Jumping into the property market is all about timing, right?
You might’ve been lucky enough to read about the ONE secret formula for investing in 2024, or an unbeatable, secret property market hack, stating that you should wait until the PERFECT moment to jump into a property purchase.
Well, if you have, we’re going to have to stop you there – because, sadly, it’s just NOT TRUE!
Unfortunately, there’s no perfect way to time the market.
Often the idea that you can perfectly time the property market can cause more harm than good. This is because you can wait and wait, thinking that the stars will align to culminate in a purchase that fits everything you’ve ever dreamed of. Then, all of a sudden, you’ve missed the boat. It’s two years later, the market has jumped, and you can no longer afford your target property in your ideal location.
It’s a strange dilemma, isn’t it? From one angle, we can feel like we’ve missed out, and from the other, we feel like we’re never going to get that perfect option. It can easily lead to us just thinking it’s too late.
The late Jim Rohn, a famous American entrepreneur and author coined a term called the Law of Diminishing Intent. The law suggests: ‘the longer you wait to do something… the greater the odds that you’ll never actually do it’. This is because of the way our internal priorities work – when something is delayed, our mind loses touch with it, and we become less interested. At the same time, we also come up with new theories, worries and excuses to avoid taking that action, leading to diminishing intent, and at the very worst, inaction.
This can be applied to almost anything. We all have things in life that we wished we’d done. And maybe, we won’t ever get to do them, things like going skydiving, learning Spanish, or visiting Mars (less likely).
So, the key thing here, is when it comes to the right time to invest, our brains can be clouded by doubt, highlighting this Law of Diminishing Intent.
Instead of looking for the perfect time, or making a prediction, it’s important to look at things from a couple of different angles:
- Property investment is a long-term game.
You might’ve heard this one before, but it’s as true as anything.
At the end of the day, it’s all about time IN the market, not timing the market!
If you’ve been on the Propell bandwagon for a while, you’d know how much we love long-term property investment (check out the special BLOG here).
As much as it may seem fun and exciting to flip properties, because the shows on TV make it seem easy and stress free, it turns out it’s not as easy, or profitable as it seems.
At the end of the day, short term investment can provide success for some lucky people, but it’s no secret, people who hold onto property for the long run tend to do quite well!
With long-term investment into quality property, in the right areas, attracting desirable tenants, timing the market becomes obsolete.
- Goals and Objectives are your best friends.
As we’ve mentioned, we can so easily get caught up in the fear of the unknown, letting the future play too much into our hands – especially in this day and age, with social media pushing some much content into our brains.
The funny thing is though, we can look as far into the future as we need, by working on our goals and objectives. Tangible, realistic tailored goals are all about understanding what you want from your future – and with a solid plan, the rest will look after itself.
By doing this, you’re putting the decision back into the realm of logic, rather than emotion and discomfort.
There’s nothing more important to property investment than having a tailored strategic plan, as it helps you work towards what’s best for YOU.
But, if you feel like the ship has sailed for your investment journey, don’t stress – it’s never too late to start. Let’s cut that diminishing intent at the source. With a solid tailored investment plan, padded with strategy and tangible goals, you can be sure to jump straight back onto the right track, regardless of whether 2024 is the year of your first home, or 10th investment property.
It can be as simple as just shifting up your goals and budget to suit your current circumstances, because leaning into long term growth is what matters.
Interested in learning more about building your financial future through property investment? Our tailored Propell Property Plans are all about working with your unique goals to create long-term equity.
Give us a call on 1300 776 735, or get in contact HERE – we’d love to chat!
