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In hot markets, investors need to make quick decisions or risk losing out on opportunities, according to a leading property mentor.
Director of Right Property Group Victor Kumar says some novice investors fall into “analysis paralysis”.
“It’s not being able to recognise value and waiting too long to make a decision,” Mr Kumar said.
When buyer competition is fierce, hesitation can mean losing the chance to purchase a property.
“Generally, someone else with a lot more experience who is more capable of making a quick decision is able to jump in and take the opportunity out from under them,” Mr Kumar said.
To be in a position to act decisively, investors need to learn how to quickly identify good value properties based on strong growth drivers, he advised.
This ability to spot good deals is part of being “investment ready”.
“This means having done all your research and having your finance approval all ready well before you actually start looking at properties in that area,” Mr Kumar said.
“You need to know the area well or employ someone like a buyers agent to help you with that,” he said.