Find out how using an investment property coach can help you make the right investments
You’ve heard of people having a personal trainer to help them keep their motivation and sharpen their focus in fitness; or a naturopath to share their knowledge and guide you through health and wellbeing. And of course financial planners are there to help steer us through our financial goals and future. But did you know there are also property coaches who can share their expertise, be a sounding board for your plans and help you make decisions about some of the most expensive purchases you will make in your life.
Property investment coach, Todd Polke, from Positive Real Estate shares his views on how a coach can help you sharpen your vision and make smart decisions when it comes to buying property
Stop buying and hoping and get a step-by-step plan
Being a property investor isn’t difficult, anyone can go out and buy a property and rent it out; but being an investor that gets ongoing results is different altogether. The truth is very few property investors ever achieve the freedom from property they desire and they remain stuck in their day jobs and then say ‘property doesn’t work’. One of the main reason for this is they don’t have a clearly laid out strategy or action plan to achieve what they want, apart from the standard strategy of ‘buying and hoping’, where they buy a property and hope like hell it goes up. To be a successful property investor and to get the results you want, you must have an effective strategy, be structured correctly, have a plan to implement it and then have someone there to guide you and handhold you along the way.
Is your strategy still relevant?
Things are always in a state of change. The property markets change, the finance markets change, the economy changes and we as individuals change. In the end our portfolio is there to help us achieve our personal goals, we need to be always adapting our strategy and portfolio to ensure it is moving forward and does not become ineffective for the current environment and ineffective for where we are in our lives and where we want to go. A good coach should always be asking: ‘Is this property or is this strategy still serving a purpose and still relevant for the current market and for our current lives?’
Time, time, time. Results, results, results
Ahhh time … the one thing everyone wants more of. This is one of the biggest reasons people get a coach, to get their time back. In life there are two ways to learn:
- From experience, which is often slow and painful, littered along the way with mistakes and inefficiencies; or
- Through coaches and mentors who have been there and done that and do it every day.
Tapping into a team of experts, who do this every day, means you start leveraging your own time, the time of others and the knowledge and experience of a team of experts, which in the end means you make the right decisions first time around, you avoid the common mistakes many make which in property are expensive and timely and you reach your goals far faster than on your own and spend less time and stress getting there.
A bit of hand-holding goes a long way
Property is not a short-term strategy. It’s not enough to go on a three-day property course and then start investing with no continued support. Stuff happens in property and in life, everything changes; the market now is nothing like what the market was three or four years ago. Property investment is a long-term strategy and having someone there to be your sounding board, to be able to call when you are unsure of something, to walk you through your due diligence and negotiating process and to fine tune your situation along the way to keep you moving in the right direction.
Stay accountable and stay in forward motion
It is so easy in life to get caught up in ‘stuff’ and to get comfortable with just going through the motions of life of ‘get up, go to work, come home, watch tv, go to bed, get up… the list goes on. A good coach will keep you accountable to yourself and to your goals and dreams and not let you become complacent. This doesn’t mean pushing you so far out of your comfort zone that you are freaking out, it just means keeping you aligned to your goals and commitments and challenging you along the way to stay on track. A coach’s job is to keep you moving forward, to educate you and to help you reach your goals. Momentum is a powerful thing.
The 5 things you should look for when finding your coach
If you’re interested in working with a property coach, it’s important to be able to connect personally. Trust is fundamental and you want to enjoy each other’s company. Here are some things to consider to help you find a professional who will align most closely with your interests and personality.
- Would you feel comfortable asking them questions and enjoy having a coffee with them?
- What have they done? Where are their results? Never be afraid to ask.
- Are you on the same page in where you are going and how you are going to get there?
- Find someone who will educate you along the way and you can grow with.
- Find someone who is going to be with you for the long term.
*Todd Polke is the Positive Real Estate's Property Investment Head Coach.