10 Critical Lessons For Real Estate Success

10 Critical Lessons For Real Estate Success

[1] Find A Mentor And Support Network

Over the last 10 years, it has become the norm to seek out a coach in many areas of life. Personal trainers, business coaches and counsellors help people achieve their goals every day. Find a professional property mentor or simply someone who you know can support and encourage you and keep focused on your goals is invaluable. Make sure they understand what is driving your desire and how you will measure success. Your mentor will also need to be able to get tough with you if you veer off course.







[2]  Create A Plan

“To fail to plan is to plan to fail”.
Most of the 1.2 million Australians that own investment properties could be described as “accidental investors”. Their lack of planning prevents them from being one of the ‘fortunate’ 14,000 Australians who own 5 or more properties. Worse still, lack of planning can lead to investments that cost you. If you plan to use property as a vehicle to create wealth then you need to develop a plan to achieve your investment goals.

[3]  Enliven Your Strategy

Figure out how you are going to tackle the property market. Investors with large portfolios follow their investment strategy vigorously. Some go for capital growth properties and others prefer positive cash flow properties or a blend of both. On top of this, there are developments, renovations projects, house and land packages, etc etc. Figure out what you feel good about and then stick to it.


[4] Buy On Mathematics, Not Emotion

Do the numbers on each potential investment and be prepared to walk away if the property does not match your criteria. There is a saying in real estate; “The deal of a lifetime comes up every week”.









[5] Get Off The Couch And Take Action

We are lucky enough to live in a country where the amount of energy you can devote to wealth creation is up to the individual. As the saying goes, “Success is 10% inspiration and 90% perspiration.”

[6] Learn From Your Mistakes

Consider them not as a cost but as an investment in your future success. Be determined to make up for mistakes with future decisions that will more than compensate for the earlier learning.

[7] View Finance As A Tool, Not A Burden

The whole point of using banks and other lenders to help you finance property purchases is to maximise your advantage and leverage your dollar. Don’t get annoyed with the banks. Figure out how to use them to your best advantage and work with someone who knows the in’s and out’s of many lenders.








[8]  Work To Your Strengths

If you find a property sector that works for you, stick with it and don’t listen to the doomsayers if your experience says what you are doing works for you.

[9]  Exploit Your Risk Profile

There are two ways to become involved in real estate. The easy way and the hard way. There is nothing worse than acquiring real estate that causes you stress and squeezes your lifestyle because of cash burdens. If you are an aggressive investor, maximise your borrowings with a clear conscience, but make sure the “sleep at night” factor is balanced with the reality of your cash flow.

[10]  Look And Listen

Talk to other investors. Learn and observe what they have done and what worked. Not all successful investors were a success when they started, but they learned how to improve their chances of winning while reducing their risks.

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