As published in the Irish Independent 27 May 2011
• Property is an expensive hobby: If you are not prepared to manage your investment as a business, it might not be the investment class for you.
• Know your local market: Without a national property price register, it is the only way to accurately assess value.
• The only reason to determine market value is to ensure that you pay less: Investors need to be rewarded for early entry into the market by sourcing BMV, or below market value, to protect against further short-term drops.
• Avoid paralysis by analysis: Do not get confused by conflicting forecasts and national or international outlooks. Research local sources but make your own decisions.
• Know your strengths: If you are cash buyer, use it! Negotiate hard but be prepared to make quick decisions.
• In the current age of distressed property, investors should not be looking for the right property but rather, they should be looking for the right seller. This will turn a purchase in to a deal.
~ Carol Tallon