Investment portfolio, property management and you: it all starts between the ears.
A recent survey showed that the average portfolio size of Australia’s largest property management firm is 1.2 properties. ATO figures indicate that more than 1.2 million Australians currently own investment properties, but only 14,000 of them have been able to expand their portfolios to five or more properties.
While many believe that making more money is the key to having more to invest, the landscape is filled with stories of people with ordinary jobs building large portfolios with none of the “advantages” or even “luck” that many people think is necessary for success.
If your portfolio isn’t growing as fast as you want, maybe your problem is between the ears. Here are five attitudes and habits you must develop to succeed as a property investor.
Burning Desire
You have to want it more than anything else. In the beginning, you may have to want it more than a nice vacation or a little boat. Desire and urgency are necessary to accomplish great things. How bad do you want a large investment portfolio? Focus on what the investments will provide for you, not the money itself.
Your Professional Team
Your professional team will work as your support network. You should try to find a mentor then assemble the rest of your team, including- finance broker, accountant, sales agent and superb property management to begin with.
A Business Plan
Property investing is a business and you must treat it as such. The first fundamental is a business plan. The short version is your goals, how soon you want to reach them and the action steps to get there.
Stick to Your Strategy
Once you develop a business plan and choose a strategy according to your goals, execute it with persistence. Don’t be tempted to deviate unless a change in the market means that you can’t make your planned profit. Always buy and sell according to your criteria and the minimum returns you set for yourself. Never buy on emotion.
Take Action
If you don’t take action, it won’t happen. Call the Perth office of Investors Edge to get started today: 1300 472 427.
