How to choose a property strategy that suits your personality
Property investors come in all shapes and sizes. In fact, a stereotypical property investor doesn’t exist as their characters and backgrounds are so diverse.
The trick is to choose property investments strategies that suit your personality, that way you play to your strengths and have a greater chance of success.
The Initial Enthusiast
If you’re the type of person that gets highly excited by a project initially but becomes bored easily it’s a good idea to diversify.
Rather than investing in one long-term project, look at different property investment strategies and go for options that are likely to motivate you the most. And set yourself short-term goals. Rather than looking too far ahead, put in benchmarks for what you can realistically achieve in say, three months, six months and a year.
It may be a good idea to team up with other investors or work with a property mentor. Not only will they act as valuable sounding boards, they’ll encourage you to stay the course when your enthusiasm starts to flag.
The Long-term Strategist
If you have the dedication to work gradually towards long-term goals, then you can afford to take your time and build a portfolio of property investments that will perform steadily over a number of years.
Long-term strategists generally like to have everything worked out way in advance. And this is the key to your success. You’re happy to wait to reap the rewards. You’re not put off by property that has little short-term value, if you know it will pay dividends in the long-term.
However, don’t be too set in your ways. Although you may prefer to control all your own investments, it can be beneficial to form joint ventures, work with property mentors and occasionally adjust your habitual strategy and invest in a deal that could be a lucrative quick-win.
The Detailed Planner
Like the Long-Term Strategist, if you’re a Detailed Planner, you’re less likely to need a team of people around you. You’ve already researched every aspect of a potential property investment and calculated every risk.
Your skills as a meticulous planner will allow you to build up a highly diverse property portfolio as you’re not afraid to keep multiple plates spinning in the air.
Like the Long-Term Strategist, you may be tempted to always go-it-alone. But even though you’ve probably built up extensive knowledge in a range of areas, it pays to seek out a second opinion. Try not to let your natural instinct to control every aspect of your property business stop you from building up valuable contacts such as solicitors, agents and other investors.
The Indecisive Investor
If you have trouble making up your mind, you can easily miss out on potential deals through prevarication.
It’s a good idea to write down exactly what you hope to achieve from an investment. Then put together a list of factors you deem to be important when considering a deal. Either allocate points or a percentage against each factor. That way you’ll have a matrix in place to help you quickly assess the merits of a property investment opportunity as it arises.
It’s also a good idea for you to try and build up a team of trusted advisors or property mentors that you can call on when you need guidance. Or look for joint ventures, so that the responsibility for decision-making doesn’t rest entirely on your shoulders.
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