10 Top Tips for finding your perfect property strategy

10 Top Tips for finding your perfect property strategy

Getting started in property can be extremely overwhelming. There is so much information that we can access but there’s no real clarity about how to actually put it all into practice. These top tips will provide some clarity to help get you going.

1. Ask yourself ‘Why do I want to work in property?'

Many people get into property because they believe that it will allow them to easily reach financial freedom in a short space of time.

What they don’t understand is that it actually takes a lot of time, effort, devotion, passion, and commitment to become successful in property.

Establishing yourself in the property sector can be difficult, therefore you need to determine what is driving you to want to be in it. These drivers that you determine will then help you throughout your property journey and encourage you to not give up when it does get more difficult.

2. Understand the Types of Strategies

There are various strategies that you can take, and you need to determine which route is best for you.

Are you looking to replace your monthly income or build lots of capital and cash? You need to determine your key goal as this will help you, to determine the best strategy available for you.

If you are looking to replace your monthly income, some of the possible strategies that could work for you are:

  • Buy to Let
  • But to Rent
  • Serviced Accommodation
  • HMO

Alternatively, if you want to build pots of cash you could look at some of these strategies:

  • Commercial to residential
  • HMO (if you are selling to an investor)
  • Refurbishment

3. Understand Yourself

What are your personals goals and values? I truly believe this is a large factor influencing which strategy you should choose. For example, one of my key values is to always add value. Therefore, I always choose projects that I can add value too. Because of this, I find myself leaning more towards the commercial to residential strategies where I can add true value. If you understand and determine what your personal values are it will help you to choose a strategy that reflects and suits you.

4. Ask yourself, ‘What assets are available to me?’

Understanding what assets are available to you could help you in your property career.

The four main assets to be aware of are time, money, information, and network. Understanding which assets, you have more off could help you choose a strategy. For example, if you have lots of time, you can choose a strategy that will allow you to maximise the use of this asset and dedicate your time to a more time intensive asset. On the other hand, if you have more money to invest, you may choose to become hands of and become the equity partner for someone’s deal.

5. Establish a Monetary Goal

You need to ask yourself how much money you would like to make in a set period of time. This will really help you to pick a type of strategy. If you want you want to have a pot of cash of £100,000, then you should look at going down the adding value and trading route. However, if you wish to earn a more passive monthly income of £5000, then you should look at strategies where retention is key.

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6. Desires vs Needs

So, you have determined what you want, and you have begun to understand yourself more, now it’s important to consider what the area needs. The area and strategy need to go hand in hand, for example it’s no good choosing a village area and wanting to do a commercial to residential strategy because the area is too small and there would be no demand.

7. Pick a Strategy

Ultimately you need to pick a strategy. This tip is that simple. Only you can decide which route you should take depending on your own values and drivers.

8. Specialise in a Single Strategy

One of the main problems I have seen throughout my own property journey is many people make the same mistake of trying to become specialist in a range of strategies. Putting it simply, this doesn’t work. Especially when you are new in the industry, I strongly believe that you need to focus your energy on one strategy and get that one right. This will enable you to research and immerse yourself into that one chosen strategy which will serve you well in the long run. Also, by sticking to one strategy you will be able to increase and expand your network with like minded individuals.

9. Set Achievable Goals

Setting goals is vital to maintaining a positive and focused energy throughout your property journey. Therefore, it’s important to set smaller achievable goals alongside your monetary goal. Setting these smaller goals will help you monitor your success throughout your journey.

10. Perseverance and Persistence

Property is a complex journey and I really want to stress to you that you aren’t going to step into the industry, click you fingers and then become financial free. That’s just not the reality, it takes a lot of time and determination. However, I believe this industry is a fantastic industry to work in, its engaging, challenging and ultimately encourages you to grow to reach your desires. But ultimately you must persevere to overcome the hurdles and be successful.

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