Once I decided that I wanted financial freedom and that I was going to be a property investor, I was very conscious that I needed to get educated and develop the right mindset and skills. I feared making costly mistakes that could set me back or destroy my dream.
When I tell people, I am a property investor, they often ask how I became a property investor and what qualifications are needed. They are surprised when I tell them that I do not have any specific Property Investors qualifications. However, over the years, I have invested heavily in property mentors, workshops, and courses.
Based on my years of experience of being a property investor, there are several skills that I think are important for property investors. The below skills are ones that I continually look to develop.
1. Self-Belief – “If you can conceive, it you can achieve it”
When I started, I had a negative mindset with limiting beliefs. These served no purpose, other than to hold be back from my dream. For those of you that have low confidence or esteem, its essential that you realise too that they will hinder your progress and achievement. There are many ways to overcome your limiting beliefs and build your confidence and self esteem. Some of the ways include having a personal development coach, reading personal development books, listening to personal development audio. Attending workshops and courses.
2. Knowledge – ”Knowledge is Power”
When I started, I knew little about property investment, I feared making costly mistakes and losing money. That is why I embarked on a journey to get educated. There are many different property investment strategies to learn about, some work well in some areas and not so well in others. There are many ways in which you can learn about the difference strategies, having a property mentor, attending courses or workshops, reading books or online research.
3. Financial
You will need to be able to calculate whether your property deal stacks up. You will need to learn to how to finance the deal and the options available to you to finance property deals. Failure to develop your financial skills could be detrimental leading you to lose money rather than make it. It is worth getting a good financial broker in your team, they will be able to help you leverage finance to secure your property deal.
4. Network – “Your Network is your Net Worth”
To be a successful property investor is it important to network other professionals with the industry. The good news is there are plenty of opportunities to network. You will need to build a team of professionals, this will include a financial broker, solicitor, other property investors, architects, estate agents, letting agents, builders…. It is often referred to as building your power team. It will pay you dividends if you dedicate some time to attending property investor network groups. You will enviably have to conduct due diligence on any professionals you would like to work with.
5. Research
As a property investor you will need to gather information, interpret, and evaluate the findings. The good news is there are quite a few online tools for property investors. They will help you to delve into statistics such as demographics, local economics, and history of the property. Your research should always include liaising with other professionals such as estate agents, letting agents and local councils. The art of research is being to know what information is relevant to successful support your chosen property investor strategy. What information will give you enough insight back up your property deal.
6. Negotiation
Once you decide on which property investment strategy you would like to follow, you will need to polish up your negotiation skills. This is another important skill to harness and develop. Many property investors use the term “Below Market Value” to successfully achieve this you will need to learn basic negotiation skills. There are many aspects to negotiation sills some include ability to build rapport and asking the right questions.
7. Resilience
It is important to develop ways in which to effectively manage during stressful times. Being a property investor is not always plain sailing. You will inevitably come to difficult and challenging times. Your ability to manage your emotions and not let them get the better of you. Strengthening your resilience can be done in a variety of ways. One of the key ways is to be open to personal development. I have found that this has helped be bounce back from difficult situations when they arise.
