Top 3 habits of a highly effective first time property investorAugust 11 2016
Have you noticed that some people rise to the top of their chosen field, while others sit happily at ‘average’? What is the difference between those that achieve greatness in property investment and the rest?
In the 1990’s Stephen R. Covey wrote the modern-day business classic, ‘The 7 Habits of Highly Effective People’. While the book is a must read for those striving to achieve their business goals, the content within also translates directly with what it takes to become a successful Property Investor.
Seven habits is a big ask to have when you first start out in Property Investment, so we are going to focus on the top 3 essential habits required to successfully get started as a first time investor.
Habit 1 – Be Proactive
We all like to think we are being proactive, but how much of our life is actually spent being reactive. We exercise because we’ve put on a few kilos, we change our route to work because there’s roadworks and we invest in property because the media is telling us ‘now is the time to buy’.
Usually by the time we react to whatever has caused us to act, we have already missed a great deal of opportunity. We have become a passenger to our own goals, letting the events we are reacting to drive where we go.
In order to be successful we need to take the drivers seat.
If you want to invest in property the time to start is now. This doesn’t mean you need to go out and buy something tomorrow. It just means you need to start your journey. A small step in the direction you want to go is better than no step at all.
Speaking to a financial advisor, finance broker or meeting with an expert in Property Investment, such as businesses like Direct Investment Solutions, could be your first proactive step to mapping out your journey forward.
Habit 2 – Start with the end in mind
Staying on the right track is always easier if you know where you are headed in the first place. Call this the ‘Google maps’ of successful Property Investment. If you know the destination you want to arrive at, and the stops along the way, you will develop a strong and direct path forward.
The key to blocking out distractions that can inhibit forward momentum or set you off on the wrong track, is to have a solid plan in the first place.
This is not as hard as you may think, and by speaking to someone who is experienced in Property Investment you can get a clearer idea of what your destination should be, and the time you should allow to get there. After all property investment is not a race. Successful property investment takes time and patience.
When you have a plan you need to stick to it, and ignore the media and short term market concerns that can often make new property investors give up on their destination altogether. If your investment decisions are on track to meeting your long term goals and getting you to your destination, then ignore the chatter of those around you.
In particular, if your friends or family are spooked by short term noise and are ‘getting out before it’s too late’, don’t think you need to jump on the bandwagon. Your goals are your own and successful Property Investors know that they need to lead their own journey and not follow the pack.
Habit 3 – Put First Things First
Once you know the goals of what you want to achieve with Property Investment the next step is to prioritise your actions. There is an system that is needed in order to reach your goals and you need to get the big things out of the way first.
Sometimes it is the big things that take the most time and are the most unpleasant, and we like to knock off some smaller tasks to feel like we’re moving forward. Unfortunately this is just another form of procrastination and without tackling the big things, like establishing your finance and setting up savings plans, the little things will never see you achieve your ultimate goal.
If you are not sure how to determine what should and shouldn’t be a priority in your property investment journey, here is a matrix to assist:
Just getting started in Property Investment and want to know more? Here are some other articles that might interest you:
Want to rent where you are and still own a property? Take a look at the opportunities that come from Rentvesting.
Not sure when the perfect time to buy is? Investment Consultant Deanne Carter looks into the Perth Property growth rates since 1960.
Join the WA Property Club today to ask our experts your pressing property and investment question.