Education is one big first step most budding property investors take to jump-start their property investment journey. However, many field experts and professionals believe that learning – whether from textbooks, colleagues or mistakes – should never stop once an investor is in the field, and even after he finds success in it.
According to Right Property Group’s Steve Waters: “(Keep educating yourself) because the market changes dramatically in short periods of time, as does finance and everything else, as do your goals because as your family expands, your goals change. Your strategy needs to be fluid enough to change with your goals.”
Aside from being helpful in setting goals and forming strategies to achieve them, being educated could also arm an investor with the ability to discern good choices from bad ones, as well as sound advice from ones that they could just ignore.
Most property investors panic at the sound of “doom and gloom” headlines, but successful investors can tell you that ignoring most of the noise in the media could actually be beneficial to one’s investment journey.
“You need to be very aware of the media and why the media is there. Media, they talk about headlines, doom and gloom, make or break, the skies falling in ... There’s truth somewhere and everyone’s version of the truth is going to be very different, but what you’re doing is understanding. You’re arming yourself with as much information as possible so you could determine what that is and be responsible for actions that you take,” Smart Property Investment’s Phil Tarrant said.
As in most cases, getting in touch and building relationships with field experts and professionals could help investors in navigating their way through the vast and complex landscape of property investment.
According to Phil: “You can do it all yourself if you want, but you need to understand are you equipped enough? Do you have the skills, the best skills to be able to make the best decision when it comes to investing in property? I’m a massive advocate of getting other people to sort it out for you because I’m good at the media, (but) I’m not that good at investing in property, and there are guys infinitely better than me at it.”
Tune in to The Smart Property Investment Show’s special episode at the Property Buyer Expo to know more about setting goals, repaying loans and working your way up the investment ladder through good education and the right strategy.