The 7 essential qualities of a successful property investor
What is it about some people that makes them successful in property investment? Is it luck, privilege or something else? Yes, luck has a large part to do with it, but I often find that the harder people work, the luckier they get. From the many property investors I have met, I have noticed 7 essential qualities that they all possess. These qualities allow them to navigate the mine field that is property investment and come out the other side successful and propelling towards their goals. After all, the mindset you have is ultimately more important than the money you have access to.
1. Do you have the Property investor Mind-set?
There are many ways to create wealth, some of which are better suited to different personality types. You are much less likely to succeed if you jump in and out of the property and share markets sporadically. Are you a property or a share person? Decide one and then stick to it. It will involve much less research and a much larger chance of success.
2. Do you have long-term end goals?
It can be easy to get lost in the mix when buying properties. Think not of the money you will make but of what that money will allow you to do. Are your long term goals a comfortable retirement with money for travel? Is it sports cars and diamonds? Is it money to put your kids through school and university? Whatever your dream, use it to fuel you on the road to success. Others will give up on the way but if you have a clear vision in your head you will have the fire propelling you to keep going.
3. Do you have staying power?
Do you hold on even when the going gets tough? Are you the type who keeps playing the game even when the rain turns to hail and half your team have abandoned you? Then you are ready to invest in property. Like all pursuits in life, it is inevitable that you hit obstacles. Giving up is not in the vocabulary of a successful investor, nor is the word no. Work out ways around your obstacles, even when the majority of others would just give up.
4. Can you stick to your strategy?
Do you have a road map to success? If not, start writing one. You need to work out the best strategy that will take you there. Are you a cosmetic renovation type investor? A property developer or a set and forget investor? Have a look at 60 minutes to Property Success for a detailed list of the different strategies you can use to achieve your dreams. Once you have a strategy, stick to it, you will get far more expertise and become entirely more knowledgable with each investment.
5. Are you decisive?
Do you agonise over big decisions? Do you procrastinate on the grounds that you haven’t researched thoroughly enough? Perhaps you are not a born property investor. Successful investors know when to sink their teeth in. They see a good opportunity and they pounce, using every tool in their box to make it happen. They are completely driven by their goals.
6. Do you listen to the right people?
The most important asset for a property investor is a mentor who has already experienced all of the ups and downs before you. Once you find your mentor, make them the only person you listen to. It is far to easy to be discouraged by negative people with negative opinions. Once you have finished one project, you should be onto the next, not dwelling on potential mistakes. Your time is precious, so make your property dreams happen in the time you have.
7. Do you share you knowledge?
Success breeds success, and you can compound what you learn about property, life and yourself along your journey. Successful investors share their expertise and genuinely want others to be successful. So don't hoard your knowledge, share it freely and others will share their knowledge with you too. Success need not be so competitive, cooperation with people you trust is a far more valuable resource to you in the long run.
If you want to start your property investment journey or you are not sure about how to proceed, give us a call or an email and we will give all of our knowledge and expertise to help you achieve your goals.