Lessons to Learn from Successful Property Investors
If you are exploring the prospect of moving into the property investor market, then there are a number of things that you must be aware of. It’s not as straightforward as you might think, however, if you do your due diligence, then it can be very rewarding.
In this post we’re going to look at some lessons that can’t be learned from successful property investors. Let’s take a look…
1 – Always have a plan
This should go without saying, however you’d be surprised by the number of people who try to ‘wing it’ when investing in property. Nothing is guaranteed, even if the property developers that you’ve got your eye on have a history of building exceptional homes. There are so many other factors at play. Thus, you will need to build a complete business plan featuring short and long term goals. This will enable you to get an overall view of the market and to make more informed decisions.
2 – Remain honest
When it comes to property investment, your reputation is everything. Needless to say, there are many temptations out there, and what might seem like a harmless ‘underhanded’ move, could well cause you problems in the future. Transparency and honesty will get you far.
3 – Do your research
Even if you choose to go through a third-party when investing, you should still endeavour to brush up on all building regulations, technical terminology, and all other market related information. There are untold resources on the internet, so whenever you have a spare five minutes, read up on the latest news. Stay up to date and remain vigilant, as knowledge in the property investment game is often more valuable that money.
4 – Invest in a quality accountant
The desire to handle your own accounts is understandable, however the benefits that come with hiring a high-quality accountant to assist you, are irrefutable. The world of tax and finances is a confusing place that is forever on the move. Let property be your speciality, and leave the accounting to the professionals. The financial benefits in the long-term will make it worth your while.
5 – Always be aware of the risks
It’s important to recognise that when you lose in property investment, you oftentimes lose big. Protect yourself and understand that property isn’t necessarily the fastest or most reliable ‘get rich quick’ scheme. That said, if you make shrewd and informed moves and are prepared to take the occasional risk, then property investment can be a valuable, life-changing pursuit.
6 – Be open to the advice and expertise of others
Set pride aside and be willing to receive advice from others. Regardless to how much you know about property and the investment market, it’s always worth seeking out the opinions of others (even if they simply reaffirm your original position). The most successful entrepreneurs and property tycoons are never entirely self-made–they will have accepted the help of others along the way.
7 – Always be respectful
The property investment game can be terribly stressful at times, so it is not unusual for tempers to fly when under pressure or striving to meet tight deadlines. Again, this likely goes without saying, however, it is important to keep a cool head and be respectful of others. When interacting with buyers, sellers, and developers, respect and integrity can only lead to positive referrals and stronger business relationships.
- Take your time, do your research, and plan every move carefully
- Remain honest and respectful
- Invest in an accountant to assist you with the books
- Be both aware of risks and at times, willing to take them
- Be open to advice from others along the way