For most people, building even the smallest amount of property wealth takes years of education.
Books, blogs, podcasts, workshops… you could go through thousands of these and barely scratch the surface.
But building real property wealth takes more than listening to a few podcasts.
The world’s most successful investors have powerful habits that dramatically boost their property investment results…
Habits that put them in a whole new league of their own.
In this post, I’m going to walk you through the 10 proven habits of professional investors that will allow you to dramatically boost your property investment results.
Habit #1: They understand the market is unpredictable
Successful investors know that the future isn’t set in stone.
They know that despite having plans and strategies in place, there are always things that can come out of left field. They protect themselves by hoping for the best and planning for the worst.
Habit #2: They know that success won’t come overnight
Successful investors don’t look for the next “get rich quick” scheme – they take a long-term approach to investing that makes them more likely to succeed financially. They set themselves up by living within their means, budgeting and saving. They invest their money and keep reinvesting until they grow a substantial asset base.
Habit #3: They don’t wait for the right time to buy
True investment professionals know there isn’t a “right time” to do anything.
They gather the necessary information quickly, make an informed decision and then take the appropriate action.
They’re able to see the big picture and don’t get caught up in the detail. And even when they don’t have all the information they need, they believe it’s better to make a decision with some information, than to make not to make a decision at all.
Habit #4: They don’t accept things without questioning
We love to be right because it helps us make sense of the world.
One of the ways we try to be correct is by looking for evidence that confirms we are – what psychologists call confirmation bias.
Property investors especially tend to hunt for information that confirms their hunch about a property strategy, region or trend. In my experience, I’ve found these types of investors are over-confident and end up making the least money.
It seems we like to be right, even if it costs us money.
Habit #5: They don’t try and do it on their own
Successful investors know that if they’re the smartest person on their team, they’re in trouble!
They prepare by paying good advisers and having mentors that inspire and motivate them, whilst keeping them accountable.
Habit #6: They don’t give others the power to define “success” for them
When you compare yourself to others, you let the outside world control how you feel about yourself.
Successful people pursue what makes them happy without worrying about what other’s think.
What’s more, while many people measure success in dollars, successful people recognise true wealth is what’s left after you take away all your money and assets.
You need money plus your health, money plus family and friends to share it with, money plus time to appreciate it, and the ability to keep growing and learning.
Habit #7: They don’t waste their time worrying
Most things we fear will happen, never do.
And if they do happen, then they’re not as bad as we expected.
You shouldn’t take things too seriously because what may seem like a big problem now, you may not even remember in five years time.
Habit #8: They don’t dodge their responsibilities
We’re all human, so of course we’re going to make mistakes. The big difference is that successful people are willing to accept responsibility and admit their faults.
Sometimes negative experiences, failures and mistakes can be even better than success because you learn something new which another win could never teach you.
Habit #9: They don’t ignore problems
Successful people tackle their problems as soon as possible.
Like all of us, they’re tempted to neglect the difficult things, but confront them anyway, because they know that putting off a problem only turns it into a bigger one.
Habit #10: They don’t speculate
Successful investors follow a time proven strategy that they repeat again and again.
Rather than following the latest fad, they do one thing a hundred times until they become efficient and can produce repeatable results.
It may make their investing boring, but their lives are much more exciting as a result.
Still here? Great!
If you want to learn more about the investor mindset and what it takes to be successful in property, get in touch with Adpen. We’re currently holding a limited series of property events that you will not want to miss out on.