7 Often Neglected Habits You Can Adopt to Become A Successful Property Investor (must acquire all!)

Property Investing is challenging, it requires knowledge, talent, organization, networking, and perseverance - and much more. Understanding of the real estate market is crucial, this is a combination of education and experience.

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Knowing the risks, investing in an accountant, finding help, and building a network are all key parts to become a successful property investor.

Whether you have a degree or not, there are certain characteristics that top property investors possess.

Here are some of the often neglected habits;

1. They always think long-term

Property investing is a long-term commitment - you basically get married to it. ALL planning is geared towards long-term goals. Visualise in order to strategise - this is key to prep and stress test, make projections of your property portfolio.

Whether you are starting out or building your portfolio at a certain time in your life - when you have a game to play, you can totally avoid obvious risks.

2. They have a huge understanding of the market

Keeping in the loop of current trends, including changes in consumer spending habits, mortgage rates, and the unemployment rate, to name a few, lets property investors understand current conditions and plan for the future.

This allows them to predict when trends may change, creating potential opportunities based on current market conditions.

3. They stick to their principles and values

Successful property investors maintain high ethical standards in all dealings. Reputation is key in this industry, the more people who put their trusts in you - the better business network you’ll have.

Referrals and recommendations are one of the big factors especially if you are into buying and selling. Real estate is a people business - words get out fast. You’d like nice words said about you if you’d like to stay in this industry.

4. They focus on a niche and stick to it

Ask yourself - Do you want to focus on commercial real estate or residential real estate? Do you want to sell mansions or average homes? Are you going to help First home buyers or stick with property investors who're looking to grow their property portfolio?

Sticking to a particular niche will help you put all your focus and energy into it - whereas if you are trying to be a handyman doing all the works and being all around, most likely you’ll hit a deal but at the end of the day - people won’t have a fixed recognition of what you specialise in.

Taking the time to build this level of understanding of a specific area is integral to long-term success.

5. They welcome referrals

This industry lives and breathes in referrals. It is important that property investors treat others with respect. This includes business partners, associates, clients, renters, and really anyone with whom the investor has a business relationship.

Effective property investors pay attention to detail, listen and respond to complaints and concerns, and represent their business in a positive and professional manner. This builds the kind of reputation that makes others interested in working with those investors.

Just like what mentioned on top:

Referrals and recommendations are one of the big factors especially if you are into buying and selling. Real estate is a people business - words get out fast. You’d like nice words said about you if you’d like to stay in this industry.

6. Teams up with their Accountant

Taxes are always a significant portion of a property investor's yearly expenses. You don’t want the complications of tax laws getting in the way of your business. Sharp real estate investors retain the services of a qualified, reputable accountant to handle the portfolio books.

The costs of having an in-house accountant can be insignificant when compared to the savings a professional can bring to the business. Some real estate agencies would even partner up with their accountant to make a solid business.

7. They consistently grow their Network

A professional network can provide important support and create opportunities for both new and experienced real estate investors.

You can grow your group of well-chosen mentors, business partners, clients, or members of a non-profit organization, allowing investors to challenge and support one another. Because much of real estate investing relies on experiential learning, smart property investors understand the importance of building a network.

This is a people business, property investors benefit as they grow and as time passes by doing business with integrity and by showing respect to associates and clients. Though it may be so simple to earn short-lived profits, developing a long-term real estate investing business requires skill, effort, and these crucial often neglected habits.