We all know that the Internet has changed the way we think, the way we act and businesses have changed dramatically. The information now available to everybody with an Internet connection should in theory help when making decisions about property investments. However, are you making full use of the Internet for your property investments?
How many of us read an article about the property market without necessarily checking up background research? It is very easy to take everything at face value when written by “experts” but if you are even considering investing your own funds you should avail yourself of more background detail. There is no excuse for not doing your own research, the information is there, updated in real-time so if you invest in a property you should know exactly what is going on in the region.
Property investments – Changing trends
There is a debate as to whether property trends change quicker in the current cyber environment or perhaps we are just made more aware of price changes. Historically, when comparing property investments to for example stocks and shares, the price of stocks and shares is available in real-time. The same could not always be said of property prices but, behind the scenes, prices were actually still moving in theory. So, do you monitor price changes and new property trends on a regular basis?
Whether you are buying a property to live in, involved in a development or perhaps you are looking to buy investment units in a property fund, are you fully aware of the reputation of any third parties involved in your transactions? The Internet today offers you the chance to analyse and research reputations although you need to take all factors into account and not pick specific feedback in isolation. The simple fact is that no adviser can keep all clients happy all of the time so there will be issues, there will be problems but the sign of a good company is how they handle these issues.
Cutting your costs
Competition online has already hit the property market with all elements of the buy/sell/development process seeing margins trimmed. At the end of the day you get what you pay for with regards to any investment service but the Internet does give the opportunity to check prices and maybe negotiate better deals. Do not automatically assume that the published price on any website is set in stone because they certainly are not. While remaining conscious that you “get what you pay for” there is still scope to reduce your own outlay.
Monitoring your investments
While we are not be able to obtain regular real-time valuations on your specific investments there will likely be transactions involving similar properties in the area. This will give you a chance to compare and contrast price movements in similar property assets against what you paid for your property and your forecast returns. This is something which is very often overlooked by property investors but it can give you a very interesting insight into local property market prices.
It can also allow you to update the value of your property investments on a more regular basis. No more one time annual update shocks…..