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How to Add Other Income Streams to Your Property Business.

Aug 17, 2007
Find a, as yet unexploited, niche and add it to your portfolio of businesses argue the business GURUS. Property experts have talked about multiple income streams. But, almost all of them agree that the best niche is the one with hungry buyers with money to spend.

Rich footballers wanting best properties is a niche market to go far. Offer your services to advise them on buying their residential property as well as advising them on creating an investment property portfolio for them. Here is a step by step guide to help you exploit this largely untapped market:-

1)Do some research and find out where the celebrity footballer's property hotspots are. This information will give you an insight into the type of property that your potential clients are looking for or want. As a general rule, celebrity footballers want access to commuter routes, airports and their stadium. 15 minutes drive from the stadium is a reasonable guess and a good starting point. For a main residential home, the above is a wish list to bear in mind.

2)In regards the investment portfolio, advise them on development deals that are currently available. An example of a good deal will be, 30 apartments ready for building, buy the lot now at 25% discount, they will be ready in 2 years' time for occupation and all being well their value will have appreciated by 50% over the two year time span. Alternatively, I have a deal on my table; 12 houses, apartments and flats in total, the developer wants to move on to the next site, these are discounted by 23% if you buy the lot now. These deals can be scattered all over the world.

3)Having established a basic understanding of the market in terms of the preferred geographical locations you need to devise a service package for your clients. Your service package details your offer. Here is an example for:-

" Rich portfolio UK Ltd is a property sourcing/acquisition service designed exclusively for celebrity footballers. This is an all inclusive platinum service and starts with your instructions. Based on your requirements, we go into the market, find properties that meet with your pre-defined selection criteria, short list those that meet your requirements closely, arrange a suitable time for you to visit and view these properties. Once you have decided on a property or a number of properties, we negotiate a fair price for the property or properties on your behalf, instruct valuers to provide a survey/valuation. Finally, the legal work; we have a panel of specialist property solicitors to act for you or you can instruct your own solicitors at the end you just list your contact details "

4)How do you advertise? Personal introductions are the best referrals you will ever have. If you have purchased any property for celebrity clients before then ask them for personal introductions. If you were working on creating a portfolio/service package ensure that you include a testimonial from your previous clients. Celebrity testimonials will really add value to your business, service as well as your credibility.

5)In the absence of personal referrals, contact the stadiums, ask to speak with the team manager and explain your reasons for wanting to arranging a time. Such an inquiry may help you reach the team or they may suggest a way of reaching your target audience. If all else fails then ask the stadium staff for assistance they may suggest that you put your business card in the information pack which the players are sent every season.

6)When you start to get business via your own efforts or through recommendations. It is advisable to take detailed instructions from your clients of their requirements when you first meet with them. Prepare a template in advance of the meeting and just fill in the gaps at the meeting. Work on finding suitable properties as soon as possible. Keeping your clients informed of your work at every stage is a key in establishing and developing your business relationship with your client. Be professional in your conduct and approach. Ask your clients for their preferred method of communications when you first meet with them and then ensure that your keep to the agreement with your client.

This article is about adding an income stream or a number of income streams to your business. Property advisers typically charge 2% of the purchase price of the property. Your USP (unique selling point) is that you negotiate good prices which are well below the asking price of the property and therefore your service pays for itself. Once you establish a working relationship with a celebrity footballer, you will generate an occasional but nonetheless a substantial revenue stream from the purchase or even sale of their main residential property and secondly from advising them on their investment portfolio on an ongoing basis.
About the Author
Real Estate purchase, development and related business has produced more millionaires than any other business. You can do it too. For information, visit Real Estate at http://www.acresofrealestate.com
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