How to think like a property investor
When it comes to property investment is your attitude firmly set in business mode or does it sometimes veer off into the personal?
To think like a property investor, you need to be professional in your mindset and adopt a persona that doesn’t shy away from asking awkward questions, making hard decisions or tackling difficult negotiations.
Ask the right questions
When researching a potential deal, you need to know all the facts. This means asking lots of questions and not accepting “I’m not quite sure about that” as an answer.
If someone promises to get back to you with information, make sure they do. They may hope you’ll forget or feel too awkward to ask again. But you need to keep chasing for that answer and don’t stop until you get it.
Asking lots of questions may seem unfamiliar or even embarrassing to you at first, but the more you do it, the easier it becomes. Soon it will be second nature, and you’ll instinctively know when someone is trying to fob you off with their response.
Take professional advice
As well as asking lots of questions, don’t be afraid to seek professional advice.
Maybe you’re nervous about asking questions because you’re not an expert in a particular area of property investment? All the more reason to look for professional advice or find experts to accompany you on-site visits, especially if there’s a specific aspect of a deal you’d like their opinion on.
Don’t allow yourself to be fed information that an agent thinks you want to hear. Make it clear you expect to be given all of the facts and figures. And if you can’t make sense of them – find an expert that can explain them to you and advise you on the best course of action.
Never conveniently ignore something that needs further investigation because you haven’t got the time – you’ll only come to regret it later.
This is a hard one, if negotiation is something you don’t relish. But, believe it not, if you set yourself the challenge, you can come to enjoy it.
The trick is to remove emotion from the situation. Look at it like this – you win some, you lose some. Obviously, winning is much more pleasurable, which is why you need to adopt the right mindset and throw yourself into negotiations with gusto.
Do your research, set your parameters and write down what you want to achieve from the deal – then negotiate until you get it. And, walk away if you don’t.
Yes, it can be as simple as that. Take away the emotion, and you take away the stress. If you know what you’re prepared to accept or offer – then that’s your parameters set. Have an upper and lower limit and negotiate until you reach that middle ground.
Be prepared for counter-offers and to go back and forth numerous times before you finally reach a deal. And once the deal is done, accept it and don’t think about the ‘what ifs’. Just move on to the next deal!
Would you like to learn how to think like a property investor?
Then register for our Introductory Property Foundations Course
3 Days and 12 Strategies
The Property Foundations course will help you understand the different property investment strategies you can use in today’s property market.
Dates: 20, 21 & 22 July 2018
Venue: Park Inn Hotel, Heathrow
Pre-register for your early-bird ticket here and receive up to 30% off