When new staff started at our office, lunchtime conversation turned to the best advice we could give to someone starting in real estate. At Accrue Real Estate, we not only aim to assist clients with property investment but give them the benefit of our experience and knowledge so that they learn the process themselves. Through our discussion, we discovered there were commonalities between the advice we would give our new staff member and the advice we give out clients. Here’s our top four list for those wanting to invest in property and while this is about real estate, they are a fairly good list for success in anything.
- Learn from people who have been there before you.
Many, many people have had success in real estate investing. Before starting get an idea of what the property investment industry is all about and how and why profit and loss can occur. There are a large number of websites and blogs that you can explore to get this information. While there is a great deal of information, you will be able to find a few to hone in on; these will be the ones that outline clearly so you begin to understand the process. You can also talk to people; Accrue Real Estate welcome these initial discussions to help clients establish goals and get started.
- Use what you have learned
Once you have the information, you have to do something with it! There’s an old Chinese proverb that says all journeys, no matter how long, have to start with one first step. It’s no good having lots and lots of information about property investment unless you are going to do something with it. Take that first step, make that first phone call – get started!
- Take time and persevere
The first property might not be the one. The second property may be not meet the requirements either. Just as you spent time getting the information, don’t rush into the other parts of the process. Have conversations with people who know the area in which you are looking. Drive around the area at different times and use the public transport in the area. While this takes time, it is time well spent.
- Know your “why”
This is probably the most important part of property investment. Knowing your reasons for the investment drive many of your decisions. Are you buying the property for rental income? Is it an investment now but down the track you will live in it? Is it an investment for you children? For retirement? Knowing your “why” also allows you to narrow down your information search and really get to know what you need to do to succeed for your specific “why”.
Accrue Real Estate are a property acquisition service with many years of experience in the Melbourne market. If you are looking to invest, we can help you.