Why property investing is like competing in the Olympics
With the 2016 Olympics coming to a close, it’s got me thinking about the parallels to the investing process and the similarities between property investors and top sporting athletes.
There are a number of similarities that both athletes and investors share and if you want to become a top property investor then there are a number of things that you need to do to propel yourself forward.
Don't be a Spectator If you’re not dedicated or motivated, then you won’t cross the finish line or make the starting squad. You will simply be a spectator watching the race happen in front of your eyes and you will have nothing to show for your efforts. The same applies to property investing. I’ve lost count at the number of times I’ve heard someone tell me that they will buy that property this year, or that they’re still looking for the ‘perfect property’; however, a year passes by and they have still done nothing. They are simply spectators of the property market and during this time properties are likely to have gone up in value, meaning these spectators have fallen further behind in their search to buy a property.
During this time more people will be searching for a property to buy, meaning that you will have more competition to go up against, making property investing even harder. You therefore need to know exactly what it is you want and go out and get it. Unfortunately, properties won’t come to you – you need to make the time to research this and put some effort into this too.
Buying a property however is likely to be one of the largest purchases that you will ever make. This means that you shouldn’t buy the first property you see. It is essential that you take the time to do your thorough research and due diligence and find out exactly what it is you want, what your budget is and how much growth this property is likely to see over the upcoming years.
Preparation is the Key to Success Both investors and athletes will need to prepare and train hard to get in the right head space. All this training and research will help you achieve the results you want and reach your end goal, whether this is winning a Gold medal at the Olympics or creating high levels of wealth through property investment to ensure you lead a comfortable retirement. Therefore, knowing exactly what your goal is, is particularly important as this will give you something to work towards and aim for.
You're not alone But you don’t have to do this on your own. Just like top performing athletes, who will have a coach with them every step of the way, a property investor can turn to our expert Property Consultants at iBuyNew. A sporting coach is likely to have years of experience within this field, having likely participated in the sport themselves and may even have won that Gold medal. Our Property Consultants at iBuyNew also have years of experience within the property market and have even invested in property themselves. They can pass on their valuable knowledge to you and avoid you making the same mistakes that they did.
However, it’s important to remember that making mistakes is not a bad thing, as long as you learn from them and don’t make them again.
Our Property Consultants are with you every step of the way from the property search and research phase to finding a reputable broker and lawyer to finally assisting you with your Settlement inspection and completion. We are here for the long run to help you succeed and attain your goals.
Facing those Obstacles Of course, just like the 100m hurdles, there are obstacles that you will need to face. You might not have to jump over a number of high hurdles whilst running at lightning speed, but you will need to face obstacles such as another buyer snapping up your desired property first, delays in construction or even just facing your demons and make that plunge to invest in property in the first place.
Our Property Consultants can help you overcome these obstacles, making your investment property purchase much less stressful and much more attainable. You can also tap into our wealth of knowledge and find out where the high growth spots are and which suburbs are the next best places to buy.
Enjoy it There are days when investing in property can seem like a gruelling sport, but with the right discipline, motivation and the right ‘coach’ you can reap in the rewards. You also need to enjoy it. If you’re investing just for the sake of investing or don’t understand what you are doing, then you are likely to be in the wrong headspace and will not achieve the results you are after. You should therefore invest in something that you enjoy and understand, whether this is property, shares or something else.
Our world-class Property Consultants/sport coaches are here to help you succeed. Whether you are a first time investor or an experienced property investor, we can help you reach your goals. To find out more about why investing in property is like competing in the Olympics and what you need to do to become a successful property investor, call us today on 1300 123 463.
Just remember, as Robert G. Allen said, “Don’t wait to buy real estate, buy real estate and wait.”
Published on 22nd of August 2016 by Marty Stanowich