10 Things Successful Property Investors Have in Common - searchpartyproperty

10 Things Successful Property Investors Have in Common

Property investors come from a wide range of backgrounds and have an equally wide range of goals. But there are a few characteristics that most successful property investors share. Here we look at the top ten.

  1. They have a clear plan: Successful investors appreciate that property is a long-term prospect and high-performing portfolios take time to build. As such, they do not think about just their next property, they think about the one after that… and the one after that. They also have a good grasp on why they are investing and what they are trying to achieve.
  2. They understand how to invest: Successful investors are experts in the property investing process. They know what to expect and what potential issues they need to watch out for. They also know what a great opportunity looks like and how to make sure they are getting a great deal.
  3. They know their lane: Successful investors understand the importance of having a niche – like a preferred property type or target location. This gives them parameters to work within and helps focus their investment activities and decisions. It also allows them to develop a deep knowledge of one market segment, before widening their scope and diversifying their portfolio.
  4. They are always learning: Successful investors are acutely aware of how dynamic the property market really is. They know it is always changing and evolving and that staying up to date requires a consistent effort. That is why they take the time to read up on everything that may impact their current portfolio and future plans.
  5. They act with integrity: Successful investors value honesty and treat those they do business with, with respect. They have their own code of ethics and understand how much of a difference a good reputation can make. They also appreciate the role people like their tenants and the vendors they buy from can play in their success.
  6. They are passionate, but not emotional: Successful investors know that while a passion for property helps, it is not a necessity – but a passion for investing is absolutely critical. They also know that they cannot let their emotions get the best of them and influence their decisions. Instead, they are guided by the numbers and any major market movements.
  7. They take calculated risks: Successful investors have a good understanding of their personal risk appetite. Investing should match your temperament; it’s the only way to succeed. They know what they are comfortable with and how far they are willing to push themselves. They also know what due diligence they need to do to be satisfied an opportunity suits their strategy.
  8. They have a solid support team: Successful investors appreciate that they are only as good as the people they work with. They are clear about their own shortcomings and actively seek professional support to fill any major knowledge or skill gaps. They also trust the advice they are given and are open to learning from the insight and experience of others.
  9. They trust the numbers: Successful investors know that nothing else matters if the numbers do not stack up. Their decisions are primarily guided by their long-term plan and the potential returns. And, if they do not have a natural knack for numbers, they partner up with someone that does.
  10. They are willing to wait: Successful investors understand that there is no “best time” to buy property – the best time is when they are ready. They also know that there will always be other properties, so there is no point rushing into a decision. As such, they make moves in their own time and will take the time to find the right opportunity.

If you have always wanted to get into property investment, or need help sharpening your investing skills, Search Party Property can help. Contact us today to organise your complimentary investor readiness consultation.