Interview with Noreen Hynes
What attracts you to a property?
Just love property and have always been interested in it. Started investing myself about 15 years ago..
What would you say are the properties you should be buying and what should you be avoiding?
Timing is all important in the property business. Buying in the right location is equally important. You should not buy at the top of the market so to avoid this mistake you have to stay in touch with the economies of the countries you are purchasing in as well as understanding the demographics of the country you are purchasing in , always do your homework and build knowledge if you want to build a property portfolio. Also for a client wanting to build a property portfolio the best decision for them is to build a relationship with a small number of trusted advisors and an independent mortgage advisor. Also if they are investing a lot of money taking tax advice could pay a lot of dividends down the line. You also need an accountant to keep track of rental income and make your annual tax returns.
What is the importance of Location?
As they say it's all about Location, Location, and Location. If you are purchasing in Spain for example its best to purchase in an area where you have the option of letting your property to the local as well as the international market.
Do you have any tips for enhancing the value of the property?
Yes, if I am renting a property I always make sure the fit out is top class, people like you to trust them and they will usually respect the fact that you value their business by giving them nice surroundings. They are more likely as a result to take care of your property. If you put cheap furniture in the odds are your apartment will get more wear and tear. This has been my own personal experience. Also if you have a house with a garden make the garden an extension of the house and design it so that it can be used daily. When furnishing and painting a new or old refurbished house choose bright pale colours and use colour in the cushions and the pictures on the wall. Don't clutter a house less is best.
Are there any easy ways to sell a property?
It's all about marketing and taking good pictures for visual impact, people buy with their eyes first then with their head. If they like and feel comfortable with a house they are more likely to buy it. The minute people walk into a house they make up their minds in a matter of seconds usually. Marketing to as wide an audience as possible to get the clients and then personalizing the experience for them after that. If the house is really nice it should be easy to sell. The day you purchase is the day you should think of selling it unless it's for lifestyle only.
How would go about finding the perfect rental investment and tenant?
As explained above go for property that is suitable for both markets so that you are not dependent on either the tourist or local market. The important items to watch for if renting to a long let tenant is , proximity to the town, shops, restaurants, church and being in a residential area with all kinds of services. Being close to a beach as well is also an advantage. The other important items could be the uniqueness of the location for example being beside an old health spa that has been there for centuries. An example of this is Spa Valley resort in Murcia which is beside Archena Health Spa which was built in Roman times. Clients who purchased there can expect to earn around €21,000 plus in rent annually, which should net them after all expensed at least 10,000. When the development was launched it was a totally new concept and it was the first time property in the area was sold internationally. Those clients who took the plunge should now reap the rewards. This is a typical example of what I am talking about. Its our job as a property consultants to market these kinds of properties and give confidence to the buyers to purchase them.
For short lets the important thing is having a rental and management service on site and having a property that has lifestyle facilities on site and being near all shops, restaurants and a town. Being close to Golf as well as a beach are also important.
What are your top 5 tips for succeeding in the property market?
- Vision, being able to think ahead of the market so you have the right properties in place when the big demand happens.
- Having some knowledge of how the financing works and the legals because some markets can be more complex than others.
- Having an ability to see the potential in a run down building that is maybe in a good location. Being able to visualize the end result and being able to financially evaluate the profit potential quickly..
- Having lots of energy and being totally flexible because the property business is not a 9am to 5pm job. Its almost a 24 hour job especially if you are dealing with multiple markets.
- Being patient and having empathy with clients, be on the clients side and you will succeed in this business. The client is king. Repeat business from your clients is what this business is all about.