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Owning a retail development company is tough work, where you operate on the slimmest of profit margins and really need everything to go well and move fast to make the right kind of profit. All startups suffer from certain issues, but in property if you make the wrong mistakes you could end up making a total loss. There are ways to ensure you stay profitable, you may already know about most of these hints and tips, but there could be some you don’t. Try them, they are in no particular order, see if it makes a difference to your business today.
Make A Change You Can Sell
Most developers buy a property, make a change, and then sell it on. You need to ensure that there is a clear change, which is why you are charging more money than when you bought it. This is primarily because whoever is buying it may check how much you bought it for and as a result offer a lower amount. You need to stand by it. Change something significant. The kitchen is always a good bet. Totally improving upon a kitchen can be a huge selling point for the home and more impressive than just a fresh lick of paint. The biggest thing you can do is obviously an extension. Though again, they are expensive so be aware of the profit margins involved. An extension can add tens of thousands onto a property. Always make a significant change that you can sell to the buyer. It could be a rewired home, new windows, something tangible that stands out among all of the smaller work you have done.
You will need to market your property now that it is finished. You need bespoke imaging to ensure it pulls people in towards viewings. These days you can even use 3D imaging to really make a selling point, browse at ExcelsiorImaging.com/3d-virtual-tours/. That being said, you can still use normal photos to do the trick. Just ensure they capture the essence of the home and do it real justice not only to what it is, but to the changes you have then made. If you have a website, get the images up as soon as possible, or supply them to the estate agent. Remember though, they take a solid commission that will eat into all profit margins.
Get The Right Tradesmen
To properly manage your profit margins you will need the right tradesman for the job. If you are getting into property development then you need to build up a good relationship with them, so that you can negotiate good prices that won’t affect your profits. You need to get the right ones in, people you know do a good job for a fair price. Having someone screw something up could cost even more money, so put the time and effort into finding the right tradesmen. You could save money if you found someone who can do a bit of everything, but then you lose a modicum of expertise in the process. You’ll find your way, just be diligent and do your research.
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