Buying and selling real estate has always been a popular profession. But while many entreprenurs aspire to Ben Shaoul’s heights, very few of them actually get there. There’s a pretty simple reason for this: most people just do not know what they are doing.
There are some tried and true methods that you’ve got to employ, and most aspiring property owners just aren’t aware of how to make a property popular.
First, and of most importance, is changing the perception around the property. You need this to be a space that people need to have, not just one that they might settle for at a reasonable price.
That’s why Ben Shaoul changed the perception of the East Village. Instead of focusing on the clientele his buildings counted on before his acquisition, he focused on changing them into luxury spaces. That way he could earn 10 times more money, because demand was going to skyrocket.
But you have to balance risk and reward with realism. You can only change the perception of a property so much. There comes a point where you can sink too much money into your real estate that you’re never going to get back.
So many people also undervalue the importance of being web savvy. The internet is everything in our society. You’ve got to have both a web presence, and you’ve to know what to do with that presence.
This again goes back to making your property into a grand prize. See what the perception of the market in your area may be. You need to get a feel for the location, and who the buyers are.
Or you need to pick up on any problems. Is this a high crime area, are you near any schools, where are you in relation to the business districts? These are questions you need to ask, and the answers have to be turned to your advantage.
As you can see from Ben Shaoul’s conquests, utilizing your location to the best of your ability is everything. Changing the perception of your real estate online, and creating the right type of web presence is everything. Make the right moves, and you’ll have an in demand property that will reap the rewards of long term interest.
With literally any type of company or brand, you have to have a strategy in mind if you want to be successful. Something that sets you apart, or provides a game plan and outline for how you would like your company to operate. That was a challenge facing Ben Shaoul when he formed Magnum Real Estate.
There are a ton of real estate companies out there, and Ben was competing in one of the biggest cities in the world when he chose to buy commercial space in New York City. However, he had a game plan that made sense for him, and has led him to owning thousands of spaces throughout the city.
There isn’t a whole lot of luxury apartment space in the east village, so Ben Shaoul seized on this and took the opportunity to convert his first building into high-end apartments. That started a revolution for him, in which he would target high-class clientele.
Currently it’s really paid off for him, as he seeks to install more commercial business space, as well as luxury apartment opportunities in areas of the city where there is more opportunity for such developments.
If you want to be successful in any business you need to have a mentor of sorts. Someone that you can look to, in order to emulate the success they’ve had. If you’re looking to get involved with real estate, then that person would have to be Ben Shaoul.
Ben Shaoul is a self made mogul, and he was responsible for buying his first building in his 20s. From there the rest is history. He turned the property into luxury apartments, and began his manipulation of the East Village into much more desirable property.
That’s the same kind of success really anybody can emulate however, as long as you have the motivation to make that happen. The first part is finding the right type of building. You need to find a property that’s ideal for your price range, and that you feel you can turn around, and make into a successful building.
That means first making sure you can afford the purchase outright, but you also need to be able to afford the costs for remaking the property as well. If you can’t afford that cost, then you’re going to have the same problems that the current owner has had, which is likely the reason they are looking to sell.
Instead, you need to ensure that you’re able to turn the property into something more. You want this to be a new type of housing, that’s ideal for a better class of clientele, and that becomes a really in demand location.
If you’re planning on turning this into apartments, then you’ve got to have the money to make that happen. You’ve also got to find the cash so that you’re able to make these apartments happen.