Have a plan. As a property investor, you should have a plan as to what your goals are and what measures you need to do to accomplish them. When a plan is made, it should always be put into action.
Think long term. The plan should satisfy your future goals and not those that were made out of impulse. Despite of the number of rise and fall in the property market, in the long term it has increased in value by an average of 8%, making it a great long term investment choice.
Your property is your business. Surround yourself with the right people from planning to managing your investment.
The market is diverse. Avoid generalizing the property market, as each location can have different trends and may be at different stages of the property cycle.
You will get wrong advice. Throughout the years of managing property you will encounter a lot of upswings and downswings in the market. Be wary of the types of advice you get, and it is often better to do your own research before making a decision. You will at one point get wrong advice so don’t be dependent on the majority.
Learn to say no. As an investor, you should also learn when not to invest. You may have the right property at the wrong stage of the property cycle. Always bear in mind that there will be tough times in property, but time and again it has recovered and increased in value.
Do not fear to act. When you have done due diligence in researching the property, the area and the market conditions, act appropriately and in a timely fashion.
Avoid the Get rich quick mentality. Property investments are for the long term, and property is not a get rich quick scheme.
Debt is not all bad. Debt can be used as leverage to build up wealth by acquiring assets such as property.
Population and wealth drives property. There may be several factors that drive the property market, but none as important as population and wealth. For as long as these two increase, property will always be a necessity.
Read more about this on the Property Update website.