So you want to be a successful property investor? Well you need to make sure that you have the traits listed below or intend to develop them. There are no shortcuts with successful property investment so be prepared to work on yourself if you feel that any of these traits are lacking.
1. Have a Head for Figures
You need to know the difference between good and bad debts and be able to produce simple cash flow forecasts when considering a new property investment project. Are you a good financial manager? Can you do battle with a spreadsheet and win? If not this is one trait that you definitely need to work on.
2. Be a Long term Planner
If you are focused on the short term every time then you will never succeed in property investment. It is important that you create both short and long term goals for your property investment business. By thinking long term you will have the power and determination to overcome the many setbacks that are likely to confront you.
3. Be Persistent
This is linked to having a long term plan. When you purchase a property for investment then there are no end of things that can go wrong. Some of them will happen at the same time and this will be a real test of your persistence. Many newcomers will throw in the towel but you need to get back on the horse and solve all of the problems. If you are not persistent prepare to fail!
4. Be a Decision Maker
Do you find it easy to make decisions? We are not talking rash decisions here but considered decisions. You have weighed up all of the pros and cons of a property purchase – can you decide quickly to make a purchase or not? You need to be able to think clearly and make emotionally detached decisions. If this doesn’t sound like you then you have to work on this.
5. Be a Multitasker
Experienced property investors are used to dealing with a number of issues at the same time. It is the nature of the business. It is vital that you do not become overwhelmed when you have several tasks to complete which are all urgent.
6. Be a Good Communicator
You will need to interact socially with a lot of different people to become successful in property investment. You must be able to communicate well to get what you want. This isn’t just about talking although this is part of being a good communicator. You need to be able to listen well too. When you are dealing with third parties you must ensure that everything is understood and clear before you proceed.
7. Be a Life Learner
Property investors that think they know it all (yes they do exist) are more likely to fail than those that have a positive attitude from continuous learning. There are many experienced people in this business and you need to be able to learn from them. Be inquisitive and ask questions and never let pride stop you from asking a question that you need the answer to.
A Shortcut to Successful Property Investment?
OK so we said that there are no shortcuts but this could be considered as one. It is property investment without all of the hassle. At CPI we are able to offer you a hands off property investment partnership where we will deal with all of the problems. Interested? Find out more by contacting us.