What do you need to be a successful property investor? The great thing about investing in property is that anyone can do it.
Anyone – when they know how – can find people who can help with finance, construction skills and know-how.
However there are a few personality traits that you are going to to need to possess – or develop if you are going to be a successful property investor or developer.
So what are the top five traits of a successful property investor?
1. Desire
It seems an obvious one but it is also a crucial one. Property developing and investing can be hard work. You can also get a lot of knock backs. If you property isn’t your passion or you haven’t got a burning desire to make it work then you are going to find it tough to keep going and easy to give up. Successful property developers are driven by desire to create wealth and a love of property.
2. Consistency
This is strongly linked to desire. Making money in property is a slow and steady race – not a sprint. You will encounter lots of knock backs, highs, lows, wins and loses. Being able to stay consistent, stick to your process and keep going will ensure you have long term success and don’t burn out or lose your way early on. This consistency will also ensure you manage your property business properly over the long term.
3. Emotional balance
Property investing is no different In stock trading in that it requires a strong grip on your emotions. Greed and fear can destroy a property portfolio as much as stock trading account.
Being over confident and ignoring risks is as bad for you as it is being ultra pessimistic. Plus you need to ensure greed and fear doesn’t make you make bad decisions. Successful property investors always maintain a balanced view.
4. Thirst for knowledge & Flexibity
Successful property developers are always learning. The property market is constantly changing and property professionals need to be flexible and adapt with it. Keeping on top of changes and new ideas and strategies helps property developers keep building their wealth and income, even when market conditions change. The learning never stops for successful property developers.
5. Good networkers
Successful property investors and developers are also very good networkers. Property is a complex business and it pays to be well connected to help you find deals, good tradesmen, finance, brokers and also just to get the mental and emotional support you need from fellow property pros. Property developers who constantly build their contacts and don’t see others as competition and are happy to share their knowledge tend to reap the benefits over the long term.
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