4 tips for a strong property investment plan

We completely understand - the property market can often feel like a daunting place.

The uncertainty, high stakes, and all of the technical bits and pieces, like loans, taxes and insurance can make for an experience where things seem too difficult to try.

Like with anything though, it’s the first step, when you’re unsure and lacking the knowledge and confidence, that is the trickiest to take. Jumping out into the blue with no backing or plan can feel like you might be throwing unnecessary money down the drain, with constant doubt and worry kicking in to make the experience FAR too stressful.

Ever felt like this with anything? Maybe it was an investment, a new business, or even something as simple as cooking a new meal!

We can all feel out of our depth sometimes, it’s only natural. BUT, the best way to ensure that we’re confident and able to take a step in the right direction, knowing we can trust our judgement and decisions – is to have a STRATEGIC PLAN.

This is also true for any property investment journey – a strong plan gives you the peace of mind to be confident in your direction and steps.

To make the most of Australia’s skyrocketing property market, it’s important to have an effective plan – stick around for our top 4 tips to help you out

1. Don’t be afraid!

   This is definitely the single BIGGEST piece of advice that we can give!

   As we’ve already mentioned, taking the first step, no matter what it is, is often the hardest. Uncertainty, lack of knowledge and prejudice are major factors stopping us from taking action in our lives, and it’s no different in the world of property investment.

   Action breeds action.

   It’s one of our go-to sayings, as it perfectly describes how important that first step is - without taking action to set in place a plan, there’s no way to achieve our goals.

   That first step might even be as simple as reading this blog, or chatting to a friend. No matter what it is, putting yourself in the space to learn and grow, will help you to achieve those goals.

   So, don’t be afraid to jump into the situation to kick your goals and set a strategic plan in place - reach out, get some advice from someone you can trust, figure out your tangible goals, and you will be well on your way to creating an effective strategic plan, tailored to your needs.

2. Identify YOUR specific goals!

   No plan is ever going to work if you don’t have GOALS!

   The most important thing with a goal, is to have something that speaks for you and your unique situation. Funnily enough, as investment property experts, we frequently see that people have small goals that they come up with just because they heard someone else do the same thing. Maybe it was a friend that said that they want to purchase a couple of properties down the track, we’ve even had people find their goals from people online, saying that they should own 4 investment properties by 2025 - no reasoning, background or individualised concept, just a random goal.

   So, the moral of the story is that your goals need to be specific to YOU! Don’t stress about trying to be in an identical situation to someone else, create objectives that work for you, your family, your life, and where you want to be down the track.

   Ultimately, this is a major key to ensuring that your strategic plan fits your life, and is as effective and efficient as possible in bringing you the long-term success you deserve.

3. Have measurable targets and direction

   The next key thing to ensuring your strategy is set up to be productive, is the idea of having measurable targets.

   This pairs perfectly with the notion of having goals that are unique to you, as tangibility, at its core, promotes specificity. Specificity toward your goals, direction and planning.

   It’s easy to say, ‘hey, I’d love to own 3 investment properties by 2025’. But is that specific and measurable?

   Nope!

   Think more along the lines of figuring out values and measurements for your goal. Instead, you might say something like ‘Yep, my plan is to own three investment properties in South East Queensland by 2025, 2 of which I’d like to build on new land and spend around $700K, and the last, around $900K’.

   See how that makes things so much more REAL. It’s a measurable target to work towards and has a specific outcome. Keep this in mind when thinking about how you want to build your investment plan!

4. Get some professional and impartial advice

   In order to ensure that you’re heading in the right direction with your goals and ideas, it’s important to gather some information from a professional in the field.

   You might be thinking ‘Cut it out, you’re just trying to sell yourself!’. BUT, at the end of the day, it doesn’t matter where your expert advice comes from, as long as it’s from someone you can trust.

   Trust is the key to building a plan centred around success. Trust yourself to have the understanding and baseline to make good decisions, and trust those around you to help you support YOUR goals.

   We stress YOUR goals, as often, people offer advice with the ultimatum to gain on their end, whether it’s a builder telling you to buy in a specific area, or a real estate agent that only knows a couple of blocks in their town. Ultimately, impartial advice works to gain insight into all available options, seeking the best outcomes for your unique situation, and strengthening your plan all the more.

   When all is said and done, your property investment plan comes down to taking the steps to implement your goals in an effective and strategic manner. At Propell, we live and breathe your experience, and nothing makes us happier than seeing your unique plan work for YOU.

So, if you’d like to chat more about tailoring a property investment plan to your life, goals and circumstances, give us a call on 1300 776 735, or send through an enquiry HERE, we’d love to help you out!