Property investment is one of the most lucrative careers out there and when you make a success out of it, the rewards can be astounding. To make the best investments, you need to learn how to think like a property investor and cultivate your approach. There are certain traits, characteristics and ways of thinking that successful property investors have in common and these can be learned and crafted over time.
Always ask Questions
Information is key when it comes to thinking like a property investor. Make sure you ask the right questions, try and find out information that will affect your investment both now and in the future. Do not be afraid to ask questions, and if you haven’t received a sufficient answer chase it up until you do. It will also allow you to form a judgement about the opportunity, and the person who is presenting it to you. If they are shifty or uncomfortable it may be worth looking elsewhere. Cultivating that gut instinct for whether an investment is good or not is something that comes over time. Asking questions is a great way to develop this skill and only invest in properties you are confident about because of the answers to your questions.
Listen to Advice
A willingness to listen and learn is a great trait that many successful property investors have. Don’t just take advice from anyone, be discerning and learn from those who you admire or who are in the know. If you’re working with an expert property company like RW Invest, make sure you pay attention and learn from them as they will have years of experience in the property investment field.
Try and see the Bigger Picture
It is important to be able to step back and see the bigger picture as you learn to think like a property investor. This could be when viewing a property and seeing how it fits into your overall portfolio. It could also be knowing what is going in the relevant property market and being up to date with any new developments or projects that will affect your investment in the future. Whether it is reading the latest property news, listening to property podcasts or chatting to local residents, it’s important to remain in the know.
Learn to Love Negotiating
Negotiation is one of the key pillars of property investment and it’s essential that you master this skill. Though it may seem daunting at first, it is vital that you learn to negotiate and get the most out of your money. Read up on the topic so you have all the information you need and investigate different negotiation tactics and strategies and see what suits you. Be confident in your ability and think about the best way you can get the best deal. Start low, enjoy playing the game and don’t be afraid to be cheeky. Property investors are always thinking about how to make the most out of their money and a negotiation is a great way to do this.
Property investment is full of big decisions and the skill of decisiveness is essential for property investors. Though it is important to weigh up the pros and cons of an investment, do your research and perform due diligence, it is important to be able to decide when the time comes. Long deliberation can lead to missing out on deals and being able to act fast can be a great advantage.
* This is a collaborative post