5 Tips on how to get started in property investing

1.Be realistic with your time

When you’re in some form of employment, you need to be realistic in terms of your time, skillset, area, and ability to do certain things like refurbishment management, viewings, vendor negotiation.

Because if you bite off more than you can chew, the reality is that you will struggle to keep the consistency and when it comes to property investing, consistency is key.

Many people get started that dabble, that make false starts almost, and then they fall by the wayside and lose any sort of momentum. More often than not, it’s because the distraction of employment, family life, whatever it is, takes over.

They didn’t have the right plan, they didn’t have the right motivation or focus, and it means they fall off the wagon, so to speak, and don’t get the results they want to get.

So by being realistic, it will help gather that momentum, get to the revenue you need, and allow you to commit to property investing more and more so that when you are in a place to go full time, you’re already financially secure.

2.Practice Time Management

How much time have you available to dedicate to your property journey, and is it enough time to do the things you want to do?

Now the beauty of property is that you can do it in an hour a week, you can do it in 5 hours a week, you can commit to it full time per week, but what you achieve in that time is what’s important to make sure you’re doing the right things. 

The most effective things will give you the best chance of maintaining that momentum. So you need to be very strict about mapping out a diary and a timetable of what you currently do.

Using a spreadsheet, a calendar, or a Google calendar, break down all your commitments into half-hour blocks and make sure that you note anything you are currently committed to. That might be commuting, your current work, family time, kids’ clubs, sports, hobbies, everything that takes up your time on a daily basis.

You’ll then be able to identify the free time you have or the time you currently waste so that you can be dedicated to doing more property-related things.

Doing this whole process will give you a much clearer idea as to how much time you’ve got to commit to property and then what you’re going to do.

3. Learn Task management

Of course, there are certain things that you do in property that take time, and certain things will have a bigger impact on the results you get, especially when you’ve got limited time available.

For example, going and viewing ten properties a day every day of the week for the next three months, if you’re working full time, is highly unlikely to be something you can achieve. 

However, by making a very clear path around what you’re looking for – the property types, the agents that have got them on. And then making very few viewings, but viewing the right properties for you – for the strategy, for the focus you are on, then that’s going to be a much smarter use of that time.

You’ll also have tasks that you can leverage, such as direct mail campaigns, Facebook ads, pay per click advertising – stuff that can be done whilst you’re at work. For example, suppose lead generation campaigns are sent out while you’re working. In that case, you can allocate some time daily every other day dedicated to ringing those people, having those conversations and making those offers.

So knowing how much time you’ve got available and then identifying the key tasks you can do in those times will undoubtedly give you that head start over what other people are currently doing.

4.Remember, slow and steady wins the race. 

If you come out of the blocks too fast, you’re going to become overwhelmed; you won’t achieve the consistency or regular activity that you need to build a solid property foundation for your property business. And that means that you’re going to, very quickly, lose confidence, lose consistency, lose motivation.

It can lead to ‘shiny penny syndrome’, distraction, or simply going back into your daily routine, forgetting about your property, only to revisit it again in a few months when the reality of why you are doing it in the first place sets in.

So remember, identify little bits, keep taking little steps forward, do those viewings, analyze those deals and make those offers. Because those little slow, steady steps will be what progresses you forwards towards the goals you want to achieve.

And then, of course, that will make sure that you are in a great place with a solid foundation to build that property business for the future.

5. Set Goals for your property investing

Then last but not least, it’s about goal setting and remembering why and what it is that you are doing it for. 

Because ultimately, a lot of times, people want to get out of work, leave employment, have lifestyle and financial freedom, which is all the enjoyment that property business building can bring. But they don’t actually put a tangible goal with it.

They don’t put that big future goal of what the lifestyle will look like when you hit that goal. What are you doing daily? Are you at a beach? Are you going around property projects?

Everyone has a very different vision of what the future might hold, and that vision will be achieved by having multiple goals spread out over the next one, three, five years. 

Once you have those goals mapped out, you need to break them down into smaller goals or mini-goals, starting with the first year.

It’s those mini-goals that will keep you moving towards that big goal. And remember, for each & every mini-goal you hit along the way- celebrate it, it will help you keep that momentum and remind you why you’re doing it.

But without those goals written down, planned out, and broken down into bits, you’re not going to achieve very much. You’re not going to feel like you’ve got that momentum or moving forward. You’ll forget to celebrate those wins, and you’ll get easily distracted and lose momentum. 

That’s not what we want for you at all. By managing your time effectively, you’ll have the consistency you need to take those small steps towards your goals and give you the best chance for your property investing business to succeed.