Real estate is a fundamental part of wealth. If you are looking to invest your hard earned money, the real estate is where you should put it. However, before putting down your money, you need to have a few beginners’ tricks in mind to prevent you from making any mistakes. Keep in mind though, that the real estate business does come with its share of risks. The point is to take calculated and informed risks, like Kamal Khetan did. In a contrarian move, he took up the Bandra-Kurla complex before it became the hub it has, today.
Go for value, not speculation
When you are investing in real estate, do so on the basis of the value of the project both in terms of the present as well as future. Look at the cash flow as well as potential gains. Real estate entrepreneurs like Kamal Khetan became what they are, because they invested in value. Speculation is when a property is bought with the hope that its value will increase in the future. That is more like a gamble.
Invest close to home.
Whenever you are buying property, make sure that you are located close to it. That means you can easily walk, cycle or drive down there within a few minutes. This way you can keep an eye on it and keep it under observation. Also, you can look at how that area is developing, whether it’s going up or declining. If your project is far away, then you won’t be able to observe market trends. Also, buying in your own area means that you personally know the area well and will be able to make calculated decisions.
Look at what you can change
One great way of creating real estate value is to pick up a project that somebody else has found a problem with, and walked away. You can get that project for cheap because most people won’t touch it. You buy it; fix the problem and end up increasing value of the real estate. This way, you add to your own portfolio too.
Real estate investment is no easy business. Always expect to make mistakes. There will be setbacks; but you will have to pick yourself up, dust off and move on. The all important thing is to make it a learning process and take something away from those mistakes and make improvements.
The demand for luxury goods is at an all time high. It is not just a mere want any more, but a need among the upwardly mobile to have the next best thing. Be it the newest ‘it ‘ hand bag that costs more than the average annual earnings of an average urban professional or the latest in premium automobiles that make even driving down the block a style statement. The allure of the luxury product lies not just in its hefty price tag, quality and the fact that only a select few can actually afford to possess them, but also in the way these goods are marketed. Luxury marketing across the board has also been about its exclusivity. There are no inundations in the media with multiple advertisement campaigns and no material being pushed down our throat.
Word of mouth publicity, select outreach to a confined circle and a few well timed announcements that do a world of good to intrigue the ones that aspire to own and inform the ones that can actually partake in the said goods. The arena of luxury marketing is definitely an extremely interesting and one that is more than just about the product value, quality and brand image. It is also about the emotion that the name invokes, a feeling of having made it if you will, and also what the brand ultimately symbolizes. For example, jewellery giant Tiffany’s is come to be known as a representative of allusive luxury, beauty and love. And who can forget Audrey Hepburn in the classic film ‘Breakfast at Tiffany’s’ standing outside the storefront hoping for more from her life making do with gazing at the glittering baubles, a symbol of something greater. That is the power of an exclusive luxury product.
Another industry that is greatly benefiting from these kinds of strategies is real estate. With rise of premium and luxury real estate, luxury marketing has now been extended to the real estate industry as well. Buyers are getting more and more discerning and wanting a certain je ne sais quoi that comes along with their homes and business spaces. Few real estate companies have managed to tap into the ultra luxury market with the focus and niche vision like Kamal Khetan’s Sunteck. Word of mouth publicity and a confined circle marketing tactic has raised as much interest as the great quality and amenities promised and delivered by the company. With offerings that have become synonymous with luxury, the company spearheaded by the dynamic Kamal Khetan have tapped into the power of this niche form of marketing and other real estate honchos are sure to follow suit.