Sporting Lessons YOU can take to the Property Market…
IT hasn’t been a fruitful Winter for Australian sports on the Global Stage. However, lessons learned by a lack of success in sport can translate into other areas, even real state investing.
Our house prices are finally showing some flickers of life but it has been a joyless few years for most property investors and sellers.
Many may have felt like quitting, but Tour de France 2011 champion Cadel Evans didn’t quit after twice coming agonizingly second, didn’t he? Golfer Adam Scott overcame several disappointments to historically win the US Masters earlier this year, didn’t he?
Investors can follow these five sport strategies to help them on the path to become a real estate champion.
EYES ON THE GOAL
A season is a long time, a sporting career is much longer, and a property investment should ideally be much longer still. The days of properties doubling in value every decade may be over, but over several years the forces of inflation, rising populations, interest rates, supply and demand should still see prices improve. Always have a clear long-term goal for your investments, and some sort of exit strategy.
PANIC IS FOR PANSIES
Knee-jerk reactions to disappointment are unhealthy. You should not panic if things thurn sour, but always remain flexible. This doesn’t mean selling out quickly in a slump, it means revisiting your plans and expectations, and perhaps tweaking them a little.
One thing that seperates elite sportspeople even the losers from everyone else is the sheer amount of hard work they put in. You won’t have to sweat too much as a real estate investor, unless you do your own garden landscaping, but hard work will pay dividends. Piles of research, understanding every possible tax deduction, looking after tenants and building good relationships with lenders and agents are vital.
BUILD A SUPPORT TEAM
Coaching has been a boom industry in sports in the past decade or two, Property investors should adopt a similar strategy and surround themselves with good experts such as accountants, depreciation specialists, bankers, conveyances, real estate agents and perhaps a good property manager. Flying solo is much harder.
FEED ON FAILURE
Your own failures, that is. Treat every setback as a learning experience, keeping your fingers crossed that each failure is not too expensive. If it doesn’t kill your finances, chances are it will make you stronger.
Finally, remember the sage advice given to another great golfer, Happy Gilmore, in his 1996 film: “Harness the good energy, black out the bad”