Here’s how to survive difficult property markets

I hate to repeat what everyone else is saying, but clearly, we are living in challenging times.

Despite all the bad news in the media, there is also good news out there if you look for it.

But there’s no doubt there are still many challenges ahead of us:

1. The Corona Virus Pandemic is still hanging over us.
2. Inflation is on the rise as are interest rates.
3. There is concern that property values will fall.
4. There is political and social unrest around the world.
5. There's even talk of a recession caused by the rapid rise in interest rates

It’s easy to forget the good times we experienced not that long ago.

It’s easy to forget that this phase is just part of the normal economic and property cycle.

Sure we’re heading into the Winter of the cycle but just like in nature, Spring follows Winter.

It has for tens of thousands of years and I’m prepared to put my money on the fact that it will happen again this time

I came across the following story from one of my early mentors, the late Jim Rohn that puts things into perspective.

It’s definitely worth the short read…

He's what Jim Rohn said...

If you change yourself, you can change your life

Life is about constant, predictable patterns of change, and the only constant factor will be our feelings and attitudes toward life.

We as human beings have the power of attitude and that attitude determines the choice, and choice determines results.

All that we are and all that we can become has indeed been left to us to decide and interpret through our attitude and choices.

Life is like the changing seasons—you cannot change the seasons, but you can change yourself.

So the first major lesson in life to learn is how to handle the winters

They come regularly, right after autumn.

Some are long, some are short, some are difficult, and some are easy, but they always come right after autumn.

That is never going to change.

There are all kinds of winters: the “winter” when you can’t figure it out, the “winter” when everything seems to go awry.

There are economic winters, social winters and personal winters.

Wintertime can bring disappointment, and disappointment is common to all of us.

So you must learn how to handle the winters.

You must learn how to handle difficulty; it always comes after opportunity.

That is never going to change.

The big question is what to do about winters.

You can’t get rid of January (American winter) simply by tearing it off the calendar.

But here is what you can do: You can get stronger; you can get wiser; you can get better.

Remember that trio of words: stronger, wiser, better.

The winters won’t change, but you can.

Before I understood this, I used to wish for summer when it was winter

When things were difficult, I wished they were easy.

I didn’t know any better.

Then my mentor Earl Shoaff gave me the answer from a part of his unique philosophy when he said:

“Don’t wish it were easier, wish you were better.

Don’t wish for fewer problems, wish for more skills.

Don’t wish for less challenge, wish for more wisdom.”

Another great lesson from Jim Rohn.

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.