She has been successful as a real estate and property investor, and she has helped many homebuyers and home-sellers realize their dreams. In this series Faye Kotsis offers some of the keys to success that have seen her through the ups and downs of the real estate market.
You’re not just selling a house, you’re selling a home!
Faye Kotsis knows that a successful property sale relies on a buyer feeling like they’re buying something more than just a house, apartment, unit, condo, flat, so on and so on. They’re buying a home! When thinking about investments, it’s hard to imagine falling in love with stocks or shares in a company. It’s hard to imagine falling in love with a brick of gold bullion. But it’s easy to imagine falling in love with your first home, or your holiday house on the beach.
Buyers want to be amazed, they want to see themselves waking up every morning in that place and being happy, they want it to be welcoming and warm. If you’re selling a place for people to live in, wouldn’t it be worthwhile to spend that extra time and money, that extra attention to detail, to turn your investment property into something that people will actually want to live in? Turning a property into a profit too soon distracts some sellers, and they risk missing that very important fact. They forget that someone is seeing this house or apartment as their future home, and the buyer wants to feel a connection when they see it for the first time!
Taking a fresh look at your property and trying to see it as a home can change your whole approach to selling it. People like Faye Kotsis know this too-overlooked secret, and they know how to make sure that potential buyers are able to see their future home, not just their future house.
Stay in for the long haul — Long term investment in in cash flow properties is a far better strategy than short term trend picking.
Buy only positive cash flow properties – Cash flow is king, it’s tough to find positive cash flow properties but keep looking.
Skip the expensive luxury properties – Luxury properties usually have negative cash flow. Middle of the road properties are the real prizes.
Buy well maintained properties – Renovation specials rarely work out. They are being sold for a reason. Do not take yourself too seriously. Buy properties that are close to ready to rent, relieve the stress, be financial minded.
If it sounds too good to be true, it usually is! – As with any investment , anything that sounds too good to be true is that way for a reason. Real estate is not very high risk but there are things that can go wrong, sometimes badly wrong! Do your research!
Keep your day job! – To pay your deposit and to be able to obtain bank financing you need a solid job. It also helps in times where repairs and maintenance reduce your cashflow. Keep your job and use the new cash flow to buy more properties.