If you want to make lucrative real estate investments, then you need to stay up to date with the latest market trends. However, not every investor has the resources to do so. To help you stay on top of your game, we bring you a guide on how to stay updated with the latest housing trends.
Comparative Market Analysis
Deciding on the asking price can be quite challenging. You don’t want to go too low or too high as you may end up incurring a loss or losing potential tenants. But how do you determine the asking price?
As long as you are up to date with the latest housing trends, determining the worth of your property shouldn’t be a problem. A comparative market analysis can help you get an idea of what competitors are offering and how to counter it to attract customers.
Do keep in mind that not all rental properties out there are competition. For efficient analysis, you only need to focus on those that are similar in square footage to yours. To further narrow down from the list of properties, find characteristics that define your property like proximity to noisy streets and facilities in the area.
Read Real Estate-Media
Real estate media publishes reports and in-depth analyses that can provide insight into the ongoing market trends and help you make informed decisions. Some of the best media sources to keep an eye out for include:
1. Realty Times
The publication includes tips on how to improve your home to add to its value. It provides insight into what tenants and buyers are seeking as well as what are the latest design trends in the market.
2. Realtor.com
Realtor.com not only has ideas for design upgrades but also hosts various articles discussing current events that can affect investment decisions.
3. Forbes
Forbes, though well known for finance, also includes sections on the real estate market. It can also serve as a useful source of information.
Hire a Property Management Company
Not everybody is equipped with a finance degree to be able to make head or tail of complex data reports. They may not even be able to make efficient and competitive market analysis, and that is understandable as not everyone has the knowledge or experience to do so. However, that doesn’t mean you put your investment on the line by making ill-informed decisions.
The simplest way to ensure profitability through real estate is by hiring a property management company. Not only do they provide a dedicated manager to look after your current estates, but they will also be able to offer you adequate guidance for future investments. With the help of a property manager, you can also make necessary upgrades timely, so you never have to wonder how to stay updated with the latest housing trends.
Investing within a market and operating within one are two different things. You may have the finance to buy rental properties, but do you have the resources to ensure that you can beat your competitors? Not likely! This is why hiring a property manager is the easiest way to remain updated with the latest housing trends.
