Expert Advice by Lindy Lear. 05/11/2015
Is procrastination holding you back from achieving your property goals?
The most common response from potential investors, when faced with moving forward to grow a portfolio is often “I’m too busy!” It seems that life is going at a faster pace, work commitments and family commitments take up most of our time and time left over for achieving our goals in property is scarce. If you are in this category and despair at ever being able to find the time to buy your first property, let alone build a portfolio of properties for passive income and maybe early retirement, read on.
Stalled at the starting gates
Budding investors tell me that they want to get started investing. They have goals, they have dreams, they want to buy property, but then life gets in the way. They are too busy to read any information, they are too busy to look at potential properties, they are too busy to make any decisions. They are stuck in their busy life today and this holds them back from creating their goals for tomorrow. Being “too busy” can manifest itself as procrastination.
Procrastination is the practice of carrying out less urgent tasks in preference to more urgent ones, or delaying or postponing something until the time seems right. Does this sound familiar?
Minor procrastination can be overcome. We all know the feeling of putting off doing today’s tasks until tomorrow when we have more time. However unless we plan for tomorrow’s tasks, are motivated to take action, and have support to achieve our goals, tomorrow may never come. Chronic procrastination can paralyze you for years. If you are unable to make a decision you can become a chronic procrastinator and may never reach your property goals.
Strong goals are needed
So how can we overcome the busy-ness, the hesitation, the delaying tactics or the tendency to become a chronic procrastinator?
I have found that keeping the big picture in mind and having big, inspirational goals is a must for all potential investors. Ask yourself what will having a property portfolio mean to you for the future? Is it a passive income, security, better lifestyle or early retirement or something else? Big goals and big plans will give you the drive.
Is fear holding you back?
What I have learnt over the years of speaking to thousands of potential investors is that procrastination is usually based around FEAR. It could be fear of making a mistake, fear of consequences, fear of failure, fear of the unknown, or fear of just making a decision. Successful investors are driven more by the fear of doing nothing and ending up with nothing, and use this to drive them.
Fear of making a mistake is common in those who need perfection in a property. I hear investors say “Unless the property is perfect I cannot buy it”. Two years later they may be still waiting for the perfect property and have passed up many opportunities. Many others have a fear of taking action to actually buy a property. It is much more fun to do all the research, go on online forums, go to seminars, talk about property with friends or read all the property books. No action will however leave them with no results.
Many investors who are hesitant can get stuck at the education or research phase. They always need more information or more detail, and have a fear of making a decision to actually buy a property. I advise investors like this to give themselves a deadline, otherwise they can become chronic procrastinators. Even those who look at potential properties to buy become overcome with fears around their finances, signing of contracts, the risks of buying in that area, the risks of not finding a tenant, the risks of the property being damaged and give up. They let the fear of the unknown overcome their property dreams & goals.
Do you need help to overcome your fears?
As a property advisor I love helping budding investors overcome fears that may lead to procrastination. There is no fear that cannot be overcome by having great support, advice and guidance from someone more experienced, who understands what it is like to feel “too busy” most of the time. I believe you can achieve your goals through property investing. Are you coachable enough to take a helping hand when you need it to overcome your fears? Your success may be just around the corner.
Lindy Lear is a successful property investor who had a late start into investing, yet she built a portfolio of eight properties in just three years. She is a qualified property advisor and general manager of Rocket Property Group, and she won the Reader’s Choice Award in 2009, 2012 & 2013 for Property Investment Advisor of the Year. Lindy is passionate about helping others realise their goals through investing in property, and can be contacted on Ph: 1300 850 038 or visit www.rocketpropertygroup.com.au
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Disclaimer: while due care is taken, the viewpoints expressed by contributors do not necessarily reflect the opinions of Your Investment Property.