The total value of Australia's residential dwellings has passed $10 trillion for the first time.
The latest figures from the Australian Bureau of Statistics show the value of 10.8 million dwellings rose by $221.2 billion in the March quarter, meaning average values now stand at $941,900 - up from $925,300 in the December 2021 quarter.
But when it comes to investing in property successfully, it isn’t as simple as just going out and buying that property down the road or around the corner!
So what does it take to become a successful property investor?
Here at The Property Mentors we’ve identified three fundamental areas that any investor needs to master before they are truly ready to invest in property, successfully:
- Emotional readiness
- Financial readiness
- Educational readiness
Given the potential challenges facing the property market, we’ll take a good look at what investors need to become educationally confident and ready to invest. Because when it comes to investing, education always comes before results. Why? Because most investors will fall into three main traps.
Which investor type do you identify with most closely?
Some investors jump the gun. They’re keen to get started, but this can see them making huge financial commitments with very little technical knowledge about the property market, how it works and how to build (and grow) a successful portfolio.
Other investors jump from one investment strategy to another without having a clear overarching plan. In fact, there are so many strategies for investors to try, it can be difficult to identify which ones actually work!
Finally, there is so much information out there that some investors become overwhelmed with information overload…and they end up doing nothing at all.
To avoid these pitfalls, your education must relate directly back to the specific goals you want to achieve. In the words of Luke Harris, CEO and founder of The Property Mentors:
Being educationally ready means you need to seek out information that’s directly relevant to your circumstances and long-term plan. This way you’re learning about strategies and properties that actually benefit you, rather than taking a broad spectrum approach and hoping that somewhere in there is the golden nugget of information you need to succeed.Luke Harris, CEO and founder, The Property Mentors
How can defining your goals and focusing your education help?
The good news is, focusing and refining your knowledge not only means there’s no need to be an expert on all things property, it saves you time on background research so you don’t chase down tactics irrelevant to your circumstances. This allows you to reach your goals efficiently, and without unecessary distractions.
After all, no one can ever get to the point where they know absolutely everything there is to know about property! And with an unlimited amount of ever-changing information out there, and with laws and legislation being updated regularly across states and councils, knowing as much as possible isn’t necessarily as helpful as it sounds! In fact, the more you learn, the more you realise you don’t know.
It is what we think we know already that often prevents us from learning.Claude Bernard
That’s why surrounding yourself with a team of industry experts is vital. Combining relevant information with the right advice, at the right time, means you can create an informed and educated plan of investment attack, while preventing you from making expensive mistakes.
Happily, as your education and experience increases, so should your investment results, and with each purchase you’ll become a better investor.
In Luke’s practical words and down to earth advice:
What we do as mentors is help people outline and document their long-term goals, teach them what they need for their own particular plan, and fill in the educational gaps along the way. Those just starting their investment journey with us find it comforting to know that they don’t have to be an expert in everything property before they can get started – we often save them months, if not years, of valuable time in the investment market!Luke Harris, CEO and founder, The Property Mentors
To get started on your property journey today – or to grow your portfolio faster – book in a discovery call with one of our mentors today!
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Join the Property Mentors
The Property Mentors assist with strategic property sourcing, fixed interest investments and planning. Whether you are just starting out or already on your property journey The Property Mentors can provide the guidance you need.