Whether one is a real estate professional or just an average investor, it is essential that you try as much as you can to get value for your money. It is the basic reasoning that Gareth Henry has lived by all his years. Gareth goes on to highlight that one of the most important trends that he has observed in the present day real estate business is that of repositioning which was not recognized earlier on.
Gareth Henry defines repositioning as the process of changing a property’s purpose or quality to an advantage. He also reminisces on how specific terms such as urban renewal were only constrained to downtown cities that seemed depressed such as Detroit and Cleveland.
Gareth Henry is currently the Global Head of Investor Relations for various bigtime US Based Alternative Investment Managers. Gareth Henry is a holistic leader who is not only a genius of an investment manager, he is also a mathematics wizard and he is a natural born leader and role model.
According to Gareth Henry, the real estate strategy of repositioning has replaced the now infamous urban renewal strategy. Most investors now look to the cities mentioned above to try and get their returns on investment because the same depressed cities have now shown signs of development possibility.
Repositioning has, therefore, become the most adored trend in real estate. However, in as much as repositioning has become the most sought to trend, there are chances that it could fail because like other businesses, success is never a guarantee. And therefore to increase the chances that it becomes a success, Gareth comes up with guidelines with which to follow, and they include:
Appreciating strengths- This could be in the form of improving the qualities of the property so that it can look appealing once more. It could be even as simple as adding on a coat of paint so that the property looks and feels new.
Choosing Your Targets- The investor points out that it is important to categorize the potential clients into either those with commercial needs or those just looking for residential property.
Moreover, Gareth Henry comes up with strategies with which one could reposition their single family or even multi-family property and they include:
Improving appearance- Aesthetic considerations is something every homeowner considers first. For successful repositioning of property, one could improve on areas such as the sidewalks, the landscaping of the property and even developing the parking areas. The benefits of expanding the beautiful feel of property are that it rents out faster and tenants are prone to pay the stated amount of rent without any problems.
Structural Improvements- This involves changing the aspects of the property regarding the layout depending on the age of the property. For example construction of a pool would most likely attract clients of a multi-family property. Although this strategy involves high costs, it pays back a bunch more when the property is bought or rented.