INVESTOR INTELLIGENCE
Industry Insider
MIKE GREEFF
Tips for success in property market
After more than a decade in the property industry , Mike Greeff founded Greeff Properties back in 2001 at his dining-room table . Today , the agency has established itself as a boutique agency focused on clients , operating within several areas in Cape Town with a staff force of over 150 estate agents .
Working with many buyers looking to invest in the property market , Greeff explains that there are certain points to look out for :
Always ensure that plans are passed before you purchase .
Buy in the right area , near schools and shopping centres .
Make sure the price you ’ re paying is in line with per m2 costings of properties in the vicinity .
M aking a success of a property agency in the competitive Cape Town market can be challenging , which is why Greeff places emphasis on the fact that “ people in our business are assets and not liabilities .”
Growing up , Greeff found the school environment difficult . He explains , however , that this taught him the importance of “ building close relationships with friends and mentors who could assist ” him . He credits this as one of the reasons he ’ s been able to achieve success in the real estate industry .
Greeff started his journey into property by buying small cottages and renovating them . With regards to flipping properties , he maintains that the best advice he ’ s received is to “ buy well and sell well .” When asked what makes a good investment property , Greeff states that there are four elements he looks for before buying : “ the position , views , location , and structure of the property .” By investing in a property with the right vital characteristics , you greatly increase your chances of a good return – either in the case of selling or renting it out .
The importance of doing one ’ s homework can ’ t be underestimated when investing in real estate . This could mean the difference between making and losing money .
Greeff is passionate about helping other investors , stating that his philosophy in life is “ empowering people to be the best they can so they are able to thrive .” This is personified in his company ’ s sponsorship of The Big Issue , a project that aims to provide a dignified income to those struggling with unemployment .
“ Never give up . Today is hard , tomorrow will be worse , but the day after tomorrow will be sunshine ,” Jack Ma , Founder of Alibaba .
Erring on the side of caution , Greeff states that it ’ s essential to be prepared for market shifts . This has become particularly important in the current economic climate – even in the relatively stable Cape Town market . He explains that it ’ s important to “ have a war chest – work wisely with money so that if you make mistakes you can correct it .”
While many are considering jumping ship for safer markets , Greeff is adamant that the South African property market holds opportunity for those who know where to look . When asked about his thoughts on the biggest upcoming shifts in the market , Greeff explains : “ Transformation in the real estate industry and the growth of property professionals and industry leaders of all races will have a marked effect on the market . I envisage that cooperation and working together will provide more opportunities for improving skills and enhancing people ’ s lives in South Africa .”
In short , this industry-insider ’ s approach to business can be summarised by his life motto : “ Always look for the light at the end of the tunnel .”
64 OCTOBER 2017 SA Real Estate Investor Magazine