Every successful property investor have their own property investment strategy for themselves. A right property investment strategy can lead you to success while if you apply the multiple strategies on property investment field, you are doomed to be failure. Sometimes, “many” doesn’t mean good.
Moreover, you have to manage to master one strategy as its often work better than a thousand different one. And, here are the tips for you to find a right property investment strategy if you want to success on property investment field;
1.Don’t get caught up in the “shiny stuff.”
For the old-time investor, books were a valuable asset. They told you where to invest and what not to do. However, information in books gets redundant quickly. Today, the internet gives much more recent and relevant information.
There’s just so much information online that it becomes close to impossible to sift out the good stuff from the bad. Secondly, there are way too many courses and boot camps that promise to transform your career overnight. Let me just tell you this straight up — the so-called boot camps, training manuals, and training materials simply don’t work.
Just like that, the real estate market throws up many strategies that promise you the earth and sky, from time to time. While they may appear more profitable and lucrative,don’t get caught up in their fancy words.Sticking to your plan may seem tough, but that is always the smarter thing to do. So, instead of going around falling for what pops up from time to time, stick to one strategy, and master its ins and outs until you’ve perfected it. Focus on what works and get rid of what doesn’t.
Our though ⇨ I’m agreed some point while for the property investment courses, I suggest you to attend at least 1 or 2. Reading book isn’t enough, but attend some property investment seminars can help yourself to increase your knowledge on property investment. Sometimes, you could establish your friend zone by become acquainted with some property investment experts on the seminars and they always love to share their experiences and story. Other than that, if you have any doubts on the topic, you are feel free to ask the speaker or the speaker could be your mentor. So, why not?
However, do note that, not all the strategies that you learnt from the seminars are suit to you. You’ll still need to find one and try out whether this strategy is work. If it doesn’t, figure out why and change the strategy if necessary.
2. Decide on an existing strategy
While there are many business strategies out there in the market, there will only be a few that work for you. The one that works should match the requirements in the markets you operate in, it should match your timing commitments, and most importantly, itshould be in harmony with your financials. Based on these parameters, as well as your expertise, experience and comfort levels, decide on an existing market strategy. And once you’ve done the research on what will work best for you, move to the next step.
A mistake that many investors tend to make is to get stuck on the research. Because all strategies seem attractive, many try to do a little of everything and end up not gaining expertise in any area at all. So choose a strategy that exists based on your markets. In order to do so, look at what your competitors are doing or take the help of a mentor you trust.
Our though ⇨ Correct. Before you getting in any investment, you should identify a strategy that based on your market. You may need to take some times to searching which strategy is best to you,. Don’t rush and take you time, once you find one that work best for you, learn it, master it and stick on it and maybe someday, you will be the expert on this kind of strategy in property investment.
3. Know that it will work.
First, a proven market strategy exists because it is a workable and profitable one. Secondly, each strategy makes a profit over a period of time.Over time, as you master each of these strategies, you could also get better at it. Also, because you know how the market behaves, you can properly plan the kind of deals to take, how much to save, and how to get through low-cash times.
However, what wouldn’t work is a combination of strategies, which can instead make you cash-strapped and leave you confused on how to get through the lean periods. It is important here to understand that the real estate market is driven by values of fear and greed. Many investors make the mistake of making emotional decisions based on those values. These are what propel them to take up many strategies, and you can avoid it by sticking to one and rising above those sentiments.
Our though ⇨ So, “many” doesn’t mean good sometimes. Train yourself to focus on one strategy and don’t let yourself attracted by other strategies.
4. Stick to it.
Once you have identified a market and a strategy, adopt it, use it, and work on it. Stick to the strategy and master its ins and outs. Keep improving upon it at every opportunity that presents itself.
While mixing and matching might seem lucrative in the beginning, it could be detrimental to the proven aspect of your existing business. In fact, it wouldn’t establish your expertise in any area at all and make you just another real estate investor in the market. I have also witnessed too many investors who’ve fallen hard because of stepping into the unknown realms of real estate strategizing.
Our though ⇨ For example, if you’re master in renting then you should stick with it and never think about switch to flipping property. Instead of focus on many different strategies, why not identify one that you feel comfortable with and then stick with it forever.
5. Get the right people.
Getting together the right kind of team can make all the difference in the world. When you are building a superstar team, ensure that all members share the same vision regarding your real estate strategy. Build a team that promotes camaraderie amongst team mates, rather than competition. This will help you be at numerous places with diverse deals at the same time. An efficient and well-organized team is definitely a great asset to have, so make sure that you can build such a team. Decide upon a good structure for your team and empower them through developed leadership skills.
Our though ⇨ Other than find a right property investment strategy, find the right people to work with you is important also. For example, if you decide to be a property manager, you should build a team that can work best for you. A well-organized team always lead to success path.
6. Work on people skills.
People skills are of extreme importance and are a key factor of what customers look for in you. So build your interpersonal skills as you activate your real estate investment strategy. Your drive and determination should appear as a strong motivational factor for your customer. Your verbal and written communication skills should be strong as well.These will help formulate a clear understanding not just between you and your customer, but also between the people you work with.
Good negotiation skills are a must for any business and thus an important skill set here as well. Finally, arrive on time, respect schedules, and listen to your customers more than you speak. These skills can make you a better real estate agent, so couple them with a strong conviction that your choice of strategy is the right one.
Our though ⇨ Finally come to human relationships, this is quite a difficult skill to learn. The most important thing is your EQ as EQ is stand an important role when you are negotiating with you customer.
7. Give it time.
Countries aren’t built in a day, and the same is true about careers. If you’re planning to get rich quickly with real estate, then let me tell you that the markets just don’t work that way. You need to have plenty of patience to learn, experiment, and learn some more. Only then can you intend to make a career out of real estate. So give it time, learn as you go and take projects that fit your line of strategy. This will enable a growing number of customers to come to you too, as you’ll be considered an expert! Only when you have mastered a strategy completely should you move on to the next one.
Our though ⇨ Some seminars out there may tell you the strategy of how to get rich quick in property investment. Don’t believe it, there is no such thing. This topic needs a lot of time to study. Do remember, don’t rush yourself to getting in property investment, you will lose everything especially your hard earned money. Take your time, educate yourself enough before started your property investment life.