One of the most commonly peddled criticisms of property investing is it’s too slow. I say, it’s only slow if you LET it be slow. If you’re a fan of passive investing – aka sitting and waiting for success – then naturally you’re going to see slow results.
However, if you want to move faster and set up your own property joint venture or other property investment business like me, you’ll need to adopt a property investing mindset for property investing success. Imagine building your portfolio to live the life you dream of. Instead of the 9-5 grind, you can spend more time doing what you love and have more time with your family.
Thanks to my amazing property mentor Nicole Bremner and through working with my experienced team, I’ve taken my investments to the next level. You can too by implementing these five easy strategies.
Focus on growth
Initially, I merely considered investing a channel for replacing my pension when I eventually left full time employment.
As I learnt more about the property market and gained experience on developments, I soon realised I had a valuable skill set. I took action and accelerated my plans for property investment.
Start to treat your investments like a business. How do you mitigate risk? What are your exit strategies? Have you diversified enough? What is your 5 year plan? When you set your mind on growth you make strategic decisions and scale. You quickly build up your investment experience and lead yourself to property investing success.
Seize your network’s potential
Successful property investors surround themselves with an ‘A’ team consisting of reliable developers, contractors and lawyers. They see the power of partnerships – business isn’t a one man show! Success happens when you build strong relationships and effective networks.
Ask yourself: does my network know what I do and what I am looking for? Do I use my network to its full potential? Am I actively reaching out and building on my current relationships? How about making new contacts?
Take a step back and work out how you can make the most of your network. You don’t have all the answers and you shouldn’t have to. Utilise other people’s expertise for property investing success.
We have these relationships in place at QB investing and we’re always focused on expanding our network. It takes time to build up a trusted team and our current investors value being able to use these relationships.
Seek out efficiency
In business you have to make sure every skill you have is correctly employed. You outsource what you are least efficient at. Work to your strengths and use other people’s expertise to plug the gaps.
Both first time and experienced investors struggle to find time to properly do their due diligence on investments. At QB investing we have extensive legal, construction, finance and project management skills. This expertise allows us to effectively analyse, structure and monitor deals.
Question your assumptions
One of the most important resources a successful investor has is strategy. They’re consistently looking for new ways of working for property investing success. What does and doesn’t work in your portfolio? Which direction is best to take? How can you maximise profits?
Ask, ‘what if?’ more often and consider if there exists better ways of doing things. Challenge your thinking biases by seeking other points of view and listening to them.
At QB Investing we listen to what our investors want and act on it. This may involve implementing learning programs to develop our investors’ skill set. Or it may mean structuring deals in a way that addresses cash flow requirements in a tax efficient way.
Have a plan and purpose
Property investing was never part of my long-term plan. Yet by being efficient, making the most of my connections and not resting on my assumptions, I’ve succeeded in leaving my corporate job and building the life I desire.
As with any enterprising venture, having a strong business plan is key to property investing success. I discussed the ‘how-to’ on my Instagram @lizzie.frazer – take a look! Having a detailed plan and purpose will help you stay on track.
Have any other methods for developing a business mindset and amplifying your investing success? Let me know. Email me at lizzie@qbinvesting.com, connect with me via LinkedIn @lizziefrazer or Facebook lizzie.frazer.property and through www.qbinvesting.com.