Speaking on the Smart Property Investment Podcast, Lachlan Vidler, Director of Atlas Property Group and Board Member of Property Investment Professionals of Australia (PIPA), provided listeners with his five-step guide to achieving your property goals. this coming year.
Step One – Goal Setting
For Mr. Vidler, the most important step to achieving your real estate goals in the new year is setting goals. But the most important thing is not the act of setting the goal but of following it. Only 8% of people would stick to their New Year’s resolution or goal; for this reason, it is crucial that the objectives set are followed.
An important factor in goal setting is making sure your goals are “smart” goals. In other words, they are “specific, measurable, achievable, realistic and time-bound”. Setting smart, achievable and compound goals is crucial for those aiming to achieve their 2022 property this year.
Another important factor that Mr. Vidler pointed out is the aspect of accountability. By sharing a goal, whether “I want to buy a property this year” or “I want to expand my current portfolio”, sharing and accountability are essential to ensure that all set goals are achieved.
Step two – plan, plan, plan!
Keep it simple, stupid (KISS) is key to planning and achieving your real estate goals.
“If you want to buy a property in 2022, you may need to simplify your plan a bit first. It might be, ‘I need to save $10,000 more than I have.’
“Start small,” Mr. Vidler said, “and because, as you said, they get worse over time. It might take a month, ‘we’ll save a few thousand here or a few hundred. Maybe next month, “we’ll reduce our debt a bit.” Just make some sort of plan around your goal.
A crucial factor for successful planning is the simple act of writing the plan. Mr. Vidler says that achieving the results of his plan is 40% more likely to happen if the plan is simply written down.
Step Three – Research and Engage
For Mr. Vidler, this step is the most difficult because of the many elements required. Potential buyers should consider factors such as “where are you buying from?” What are you buying? How do you buy? What should you be looking for? What shouldn’t you be looking for? »
Vidler believes this step is crucial because the research and engagement will educate investors and develop their own methodology for future and current purchases.
Fourth step – execution
The previous three steps become futile if the purchase is not executed. According to Vidler, this is a step that requires a high level of confidence in your individual methodology or in the systems and practices of a professional advisor.
“And that’s the hardest part because that’s when everyone was asked to jump off a cliff, put their money where their mouth is and spend hundreds of thousands. If in the case of some people millions, when buying a property the outcome of which is not guaranteed,” he said.
Step five – debriefing for future success
At the height of the Vietnam War, there was a Navy seal team that massively outperformed its counterparts. They were shot at a one-to-two rate, as opposed to the average one-to-six ratio. A review of why this team was so exceptional concluded that the difference maker was?
Debriefing after each mission.
“The debriefing better prepares you for success in the next [property]“, Mr. Vidler said, adding, “it may be less stressful. Maybe you get more dollars on the price. It may be that you get a better asset.
Through debriefing around your property buying experience and translating that experience into the overall goal and initial plan to achieve that goal, investors analyze the processes and therefore build a platform for the future prosperity.
Listen to the full conversation with Lachlan Vidler here.
Property refers to something tangible or intangible over which an individual or business has legal rights or ownership, such as houses, cars, stocks, or bond certificates.