Jumping into the property investment building business can be overwhelming. Where will you begin if you have no prior experience or knowledge of the Australian property investment market? You will almost probably require the assistance of a real estate mentor, primarily when you begin your property investment journey. The following are five reasons why.
The science of property investing is not magic. It’s simple to understand, yet it’s never been taught in school. Despite the millions of books, seminars, and courses available, the statistics of first-home buyers in the property investment market is still the lowest in Australia’s recorded history.
Relying only on property investment seminars and online content is just plainly not enough. There are countless numbers of people aimlessly hoping for miracles when it comes to obtaining 1 or more good investment properties or even buying into cheap, high-risk property investments unsuitable for their goals.
As a beginner in property investment, it is entirely up to you to decide where to invest your money for your self-education and consider opting for property investing coaching and mentorship. This is the best time for you to catch up and start acquiring the knowledge and strategy behind achieving financial freedom through property investment.
Who is a property investment Mentor? A property investment mentor is someone you should emulate. Mentors are ahead of you but are habitually on the same journey as you. They possess the knowledge to help you and with a proven experience that they will be of significant help to you. A mentor should be able to educate you, motivate you, raise your confidence, open doors for you, observe and offer perspective ideas for you. They can assist you in gaining clarity by answering questions in an honest and ethical manner. Often you’d have a hard time getting a clear response elsewhere.
How does Mentorship works? A mentorship works similarly to an agreement. There should be no hierarchy in place but rather a clear understanding that they are there to assist you as you grow. Mentors are adaptable to their mentees requirements and should maintain an all-around flexible relationship, altering their approach as the mentees’ needs grow or change accordingly.
You probably might be asking yourself this question, Why can’t I just go it alone? Being a property investor nowadays entails more than just purchasing a house and renting it out. It’s a whole lot more complicated than that. It’s far more complex than that. The rules have changed so much over the past ten years, although it is still possible to manage your portfolio passively in the long run, it is still fundamentally a structure that requires a tremendous deal of respect and effort to thrive.
Many businesses demand little to no capital to get off the ground, but with the exception of a couple of strategies. However, property investment requires tens of thousands of dollars of your own money.
So ask yourself, do you think you can acquire these required skills, education and experience needed to be successful without the help of a mentor giving you the necessary professional guidance?
Well, here are few reasons why I think you certainly need a property investment Mentor:
· Education
Keep in mind that your education has no expiry date. This is something that will stick with you and can be applied for a long time.
Increasing your education has numerous benefits. The most important of which is that it will allow you to grasp the whole strategy of how the entire industry operates rather than just a tiny section of it. Remember that much of what you don’t know right now will remain unknown for many years, and whenever you do learn what you don’t know, you’ll wish you had known it sooner.
· Confidence
One of the most significant impediments to action is a lack of confidence, and Momentum is created by action, and growth is created by action. A lack of confidence is a severe problem in any business, but it’s more dangerous in property investment. It’s like the equivalent of expecting a tree to grow without first planting a seed.
It all boils down to confidence and increasing your confidence in your abilities through your education and understanding of an action-based mentality which is critical to your success. You will be forever stuck where you are, afraid and falling way short of your potential if you lack confidence.
A mentor helps you to build your confidence on a multi-level platform. They boost your confidence through building your education, which inspires confidence as an end product. They give you confidence since you know you’re not alone. When you’re faced with a new situation, you now have somewhere to run to.
· Experience
Your mentor has the essential experience you’re looking for. Knowledge, they say, is power, but in the world of property investment, experience is power. Knowledge is more concerned with theory, but the experience is more concerned with practice.
Your mentor is more like a reservoir of knowledge from which you can gain more understanding. They have encountered and has been confronted with all of the same challenges, fears, desires, and aspirations that you have. Not only do they have investing experience, but they also know how to deal with the emotional aspect of the business, how to mitigate it, and, most importantly, how to transform it into a strength.
Your mentor has vast experience in a variety of fields. You will find that your mentor will assist you in areas other than those to which they are assigned.
· Direction
How can we hope to get somewhere if we don’t know where we’re going? The solution is getting to know your direction. Direction aids in the development of goals and objectives, allowing for the development of a coherent strategy. One of the essential functions of a competent mentor is to provide guidance and direction.
They accomplish this by first sketching out the path to your vision, then working back, assessing your current situation, and identifying your strengths, weaknesses, and every possible chance to reduce any dangers. Only when this has been established can direction be determined. When you have a plan in place, your chances of success increase.
· Protection
We all enjoy hearing the hype, the dream-selling, and the get-rich-quick schemes that sound too good to be true. We all know deep down that everything worthwhile requires much effort, but we still want to believe. This is because we only set our minds to believe what we want to believe. And we intentionally seek evidence to support our beliefs.
This is how the systems of the likes of Google, Facebook, Amazon, and YouTube works. It provides you with precisely what you’re looking for, even if you don’t realize you’re looking for it. A mentor will keep you grounded, preventing you from making rash emotional judgments, jumping on the bandwagon, and making the types of blunders that will rock the foundations of your property investment journey.
If that wasn’t enough, they could also protect you from the sharks who naturally surrounds anyone with any kind of disposable income. They will protect you from dubious transactions and investments, as well as criminal tenants.
· Accountability
A good mentor holds you accountable while helping you to grow and develop. It’s something that every mentor learns right away. Several mentorship programs are marketed solely based on this quality.
However, most individuals don’t realize that accountability is a two-way thing and, as such, has a compound effect. By questioning, motivating, and challenging you, they hold you accountable. You establish accountability by asking questions and ensuring that your mentor delivers on their promises. As a result, a self-perpetuating cycle of accountability develops.
Some of history’s most outstanding achievers have chosen to surround themselves with mentors and coaches. Working with the perfect property investment mentor can keep you up to date on current events and help you match your goals with a well-defined plan on determining where and what to invest in.
Having a mentor does not mean you are weak; it demonstrates that you are intelligent and committed to success.
Now as you can see, there isn’t just 1 reason to have a property investment mentor/coach in your corner to help you start and build your property portfolio.
If you would like more information, feel free to contact our friendly team on 1300 559 509 or