7 Habits of Highly Effective Property Investors
Updated: Mar 19, 2020
In the 1990s, you might remember management expert Dr. Steven Covey explained what he decided to be the defining characteristics of highly effective people in his book “The Seven Habits of Highly Effective People.”. Recently I listened to a Podcast from ‘Real Estate Talk’ and they discussed the ways in which these habits have a lot in common with the habits held by successful property investors.
As a property investor, I’d suggest you be proactive like Steven Covey suggested.
Be the pilot of your life, not the passenger. You are where you are today because of all the things you’ve chosen to do, and all the things you’ve chosen not to do. Either way, you’re going to either have to run the day or you’re going to let the day run you.
Begin with the end in mind.
Focus on your desired outcomes and then do what you need to do to achieve that. The key, I think, for property investors is to block out a lot of the distractions that can inhibit you moving forward because there’s always these things, so-called perceived opportunities, that if you hop onto the latest bandwagon, it takes you off track.
I think all property investors – and not just investors; businesspeople – should write down a set of goals – in property investment, it may be getting to financial independence – and then put a strategy around it. That way, it’s going to be easier for you to make decisions and not get distracted.
Putting first things first - prioritising
Develop the habit of planning and implementing activities that are going to enable you to reach them. Importantly, you learn to prioritise exactly what you said that you’re doing things in the right order.
As a property investor, I think what you have to do is keep the big picture in mind. Sometimes, you should actually say no to perceive opportunities if they don’t fit with your plans.
I suggest an investor takes personal responsibility because you can’t change the circumstances, you can’t change the property cycle, you can’t change the market, but you can change yourself. That’s the aspect you have control over.
This is basically saying you can gain more out of life through the art of cooperation than with competition. As a property investor, win-win doesn’t only apply to negotiation but, in fact, to all elements of your life. I think you should learn to be happy with what you have while you pursue what you want to have.
Seek first to understand and then be understood.
Lots of people engage in a conversation to be heard rather than to understand. I think as a property investor, there’s a way of flicking this to suggest that a lot of property investors suffer with what I call confirmation bias. What they do is they go out in the world with an answer in mind that they’re looking for, and then they search for evidence to support their preconceived idea. Instead, I’d be saying to be sceptical of any preconceptions and try to disprove your own theories rather than continually trying to defend them.
Creative cooperation amongst humans allows us to uncover all sorts of new solutions, newer opportunities there. As a property investor, I’d be putting it this way. There’s no such thing as a self-made millionaire.Every successful investor I know turns to a proficient team of consultants and to his mentors to inspire and to counsel him. The lesson is surround yourself with people who can lift you up rather than “Negative Nellies” who drag you down.
Sharpen the saw.
Your best asset in life is yourself. In order to be effective, you should really look after the tools that control your mind, your body, and your spirit so that you can maintain the balance in your life. I guess as a property investor, the message is the best investment you can make is to ensure your ongoing wisdom, don’t be afraid to invest in your education, and be prepared to learn, not only from your victories but from your mistakes.
To become financially independent, you really should be following these habits of other successful people in other arenas of life because that’s most likely going to help you to become a successful property investor.