What’s the best way to make money in property?

What’s the best way to make money in property?

I love the way that people think!  I enjoy the assumptions we make when looking at someone who does a job that we don’t really understand.

The property market is a great place for this.  A friend of mine asked me recently “what’s the best way to make money in property then”?  I took the time to ask whether they wanted to build capital or create an income.  Being asked a question was clearly not part of their imagined conversation.

The expectation was apparently that, because I am in the ‘property game’, you simply ask me and I give you the hidden secret to becoming a property millionaire.

I suppose the fact that I am not a property millionaire escaped their notice!

If only it were so simple.  Well actually the process is very simple, it’s just not that easy.  On top of that if you ask 100 people in the ‘property game’their opinion on the best way to make a fortune, you will probably get 100 different answers or at least variations of a theme.

If of course I dare to say “buy a property based franchise business”, regardless of the supporting statistics, I’m instantly labelled as shallow and self-serving.

The same can be said of Estate Agency.  When I was an Estate Agent I learnt a couple of very useful things that any Estate Agent should know.

I’m not going down the route of trying to get sympathy for the poor old Estate Agent, I am commenting on my experience and giving a heads up to any who enter, what I believe is a great profession.

Firstly, people believe that you have the almost mystical ability to value any house in the country instantaneously. It doesn’t matter what it is, or where it is you should simply know.  I mean there are only around 25 million houses in the UK after all!

Secondly, when you are in a situation where you are meeting people for the first time, say a party or meeting the other half’s friends for instance, tell them you sell photocopiers!

Seriously, though, buying into a franchise is one way to create wealth from property.
The rental market is booming and the private rented sector is now the biggest tenure of housing, even bigger than the social housing sector!  Britain is becoming a nation of renters, and that means big demand for rental properties - and the people who manage them!

Typically, a franchise business stands much more of a chance of success than a “go it alone”business. Belvoir has a 97.6% chance of success V’s 50% of independent new businesses failing, according to research by the Telegraph.

See our previous blog “5 reasons to start a lettings agency” for further information.

Belvoir! is an award-winning estate and lettings agency with 160 successful offices around the U.K.  If you would like to talk about being our next success story, please call us on 01476 570000 or email us on franchising@belvoirlettings.com

You can also follow us on twitter and discover more on our YouTube channel.

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