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3 reasons why you’re not as rich as you want to be - featured image
By Michael Yardney
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3 reasons why you’re not as rich as you want to be

In property investment, there are no "gardeners".

Kids Money Learn Teach Coin Child Lesson School Piggy Bank Mum Mother Parent 300x200You 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.

1. You don’t have a plan

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.

2. You have the wrong plan

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.

3. Personal change is required to attract the desired outcomes

Developing personally is important to the process to realise the financial benefits of investing.

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.

Man 300x200For 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.

If you're looking at buying your next home or investment property here's 4 ways we can help you:

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.

Why not get the independent team of property strategists and buyers' agents at Metropole to help level the playing field for you?

We help our clients grow, protect and pass on their wealth through a range of services including:

  1. Strategic property advice. - Allow us to build a Strategic Property Plan for you and your family.  Planning is bringing the future into the present so you can do something about it now! Click here to learn more
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  3. Wealth Advisory - We can provide you with strategic tailored financial planning and wealth advice. Click here to learn more about we can help you.
  4. Property Management - Our stress free property management services help you maximise your property returns. Click here to find out why our clients enjoy a vacancy rate considerably below the market average, our tenants stay an average of 3 years and our properties lease 10 days faster than the market average.

 

About Michael Yardney Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and one of Australia's 50 most influential Thought Leaders. His opinions are regularly featured in the media.
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