Property Expert Nick Statman shares about The Top 5 Traits of Successful Property Investors- Property investors are go-getters. They are visionaries that appreciate the freedom and flexibility that comes from being their own boss. Some property investors start investing at a young age and find monumental success before they’re thirty. Others work a traditional nine-to-five for 30 years and then slowly venture into the property investing world one buy-to-let at a time. And while property investors come from all different walks of life, they all have these five traits in common:
Hungry for knowledge
Education is power in the world of property investing. Successful property investors are always looking to learn more about the local market and current property trends, and are regularly looking for opportunities to learn more about the industry. They seek out mentors who can help them learn the ropes, they read everything that they can get their hands-on, and they listen to top property investing podcasts whenever they get the chance. They understand that the more they know, the better they’ll be at their jobs. Start by taking the time to develop a basic estimation for renovation costs, researching different economic factors that drive a particular market, and honing in on your ability to recognize an undervalued property and see its potential.
When you know better, you do better.
One of the most significant advantages of investing in property is that it is something that you can do on your own time. You can be your own boss, make your own schedule, and work as hard or as often as you want. But having this freedom also comes with responsibility. Successful property investors are disciplined and know that sometimes they have to put in extra time or extra effort to be successful. Being disciplined also means knowing when to say no to something so that you can say yes to something else. It means setting a budget and sticking with it, honoring your commitments, and putting effort into setting short term and long term goals and doing whatever it takes to reach them. Self-discipline means doing what needs to be done, even if nobody is telling you to.
Top property investors think outside of the box. They look at every aspect of their investment, from the marketing to the renovations, through a creative lens. The best property investors understand the value of using traditional investment strategies but also know there is power in doing things a little differently. This could look like getting creative in terms of financing, marketing, and even renovations. Creativity helps property investors see things in a way others don’t.
Property investors are always in the middle of a conversation with someone. Whether it’s an email exchange with a contractor or a phone call with a tenant, property investors are always thinking, listening, and communicating. The best of the best have mastered the interpersonal skills that help them network, build relationships, and establish trust. They listen carefully to what others are saying, they are intentional about transparency and clarity, and they’re honest. Communication is a critical part of a successful investment strategy because you can’t do it on your own. You need the help of other industry professionals to get the job done.
Investors that let out their property have an obligation to their tenants to communicate honestly, with clarity, and promptly. Tenants who feel heard and have an open line of communication with their landlords are typically happier, treat the property better, and stay put longer than those who struggle to communicate with their landlord. It is always in a property investor’s best interest to consistently work toward being a better communicator.
While property investing can be a fast-paced strategy, there are also times when things slow down. Work may not always get done as quickly as you’d like, homes may not sell as fast as you want, and approval, signatures and other formalities can (and will) test your patience. But top property investors not only have exceptional time management skills, they also know the power in patience. They’ve experienced what happens when you try to rush a job or jump into something too fast, which has taught them to wait, analyze, and wait some more.
Your property investment journey is as unique as you are. Your reasons and strategies for investing are specific to your story and your experience, and you will bring your strengths and abilities to the table in a way that nobody else can. If you want to be a top-performing property investor, you must be your authentic self. But you also must focus on your patience, your communication skills, your creativity, self-discipline, and quest for knowledge to truly stand out in the industry.