Are you stuck in a rut on your property journey?
Are you struggling to “find a deal”? There might be some simple quick fixes, all it takes is a little fine tuning and you’ll be back on your way again!
The following points I’m going to go through are mistakes and hurdles that I’ve noticed from the clients that I mentor. Hopefully the following information will help to kick start your journey and maybe give you a kick up the bum, (if you need one that is)!
1. Sitting on your computer/tablet/phone scrolling through property search engines.
Don’t get me wrong this tool can be so useful, but I see so many people using only search engines and wasting hours a day and wondering why every time they find a good potential property deal it’s already gone. Don’t forget, you’re looking at this property along with 1000s of other people, this way of property sourcing is highly competitive. So, limit yourself to desktop property searching by allowing yourself 30 minutes a day MAXIMUM, and keep your focus, don’t look at random properties that don’t fit your strategy.
Instead of sitting on the internet HIT THE STREETS!
Get out there, talk to property agents, knock on doors, find the off market deals, talk to neighbours, give out flyers. Most of my best deals have come from sourcing them off market. So, my challenge to you is to spend 80% of your property journey sourcing without using the internet!
2. Not understanding the power of relationships
The people who know me are probably sick of hearing this from me, but I’m going to say it again. Property is about people! There is no way I would be where I am today without building relationships.
Face to face is always best but phone calls can go a long way too. Take agents, bank managers, investors out for a coffee, understand how you can ADD VALUE TO THEM.
Listen to what they have to say and be thinking about the opportunities you can give them. If the thought of this is making you nervous then GOOD, this means there’s an opportunity for you to get outside your comfort zone, which means there’s an opportunity for you to grow!
Now, don’t get me wrong, you will sometimes come away for a conversation you have had and think “Why did I say that?” Or “What was I thinking saying that?” I have come away from many conversations thinking “oh, bloody hell, I won’t say that again!” Especially at the beginning of my property journey, it’s all part of your story and you can’t worry too much about making these little mistakes.
A good tip if you’re a little nervous about building relationships and speaking to people is to build relationships with people outside of your area. For example, if you need to speak to a solicitor and you’re worried about this, then phone a solicitor at the other end of the country and just have a conversation, ask the questions you need to ask and basically test run your conversation.
3. Making excuses!
I hear excuses every single day!
“I can’t find a deal”, “It’s easy for other people because….”, “I don’t have any time”, “there aren’t any property deals in my area”, the list goes on and on.
While you’re wasting your energy on excuses other people are out there making it happen.
Only you can grow and learn and get better, no one can do it for you. You need to recognize that you’re feeling demotivated so your brain is putting language around that emotion, if you understand that this is all it is then your brain can’t talk you into giving up!
People have a misconception that the only way to succeed is to always feel motivated and that if you’re not motivated then THAT’S the problem. Rubbish! There’s days where I don’t feel particularly motivated, there’s days where my team don’t feel particularly motivated. The difference is, we carry on anyway.
Ignore the fact you’re not motivated and carry on.
Ignore your brain when it’s trying to give you excuses and carry on.
Even if you go slower that day, carry on!
4. Over analysing
Now this one is such a time stealer!
So many people find an incredible property deal, do their initial analysing of the property and then do loads and loads of over analysing, before they know it they are 3 weeks down the line and the property has gone!
When you find that property deal that looks incredible, of course it is important to make sure that the numbers are correct, the exit is viable, etc but you must take action too!
People use analysing as an excuse to not complete a task they don’t want to complete (don’t think I don’t know what you’re doing).
My advice in this instance is to make a list of tasks that you need to do and put them in order of the ones you don’t want to do and do those ones first!
I’m sure you’ve heard of the book Eat the Frog. It’s a great concept, do the task you don’t want to do first and this will ensure that you’re always moving forward.
5. Losing Focus
It is so important to always be focused when taking action on your property journey. If you work full time, have family or other commitments then mark out a specific time to work on your property journey.
So, this may be a couple of hours each morning before everyone is up, maybe a few hours on a weekend, whatever time you choose make it about your property journey ONLY. Be really disciplined and have full focus on your property journey and you will see results.
Now I know some of you may be saying “But Dan I have children around me who want my attention and I work full time, I don’t have time…” There’s no magic wand for this, however, I have helped many people on their property journey now and I can probably say that I could show you results that other people have had who have been in a similar situation to you.
You must make time, this is your life, I wouldn’t be saying this if I didn’t know that property is an amazing vehicle to get you where you want to be. You must know this by now. So connect with the reasons that you wanted to make a start on your property journey in the first place. The more you focus during the hours that you’re working on your property journey the
less time you’ll need!
So, focus, focus, focus!
As I’ve said before a property journey is exactly that, a journey. Part of this journey is connecting with yourself to identify your weak links and taking action to eradicate these.
Only in doing this will you learn and grow and have the life you want.
Always remember to make it fun!