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