Networking to increase yields

Property investment often goes hand in hand with construction – whether you are developing a building to sell or renovating real estate to add value, chances are that you will require specialised work to be completed on your property.

While DIY can be a cheaper option, if you do not have the particular skills or knowledge to perform the work correctly and efficiently, you could jeopardize the value of the project. .

Or perhaps you simply do not have the time to carry out complicated renovations when you have other responsibilities you must attend to.

Whatever the reason, it is best to start networking effectively and making good industry contacts along your way and asking friends, co-workers and relatives for recommendations of great tradesmen.

As you may have discovered, excellent contractors can be few and far between. And shoddy workmanship can cause delays and cost thousands.

Preparation and foresight can go a long way toward getting you where you would like to be from an investment perspective.

When you recognise good skills in a particular company or contractor, it is important to foster a great professional relationship by paying a fair price and endorsing their services to others. This is when effectively networking to increase yields come into play.

Looking for the bigger better deal and making choices purely based on price will likely cost you more money in the long run.

And as you begin to make a name for yourself in the construction world, it fast becomes apparent the way in which you carry out your business while effectively networking to increase yields.

A positive rapport with contractors, tradesmen, production workers and so on will not only help you to have a professional network of people to hire and to rely on, it also makes for a more efficient and profitable long-term working scheme.

Effective networking, great workmanship and efficient timelines lead to faster turnaround times and the potential for higher returns.

By Steve McKnight

Steve McKnight, the founder of PropertyInvesting.com, is a respected property investing authority as well as Australia's #1 best-selling business author.