6 Lessons from the Sochi Olympics for Real Estate Investors
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The Sochi Olympics have dominated the news headlines over the past few weeks. So what valuable takeaways are there from the 2014 Olympics for commercial real estate investors in Canada?
1.) The Herd Mentality is Alive and Well
Not only have athletes and fans flocked from all over the globe to endure the freezing temperatures in Sochi, but those with virtually no interest in the events are keenly tuning in and talking about them. This is important to keep in mind when investing in real estate. Today we see a lot of buzz about Alberta, accompanied by an ongoing influx of new residents.
2.) Everyone Loves a Winner
Few will remember 99% of the competitors in the 2014 Sochi Olympics, with the exception of the gold medalists, who will cash in on their achievements for years, in many ways. The same goes for investments. How quickly have Ontario and British Columbia fallen out of fashion in favor of Alberta?
3.) People are Passionate about Sports
Many commercial real estate investors get lost in their own little worlds and circles. Many have neglected time for sports. However, Sochi proves again just how popular sports are, how passionate Canadians are about them, and how much the masses spend on sports. With the new Edmonton arena and tower underway, this could prove to be a profitable area for investment.
4.) The Importance of Training
While there may be a few exceptions at Sochi in 2014, there is no doubt training is key. Without dedicated training, none of the competitors would have made it to Sochi. When it comes to investing, it also pays to continually brush up on real estate education and investment news, even if it is only by reading blogs and articles online.
The Olympics may be one of the most multi-cultural and diverse global events ever, bringing together millions from all over the planet. However, it is just as much about supporting the representatives of your individual country €“ a reminder of just one of the many reasons to invest in Canada.
6.) There's a Lot of Money Out There
A February 2014 Bloomberg report on global real estate reveals that even as early as January, there were 451 funds raising an estimated $150 billion dollars to invest in real estate. That's almost double the amount of last year.