Having now been involved in the property business for more than 11 years I have seen some people achieve massive success whilst others have failed miserably. The interesting thing is property success or failure are both very predictable. You might be wondering ‘How come?’ The reality is we don’t know what we don’t know.
Over the years I have trained thousands of people in property investing and coached/mentored more than a hundred people on a 1-2-1 basis. This has given me really good insights into what makes a successful property investor. I want to share with you what I believe to be the 6 steps to property investing success.
The first step is about having a target or goal in terms of what you want to achieve from property. Too often people start because they have seen someone else do well or heard that ‘you can make a lot of money from property’. I would encourage you to set your goals based on what you want to achieve from property investing. For instance, is it about building a nest egg for the future, is it about growing your pot of cash or is it about creating an income that can replace your current salary? As each of these reasons will require a different strategy to achieve the desired result.
The second step is really about understanding why you want to do this and why it is so important to you. It may seem like a strange question. However, I’m going to be really honest with you. It is not going to be easy! You will have challenges along the way. It’s probably going to cost more and take longer than you think. People may let you down along the way and when you are facing these types of difficult situations it’s easy to just give up and walk away. Or you can dig deep and remember why you started this journey and why it is important to you.
Step three is about having the right knowledge and understanding of how to do things. The saying ‘a little knowledge is a dangerous thing’ rings very true in property investing. It’s all too common to see people in this business that do not have a clue what they are doing. They will pay way too much for properties, buy in the wrong location, not understand the market they are preparing the property for or rely on others that are not much more knowledgeable then themselves. Would any sensible person make rash decisions about investing hundreds of thousands of pounds? Yet, inexperienced people do it in property all the time. It is important to decide on a strategy you want to follow, learn in detail how this strategy works. This is what will reduce your risk and increase your chances of success. Your property investing strategy is going to take you from where you are to where you want to be. It will be your satnav for your property journey.
Step four is implementation of that knowledge. Knowing what to do is not enough. You need to take action on that knowledge to produce a result and this not about dipping your toe in the water just to try it. You need to immerse yourself in persistence action. The reality is, this is the step where most people give up, they want something, they learn how to get it, then try to get, they discover it’s hard then just give up and move on the next thing. Success somehow has a way of attaching itself to the people that want it the most, the people that are prepared to make the sacrifices and be consistent with their taking action (implementation of knowledge). During this step there will be many highs and there will be many lows. It’s during the low points that you need to dig deep and remember why you want this so much (step two).
The fifth step is about having the right support around you. The pursuit of success can be a lonely journey and this can cause your motivation to drop. The best way to deal with this is to have somebody to hold you to account. This could be a coach or just a buddy. There will also be times when you feel like you are doing all the right things but just not getting the right result. Often this is because you are so close to the problem that you can’t see about the wood from trees. This is where an experienced mentor who has already done what you want to do can guide you and push you forward when you get stuck. The support around you will also inspire you and keep you energised so surround yourself with people on the same mission as you.
The sixth and final step is mastery of your craft. A weakness of many entrepreneurs is as soon as they start to get some success with one thing they begin to lose interest and start looking to the next shiny penny. Massive success come from FOCUS (Following One Course Until Successful). Repetition with constant improvement will accelerate your success rate. This reminds me of a great quote by Bruce Lee “I fear not the man who has practised 10,000 kicks once, but I fear the man who has practised one kick 10,000 times.” As you become better and better you will be able to build systems that can be scaled or have other people that can operate them for you. This will lead you to working smarter rather than harder.
I hope you have found this useful. A summary of the 6 steps is:
- Set clear goals
- Understand why you are doing this
- Find a strategy that suits you and stick to it
- Take massive action and implement what you have learnt
- Surround yourself with successful people that can support you
- Master your art & build systems to run the business
What mistakes do you see people making when starting out as a property investor? You can connect with me on social media and let me know your thoughts and continue the debate.
If you are looking help with your property investing journey I can help you with knowledge, support and partnering. To book in a free initial consultation with me to explore your options you can contact me using details below.
Saj Hussain MBA, property expert and your partner for wealth creation through property.