The market for investment properties in Perth can be competitive. Sometimes, mediocre results can be turned into great results, simply by being more organised. Here are four easy ways you can start gaining the investor’s edge.
Goal Setting
As many in the quantum physics and human potential areas like to say, “If you don’t know where you’re going, that’s exactly where you’ll end up.” All mumbo-jumbo aside, those who set goals consistently perform better than those who don’t in almost every walk of life. For investors, goals should be specific, giving a clear destination, and helping you focus on the end result.
We recommend setting investment goals each year, and recalibrating at the beginning of next year. All of your goals should be attainable by the end of the year. In addition, your goals should be easily measurable. In other words, you should always be able to easily ascertain where you stand in relationship to your goals.
The “secret ingredient,” that helps make goals become reality, is passion. If you are passionate about a goal, you will be much more likely to achieve it than if it is something in which you have little interest.
Recalibrate, review, and renew your investments every year
Always review your investments at the beginning of every year; if you want great results, you must treat your investments as a business. The review gives you an opportunity to answer questions such as, “Did I meet my goals this year?” and “What could I have done better?” It helps to list both your successes and your failures; this can help you adjust your goals for the following year accordingly.
Set a budget and stick to it
Every successful business uses some form of budget. At the very least, you need to know exactly what you can spend on your investment business, and compare to what you actually are spending. If you have the funds left over, we recommend a high yield online savings account, until another opportunity to invest comes along.
Keep perfect records
The importance of keeping accurate records cannot be overstated. Not only do financial records need to be perfect, but you can also record your actions with a simple “to-do” list and a “completed tasks” list.
