Being successful in property investing is similar to riding high in other professions. That’s because there is a way of thinking and set of skills, which most successful entrepreneurs and wealthy business owners share.
Regardless of your background or whether you have any experience in your chosen industry, having these personality traits will see you right. And here they are:
Passion. Passion is enthusiasm. It’s a love of what you’re doing and it’s also an energy giver. Having passion for property means you’ll do whatever it takes to make it a success. Working at what you find interesting and stimulating also gives you the drive to overcome hurdles better.
Right attitude. You will have days, maybe even weeks, where you feel as if you’re getting nowhere – despite all the work you’re putting in. Maybe some other sourcer has pipped you at the post for a deal or an investor you have been courting suddenly pulls out before they go to sign for a property you’ve found. These are disappointments – not disasters – and you have to be able to pick yourself up and move on to greater things.
Good people skills. An important part of property investing is building your ‘power team.’ This is a group of professional contacts who can help you find BMV properties. They include estate agents, surveyors, architects, planning officers. You have to be able to nurture these contacts and network with them regularly, so that they’ll come to you with potential properties. The better your people skills, the stronger your team.
Proactive. Very few people succeed by sitting back and letting others get to those deals first. In property – especially initially – you have to go out there and physically seek out BMV properties and potential refurbs for yourself. Not only is this educational in itself – and is a great way to network – but you don’t have to cut your profit if you’ve found the property and set up the deal yourself.
Willingness to learn. No matter whether you are a newbie or experienced property investor, there is always something new to learn. That’s not just about different property strategies either – you have to learn what the up-and-coming locations are, where regeneration is planned etc.
Optimism. Pessimism is an energy drainer and prevents you from being passionate and going out doing what you need to do. In property, believing a deal is around every corner (or nearly) gives you the incentive to succeed.
Adventurous. You have to be prepared to take risks. In property, you can minimise those risks by making sure you’ve done your due diligence and have ‘your numbers right.’ Once you have more experience, you can take bigger risks, such as investing in whole developments. Often the old adage is true though – the bigger the risk, the bigger the profit.
Resourcefulness. In property, there’s no point spending your days looking at properties if the yields just aren’t there for investors. You’re being, what we term here at Sourced, a ‘busy fool.’ Make the most of your time by developing a plan and having laser-like focus.
Analytical. You need to be able to assess possible opportunities and crunch the numbers. In other words, work out how viable a deal really is. Have your contracts and process in place from start to finish.
Open-minded. You have to be prepared to see the potential in a property – even if at first sight you want to run. Be open to changing course too, if you have a feeling a particular deal isn’t going to work out.
Does the above sound like you? If so, and property is your passion, then get in touch with the team here at Sourced Franchise. We will assist you with building a profitable property portfolio, earning you the passive income you desire. To find out how Sourced Franchise can help you generate an income from HMOs, download your copy of our Sourced Network prospectus.