Property Investors News – January 2011
Yvonne Emery – Property Investment Coach
GOALS AND MOTIVATION
Why is it that at the beginning of a New Year, our expectations are high, our enthusiasm for the New Year takes over and we launch ourselves into health and fitness regimes, or start a new project?
The celebration just before that launch into the New Year may hold the key to fresh motivation and high expectations that this year things are going to be different.
If only we could hold on to that motivation year round, or even from week to week. We all know how quickly resolutions are forgotten or broken, so how can we stem the tide and keep focused?
THE END AND THE BEGINNING
As we finish school and embark on the wider world, we celebrate. When we finish a course which allows us to be promoted, we celebrate and if we move into a new home, get married or achieve something extraordinary – we celebrate. The celebration of the old allows us to move on to something new, and that is how we should start our next project in property.
Each achievement is the old, and worth celebrating. The new starts with enthusiasm, but has an end – that is the important factor. Often in our property goal we have a long term aim in mind, and everything we do helps us move towards that goal.
Imagine if a football team aimed to win a match 4:1 but they didn’t celebrate until all 4 goals were scored, they may never reach that celebratory point. Can you imagine Wayne Rooney or Theo Walcott trying not to celebrate scoring a goal? Not only would the fans think they had gone mad, but the pent up exuberance wouldn’t encourage the rest of the team to go for it again.
Each goal is an achievement and is a part towards the eventual success. How will the team feel if they only win the match 3:1 – they won’t be going back to the changing rooms looking glum or complaining that the goals were more difficult than they thought they would be – their celebration would have started long before they even get off the pitch.
So how soon after you complete on a property do you wait to celebrate your success?
No big deal? You’ve done it before? Just in a day’s work?
Why are we so quick to write off our own performance just because we find it easy. We are not accustomed to giving ourselves a pat on the back for achieving a goal that we feel is straight forward, and yet, if we could count each element, or property purchase, as achieving a goal then we would
1. Give ourselves more confidence to do even better next time
2. Encourage those around us who don’t find it as easy
3. Close one project and start another – added motivation
It’s in STARTING something that we gain enthusiasm, motivation and the spurt of energy required to really get stuck in to a project. Double the number of times you get motivated by something new by recognising the completion of the project you had been working on.
QATAR 2022 – what’s that all about?
Dare to be different this year – find something that is going to capture your interest. Not the same old thing, year after year. Your current processes might be working for you, and it’s always good to keep a strategy that works, but times change and so do you, and that is why our methods need to change.
No-one expected the World Cup to be given to Qatar for 2022, and yet it was. No-one expected Mortgage Express to pull all their products in 2007, but they did. What is it that you currently don’t expect to happen? Guess what – it might well change – and that’s why we have to keep up to date, keep our eyes open for different opportunities and adapt to our environment.
It hasn’t taken long (about a month) for the authorities to realise that having gifted the World Cup to Qatar, the outcome would be that players would need to acclimatise to playing in about 50°C which for most would be completely debilitating. They need to find a way to fix this and so they are considering changing the timing of the World Cup to the winter months to accommodate the teams in an acceptable temperature of about 24°C instead.
Would you have predicted that this would even be considered? Probably not, and yet it is happening.
The most successful people are ready for change, embrace it and move forward.
In the world of property over the last 24 months we have seen a huge number of new strategies being paraded before us for buying without any mortgage, by using Lease Options, by working with motivated sellers, to mention just a few. Some take these up and run with them, embracing change, whilst others stick to the same method they’ve been using for years.
Neither of these approaches is right or wrong, however I recommend you review why you are chasing new methods or sticking to the one you have as both can cover up the fact that there is something you would really like to do that you haven’t given yourself the opportunity or the authority to do yet.
THE IDEAL VENTURE
Does your dream of what you would like to do with property clash with what the experts are saying? Do you really want to build from scratch, yet you’re still waiting to cover your expenses through cash-flow? Would you truly love to work with someone else to share the workload and share your skills, but you aren’t sure what you have to offer, or you don’t have much cash left?
One of my clients really wanted to build a chain of care homes using property as only part of the cash generation machine. Another was determined to re-design the interiors of property to a very high standard and so found a way to provide this sort of housing in the right area to those who wanted to rent this type of property. I wanted to be involved in a charity, so using other people’s skills in other areas and mine in property we are creating a widespread support for vulnerable people through housing and rehabilitation.
What is your ideal venture?
What is it that you have been putting off doing?
Who could help you and encourage you with this?
What are your celebration points along the way?
ALWAYS REMEMBER THE OFF-SIDE RULE
It can take us a while to stop chasing that ‘holy grail’ of a deal, and settle for something that works – if you are holding back from buying so that you are ready when the perfect opportunity arises, then you’ll be waiting a long time and might miss out on other great opportunities. The same applies to the off-side rule where the striker is waiting near the goal to ensure he has the best chance of scoring that goal. He’s so keen to score that other elements of the game or the team fly out of his head and he forgets to stay in front of the last defender. The disappointment when the ball strikes the back of the net and the goal is disallowed is far greater than if no goal had been scored at all.
The opportunistic investor takes this chance and finds out that the ‘holy grail’ deal wasn’t all it was cracked up to be. The nervous investor doesn’t take the chance that an opportunity is going to come his way and continues to wait instead of working with others and making money along the way.
The aim of a team is that it works together and strangely this is the best way to play the property game too. The more you can work together with people the more you will have
1. regular motivation
2. shared skills
3. new and possibly larger opportunities
So who can you work with so that you can play as a team, score the goals you want and help others to score goals too?
SHARE THE WORKLOAD, SHARE THE SUCCESS
Investing in property can be a lonely place, and yet we are creatures who strive for company. Networking events are becoming more popular as they are the workplace of investors. This is how we meet our colleagues, and just the same as being in a place of work, it is easier to keep motivated on a project when others are involved. Our skills are complementary to other people’s and the capacity you can enjoy when working with other people is always more than just twice what you can do on your own.
The size of the success is irrelevant. Whether you have got the biggest discount yet on your last BMV purchase, or your HMO has the highest return on cash invested can give you a great boost, but it is no less worth celebrating the purchase of a property that needs significant work doing on it, or buying with a small discount in a very high growth area.
Whatever is on your agenda to buy this year, make it count. Each goal is yours to celebrate, but make sure you know what you’re aiming at and how wide the goalposts are so the goals you achieve will give you the successes you desire.
Celebrate your successes so that you can take your motivation forward to the next project. Don’t write off your achievements as run of the mill. Even if you’ve achieved the same thing several times, you probably did different things along the way and learned from them.
Be like the football teams who have to get out there and score goal after goal. Each goal is different – some are world class, and some are accidental – but they all count!
ACHIEVE OUTSTANDING GOALS IN 2011 AND REMEMBER TO CELEBRATE.
More info at www.YvonneEmeryCoaching.co.uk