How to be a property investor people want to do business with
With the best will in the world, you’re are not going to want to do business with every person you meet.
But take a look at yourself. Are you the type of property investor people want to do business with? Or do they run a mile when they see you coming?
Here are a few dos and don’ts to help you become the kind of property investor people are drawn to.
Don’t rush into every opportunity
It’s great to be enthusiastic and investigate every potential deal that comes your way. Certainly, if you’ve got the time, go to as many property shows as you can and read up on different types of property strategies.
But once you’ve done this research, start to become more discerning and separate the wheat from the chaff. You’ll inevitably talk to many different salespeople, who all have a great deal to sell.
But rather than plunging into every deal on offer, stop and think about what you want to achieve. It’s all very well to diversify but do you really want to get into residential, commercial, off-plan, and more, etc?
Assess how much time you have to give to your property business and then decide on the type of investment that’s likely to suit your lifestyle. You should be devising a long-term strategy rather than randomly investing in anything that crops up.
Don’t take on more than you can handle
And, of course, if you do decide to dabble in multiple types of investment, make sure you don’t bite off more than you can chew.
You could decide to create a property portfolio that spans different locations, and maybe even different countries, but do you have the time to manage this empire once you’ve built it? You’ll need to keep on top of mortgages, taxes, and a vast amount of admin. That’s a lot of hard work.
Before you take on a new proposition, ask yourself if you have the time and experience to see it through properly.
Do take responsibility for your decisions
Now, I don’t want to deter you from investing. Far from it. But I want you to be able to comfortably take responsibility for your own decisions.
As I’ve mentioned, the salespeople you talk to will make every deal sound fantastic. And some of them will be. But some most definitely won’t!
You need to be in a position to make informed decisions and not take everything at face value. The type of investor people want to do business with will be able to make judgement calls and weigh up the merits of each deal in a rational, pragmatic way.
Do take advice from others
But how do I get to be in a position to make these sound judgement calls, I hear you ask. By taking advice from others.
Talk to different kinds of people in different fields - from letting agents and land developers to solicitors and accountants. You’ll be surprised at how keen these professionals are to share their experiences and knowledge.
Learn from other people’s mistakes. Listen to what fellow investors have to say. Build a network of contacts and seek out advice from different quarters before committing yourself to an investment.
By following these simple dos and don’ts you can become the type of property investor that others will be very happy to do business with.
Would you like to learn more about property investment?
At PMA we run a Mentoring Programme to show you how to invest in property as well as a range of courses aimed at beginners and seasoned property investors.
Join us on one of our Discovery Days to find out more.