You’ve got grand plans, and rather than being a big fish in a small pond, you’re wondering how to be an industry pioneer and build the best European property market portfolio.
Like Africa, Europe isn’t a homogeneous region; its 50 countries presents a variety of cultures, climates and markets. As a real estate agent you need to strategize which countries, cities or territories compliment your buyers' needs and the British pound’s buying power. To start, you need to find a property partner and learn what potential clients want. Let’s break down the process step-by-step:
Do Thorough Research
You can never know too much about a potential market. It sounds like a no-brainer, but the most comprehensive way to get to grips with the European property market is to read as much literature as you can about the subject. Scrutinise property surveys, scan articles, peruse magazines, Google websites and follow blogs and individuals sharing relevant information about your prospective market.
To become au fait, you need to read a miscellany of sources – not just Wikipedia. Websites like Expatica offer excellent overviews of most countries, with guides on social, economic and political circumstances of each region. You can also look at GOV.UK for administrative and legal tips on tax, pensions and residency.
Once you understand the context of the European property market, you’ll want to research property prices. The Global Property Guide provides current market prices and news, plus investors information on yields, taxes and laws in different countries. For Spain, Britain’s favourite holiday destination, you can get good price data from Kyero and neutral views on local markets from Spanish Property Insight.
Take a Trip
While internet-based and UK trade show research is a good starting point, nothing can compare to visiting the places to get a true feel for the environment and lifestyle your clients are buying into. If you know your different target markets – for example, holidaymakers and retirees, you can set up a meeting with local developers. You can also meet with expats and people living and working in the area to get various unbiased views of the place.
Narrow your Focus
Have you decided which types of real estate on the European property market you’re most comfortable selling? There’s no use selling property in the fast-paced city of Madrid if you’re more at ease advertising the balmy beach fronts of Barcelona. Do you prefer rental or retirement portfolios? When you focusing your energy and know which property suits your business, will find it easier to team up with local property partner.
Find a Local Property Expert
Language and law can get in the way of business if you don’t know the intricacies of the legal environment or speak the local dialect. We recommend bringing professional assistance on board to help you find the best properties for your clients, and ensure you’re following the right steps to make the process seamless for your buyers.
Identify Buyers' Needs
When it comes to the European property market, three things make property attractive; the location, the prospective lifestyle and potential returns on investment. Britons love a little place in the sun, but with family, children and friends back home, proximity to the UK is a significant factor. Luckily, most locations in Europe are close enough for them to travel back home within hours, enabling them to use their second property as a weekend or holiday destination.
This applies to potential tenants so make sure the properties you sell are close to local airports and tourist hotspots. Naturally, clients want a property that yields healthy growth and rental income. Therefore, you’ll need to assure them there’s a high rental demand and an adequate income to help pay the mortgage.
With the current property boom, you can’t afford not to extend your property portfolio to the continent. With the pound’s strong buying power, building a European real estate market portfolio offers high returns for you and your clients. You can also take a look at our sought after Calpe apartments to view potential property worth selling.