Year after year the real estate market evolves, and 2017 is already shaping up to be another year of change and growth in the market. If you're planning to invest in real estate this year, whether that's through buying a new home, adding to your property portfolio or even investing in land or business premises, it's always useful to stay in the know about what works and what doesn't. As we get started with the year, here are some success tips from the best real estate developers to ensure this one is your most lucrative yet.
Steve Wynn is the uncrowned King of Las Vegas. This Investor and Casino Mogul is the man responsible for revitalizing Las Vegas in the 1970's due to the acquisition and renovation of the Golden Nugget. Wynn built world renowned casinos The Mirage, Bellagio, Encore, Wynn and Wynn Macau and in 1989 was the first person to build a new Vegas strip casino in two decades.
Although his specialism lies in the casino market, Wynn is a billionaire property developer and the lessons he must share can benefit everyone including those who are just beginning to take their steps on the property ladder. In a unique interview with Facebook's Head of Market Development, Matt Jacobson, Wynn explains how images have played an important part in the development of his business empire as well as the design of his casinos. He has overseen the construction of each of his luxury resorts and knows that one of the keys to success lies in design character. The design of a property, right down to the color of the carpets and the layout of soft furnishings, is often closely correlated to a return on investment. Whilst you may not have a million-dollar budget to play with, if you want to make sure your property shines from the moment it hits the market then considering its overall look and feel is a good place to start.
Scott McGillivray is a familiar figure on most American TV sets. Co-host of the real estate show Flipping The Block and longtime handyman on Income Property, McGillivray is a successful businessman, author, and real estate guru in his own right.
Well known on TV for helping ordinary homeowners maximize property appeal and generate more money from the real estate market, McGillivray has some wise advice for wannabe property developers. Telling Forbes.com in a candid interview that: "a successful real estate investing model shouldn't just have one way to make money". The home improvement expert goes on to explain the importance of cash flow to a property based business model; "Using cash flow as an indicator to whether a property is a good investment or not helps protect a buyer from being stuck in a scenario where not only is the value not there, they're actually losing money. I have properties that aren't worth what I paid for them in 2006, however, I'm still making money because I calculated the positive cash flow beforehand, knowing they are still paying down the mortgage today".
