In property investment, there are no "gardeners".
You can’t expect to reap the rewards of a portfolio built around random purchasing with little or no research into how each property will feed into your portfolio and your bank account.
Investing needs to be carried out with clear and strategic goals, and should be set up for measurable success.
If your investment portfolio is struggling, there are generally three reasons why you are not getting the monetary returns you had envisaged.
It is critical to set goals and objectives, but these are rendered useless with no plan in place to achieve them.
Establish the smaller, daily tasks and steps that you need to undertake to achieve the ultimate goal.
Most property investors follow the wrong plan.
They may have been investing for 10 years or more but have got past their first or second property.
Others have large portfolios of secondary properties and are still working to support these properties, rather than the properties working for them.
If your portfolio is not achieving, or on track, to achieve your goals then it is time to re‑evaluate your plan.
Developing personally is important to the process to realise the financial benefits of investing.
- Also read:Everything you need to know about the state of Australia’s property markets in 20 charts – December 2023
- Also read:Sydney property market forecast for 2024
- Also read:What makes an A-grade property?
- Also read:Latest property price forecasts for 2024 revealed. What’s ahead in our housing markets in the next year or two?
- Also read:Here’s how to avoid these 12 common reasons property investors fail to build a Multi Million Dollar Property Portfolio
Once your plan is in place, you need to ask yourself who you need to become and what you need to do to reach your goals.
For example, you might realise that prospecting is critical to a good investment plan.
To be a good investor, you want to be a person who cares.
You don’t want to be just another prospective listing to an agent, you need to be interested in what they are saying.
But that’s not enough, to be a good prospector you must have the discipline to do the everyday tasks – to make the phone calls and talk to people consistently.
When you have decided what you want as an investor, make the plan and plan the steps to achieve it – strategically, financially and personally.
Sure our property markets are improving, but correct property selection is even more important than ever, as only selected sectors of the market are likely to outperform.
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