Plenty of people make New Year’s resolutions, most commonly to lose weight, to change jobs, to buy their first investment property, to buy their third investment property, to achieve previous goals that remain unconquered. Within a week or two we usually fall back into old habits and quietly forget we decided to make a change at all.
Make 2019 your year
Even when things in our lives are on track, we all have room for improvement, property investors included. The key to making a New Year’s resolution is remembering the change will have an effect somewhere down the road. Even the small, minor adjustments we want to make in our day-to-day lives can be huge and a small change in our thinking or a small declaration can make 2019 a big year for property investing.
Reassess your long and short term investment goals
The New Year is a great time to take a look at your goals. If you’ve found yourself off track, you can plan to get where you want to be by revising your short-term goals. Meeting with a Financial Advisor at the beginning of the year can also be of benefit. After investing for some time, you may find that your long-term investment goals have change. Even if they haven’t, the New Year is the perfect time for property investors to evaluate their current situation and plan for the year ahead.
Improve your investment portfolio
Is 2019 the year to expand and diversify your property portfolio? Or perhaps you found your niche in 2018 and need to sell properties which no longer suit your needs? Either way, start 2019 by consciously planning how you want your property portfolio to evolve this year.
Network with other property professionals
Very few people enjoy networking. Still, it’s a vital part to any successful business. It is important to have open lines of communication and advice with property professionals, such as a Real Estate Agent, a Property Manager and your Quantity Surveyor to arm yourself with some basic knowledge of the market to keep on track of how your investment is performing. It will also give you more confidence when dealing with other professionals to ensure you’re not being taken advantage of.
Read the BMT Insider blog post, ‘9 experts you should have on your investment team’ to assist you with choosing the right professionals for your team.
Commit to learning something new
Over the course of the year, it’s easy to get wrapped up in your own investments and not keep abreast of what’s happening in the market that could have an impact. In 2019, dedicate yourself to staying informed on what is happening in the area where your property is based. There are also many resources out there you could use to improve your investing knowledge from books, blogs, magazines and online resources to information nights and investing courses.
Our Research and Insights tab within MyBMT is the perfect place to stay informed to help guide your investment strategies.
Focus on being disciplined in 2019
Make one of your New Year’s Resolutions to be more disciplined with your property investments. Plan better, get more organised and work on clearly communicating your needs and future vision. Where can you make improvements? It could be as small as getting a new Financial Planner or it could be as big changing your approach and property plan entirely.