How to be a Smart Property Investor.
Now you are here.
You’ve either decided to mop up funds and invest in property or you’re already a property investor but want to make sure you are getting it right.
Congratulations! the fact that you’ve read to this point shows you have one of the traits of smart property investors which is;
A Thirst for Knowledge
In the digital-driven world of today, Knowledge is everywhere and mostly free! , So premium information is available in your palms, right there in your smartphone you can get all you need. You don’t need bogus financial data or elaborate industry reports.
Articles, blog posts, listening to radio programs, reading property investment books and magazines, attending industry events, and building a network is all you may need to stay on top of vital information
Education and knowledge is key to your success because it lays a foundation for smart, informed decisions.
Another needed trait is;
A commitment to updating your goals
Insights are critical, knowing how to glean information periodically from your current investments, asking yourself these critical questions;
- How are your properties performing?
- Are they living up to your expectations when you bought them?
- What is the local market doing where you currently own investments?
- Are your rents competitive with the market, or can you afford to increase them?
Answering these questions would help you redefine your investment goals. It is a recipe for investment failure to have long term investment goals without active monitoring. The crux of this point? Your investment goals must be dynamic, receiving updates based on insights
Persistence through the tough times
This goes without saying, It is impossible to be successful in property investment without this quality; “Persistence”. Successful property investors do not get spooked every time a negative real estate headline hits the news, they do not freak out when an unexpected repair bill is passed on from their property manager, or panic and consider selling when a tenant damages their property? A smart property manager knows that there will be ups and downs as an investor, so you need to draw on your reserves of strength and persistence to ride out the tough times, in order to enjoy the positive rewards.
A knack for negotiating
I’ve found out that most successful property investors, business people and entrepreneurs estate are good negotiators. Now that doesn’t mean they look for bargains when they buy property – great investors recognise they make their money when they buy their properties, not by buying cheap properties, but by buying the right property. But they’ve learned to negotiate well and how to influence and persuade people. A knack for negotiating well, whether directly or through a qualified property agent, will put you in a strong position to grow a profitable property portfolio.
If you feel you may be missing some of the attributes on this list, never fear – they can always be acquired!
There are no complex secrets or challenging skill sets revealed here.
It all comes down to recognising the basics: a solid education; a commitment to goal setting; persistence through the tough times; and a knack for negotiating.
With these traits, your journey towards property wealth is likely to be a much smoother and more profitable experience.
Do you have some questions or enquiries? , Get in touch with us here