

Mobility is one of the most important tasks when moving. How do you intend to get to point B from point A? Are you hiring a truck for the day or asking friends who have cars to help move your stuff?

So basically this must have been thought through way before the day you intend to move and cost also factored in.

Purge during this process

It is easier to purge and get rid of items you don’t need when moving.  You can organize a garage sale to sell off some of these items to neighbors or display for passersby who may be interested. That way, you won’t be taking household items you really do not need to your new home. You could also donate clothes to orphanage or charity.

Take inventory

Things go missing when moving from one home to another. You might have to take inventory, especially if you are hiring a company or truck to move your things.

Have a record of every single item loaded into the truck and remember to tick them off when offloading. For example, you may note the number of boxes and the specific items or content of each box.

 

Unlock your creativity in 3 steps

We live in the age of creativity!!!It goes without saying that Man was born to create. It would be great to note at this point that creativity is a skill and not a talent. One of the keys to creativity is imagination. Though they are related, there is a huge difference between the two. If these ideas come to you but never come to reality, you are imaginative not creative. To be labelled creative you actually have to create.

You may be one of those who question the need for creativity. Creativity provides fresh insight and a new viewpoint on even the most monotonous elements of your job. It enables you to view challenges and problem-solving as a creative opportunity. In summary, creativity is required for a success in the ecosystem of today’s business world. Talent has very little to do with creativity. Just like every form skill, creativity is learned, practiced and developed! In other words, it requires time, training and effort.

How can you live up to your creativity potential? Unlock with these 3 steps below:

Perceive the world in new ways

Thinking out of the box and trying to make connections between seemingly unrelated singularities will generate fresh ideas.

This is more than just a motivational cliché. It simply encourages you to approach problems and challenges in new, innovative ways; conceptualizing problems differently; and understanding your position in relation to any particular situation in a way you’d never thought of before. Instead of running from challenges, you run towards them and look for opportunities to shine.

There is no Creativity without Knowledge

You just have to be knowledgeable to be creative. You have to seek information; History, science, politics, entertainment, art, business, entrepreneurship, health, economy, education, food and so much more. Know things, be ready to try different ways and take risks. You have to develop the ability to challenge your assumptions and simply ask questions. Be curious about everything. Random and seemingly unrelated ideas could come together to form a new idea, connect the dots and provide a solution when you least expect.

Connect with creative people

Basically, the crowd that you hang out with influences your actions and ultimately the way you think. Connecting with creative people would give you the opportunity to have insights into their creative thinking process and this is very important.

You’d be surprised how simply spending time with them in a variety of creative endeavors will spark your creative juice. You’d be more curious, more open, more optimistic and more interested.

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