We are fast approaching the festive season and many of us will be donning our party attire ready to enjoy some fun-filled evenings. :-) This is all well and good...in the right context. However, do you let yourself be bedazzled by all the different property strategies which are out there?
I call it the 'Glitter Ball' syndrome...
You know, the one where you listen to all the property webinars, go to all the property networking events in your area and read what everyone else is up to on the online forums. It is easy to be in awe of what everyone is doing and think that what you are hearing is the next big thing.
However, from my perspective, it can also be a big distraction off course. It is one of the biggest mistakes I see people make in this business and it can leave you feeling extremely frustrated and disheartened...
People see or read about a new strategy (which works for some investors and in some cases extremely well), and they decide to follow it. After some attempt at getting it going in their own life (although perhaps not quite enough), and when the results aren't as immediate as they were perhaps expecting, they decide to jump to the next quick fix.
In my experience, it always pays to learn how to do one thing property before attempting anything different/bigger/better. Property (as with stock and shares trading) starts with the fundamentals. Without learning about and looking at the basics of the property business and mastering those, you could find yourself in all manner of difficulties early on. Trying to do it all leads to dissipating your energies and getting poor results.
My suggestion would be to learn how to do one strategy really well before expanding your repertoire (if that's what you want to do). I have found that most people who make a success in property are the ones who become experts at their game and expand only at natural progression points in their business. In other words, they don't just go
into business, they grow
into it. Below you will find some key suggestions on how to cut away the distractions from your business:
- Choose a profitable strategy which matches your core skills
- Make sure it is one which you get excited about and that gives you a good gut feeling
- Keep yourself from getting sidetracked and stick with it
- Spend 6 months (at least!) on learning and refining your chosen strategy
- Develop your skill set, system and team
- Then and only then add another string to your bow (if appropriate)
My key message is this:
Don't make the mistake of trying to do it all now by following the glitter ball. Keep your head down, focus on your key chosen strategy and GO FOR IT!
That being said, you can still enjoy the real type of glitter ball, put on your glad rags and get out on the dance floor this season!
Here's to a jolly Christmas and profitable New Year. :-)
Hazel de Kloe
Property Investor | Property Mentor | Speaker | Author
The contents of this article are for educational purposes only and we make no recommendation of any particular investment. The price of property can decrease as well as increase and you make any investments in property at your own risk.
© Why Property Works 2015 | www.whypropertyworks.co.uk