When we check in with investors who’ve bought with us in the past, there’s one common regret: they wish they’d started sooner.
So if you’ve not started in your property journey, or you’ve been dabbling but want to take it much further, we’ve identified five actions you can take right now to propel you towards property success.
Pick at least one, make a small commitment to take action, and make sure you’re not looking back in years to come wishing you’d done more.
1. Set a goal, and commit to achieving it
It’s an old cliché, but it’s true: if you don’t know where you’re going, you can’t know how to get there. That means you need to define a goal that motivates you to take action. Here’s how:
Start with the end in mind
Write down in detail what your ideal life will be like when you retire:
- How old are you?
- How much monthly income do you have?
- Where do you live?
- How do you spend your days?
Most people just muddle through life without thinking too hard about where they want to end up. By knowing your destination, many of the actions you need to take will just fall into place.
As we wrote recently, vague goals like “I want to be wealthy” will get you nowhere.
Instead, get SMART: make your goals Specific, Measurable, Attainable, Realistic and Timely.
“By the time I’m 50, I’ll be generating £50,000 net profit from my property portfolio” could be a SMART goal – but only you can know whether your goal is realistic. It needs to be ambitious enough to make you stretch, but not completely impractical (like it would be if you were 48 years old and had no savings).
2. Educate yourself
Even when people come to us for our expertise in planning their property portfolio, we’ll always recommend that they do their own research as well.
Educating yourself in property will motivate you, and give you confidence in objectively assessing any advice you get. Here are some of our favourite resources:
Rich Dad, Poor Dad by Robert Kiyosaki is the book that’s probably motivated more property investors than any other. Its lessons are simple, but so powerful that we’ve put together our own guide to what it can teach you about property investment – you’ll find it inside our free Property Investment Toolkit.
The Richest Man In Babylon by George Clason is another highly accessible book about investment and financial success, and The Millionaire Next Door by Thomas Stanley uses years of research to prove that success doesn’t always look like you’d expect.
Start with the UK’s number one Property Podcast, The Property Podcast. Presented by our own Rob Bence and the Property Geek, Rob Dix.
The Property Geek Podcast, is another podcast you should be listening to, an expert in a different area of property investment is interviewed every week.
Finally don’t forget to add Property News Radio to your podcast list, it’s a quick round up of all the property news each week. Saving you time and increasing your knowledge.
There’s a shortage of blogs about property investment in general terms, but you can get some excellent insights into specific strategies. HMO Landlady, for example, writes about the experiences she has letting HMO properties to “challenging” tenants, and What Sam Saw Today covers property development and auction purchases.
There’s also a selection of regular contributors with different perspectives at Property 118. And, of course, we go out of our way to publish regular educational, motivational content for free on the RMP Property blog
3. Become part of the community
When you’re alone, and maybe surrounded by friends and family who seem to be doing their best to discourage you, it’s easy to lose faith that it’s possible to do anything to improve your future.
That’s why it’s beneficial to find a new peer group of ambitious investors. You’ll be inspired by people who’ve already achieved great things, be exposed to new ideas, and always have someone to ask for advice when you’re unsure.
There are groups all over the internet talking about property 24/7 – you can use them to get advice on specific issues, but it’s also addictive just watching the conversation.
The UK’s friendliest property forum is The Property Hub, it’s full of helpful people sharing their knowledge and experience.
Property Tribes is known for being supportive to new investors, and if you’re a Facebook user you’ll find more advanced discussion on the UK BMV group. There’s also the forum at LandlordZone, which is mainly about the nitty-gritty of being a landlord but has some broader discussion about investment too.
Even if you never send a single tweet yourself, you can learn a lot by just following some experts in the property industry. In just a few minutes each day you’ll get a feel for the issues that are concerning them, and be able to follow links to articles they find interesting.
The secret is following the right people, so we’ve put together a list of the top property tweeters – just follow the list, and you’re away.
Sometimes, it’s helpful to get out from behind your laptop and meet fellow investors face-to-face. There are networking events in most major cities in the UK: you can find one near you by just Googling “
Build a professional network
As well as more general connections, you’ll need a specific team of experts to advise you: a mortgage broker, an accountant, a solicitor, and so on. We can help you by recommending some independent professionals, or you might meet others at events or while reading online.
The best professionals will be much more than service providers: they’ll proactively advise you, and be looking out for your interests even when you’re not in the process of making a purchase.
4. Work on your mindset
The UK is a nation obsessed with property, but only a tiny fraction of the people who talk about property investment actually go ahead and do it.
If you want to become a doer rather than a talker, the only obstacles are inside your own head.
Overcome your mental barriers
Investing a lump of your savings, and possibly taking on some mortgage debt, is a scary thing. It’s all too easy to give in to that fear, and watch the years fly by while you make excuses not to get started.
So be honest with yourself about your fears, and confront them head on: write down every negative scenario you can think of, and what you’d do if it happened. Just having them on paper and out of your head will make a big difference.
Then, think about the consequences of carrying on as you are, without making solid financial plans for the rest of your life. You might find your conclusions far more scary than even the most nightmarish investment scenario.
Take an honest look at your habits
We are our habits, and all successful people underpin their achievements by thousands of small, habitual actions. Put simply, successful people act very differently from unsuccessful people.
Inside our free Property Investment Toolkit you’ll find our guide to the seven habits of successful property investors. See how many you’re doing already, and resolve to work on the others.
Get over analysis paralysis
Paradoxically, there comes a point where the more information you have, the harder it is to act. It’s easy to fall into the trap of always thinking there’s a perfect solution just around the corner, and endlessly jump from researching one strategy to the next.
If you find yourself at this point, you might find it useful to give us a call – we can answer your questions, talk through your options and help you focus on a plan that gives you the best chance of success.
5. Take action!
All the education and inspiration in the world is useless unless you act on it – but taking action doesn’t have to take over your life unless you want it to.
Take a small step every day
Don’t be daunted and feel like you need to start doing everything all at once. Tiny changes compound over time, so even if you just start spending 15 minutes each day preparing yourself for property success, in a year’s time you won’t believe how much further ahead you are.
If you’re like us though, you’ll find it addictive and you’ll develop an insatiable appetite for new ideas and information.
Move forward today by calling us on 0207 148 3164. Even if you don’t feel like you’re emotionally or financially ready to invest right now. We can learn about your situation and give you some pointers in the right direction, and you’re under no obligation to come back to us when you are ready to start investing.