Richard Sheppard is the Managing Director of inSynergy Property Wealth Advisory.
Action and Implementation
In the past five editions of Peninsula Living, we have discussed the six steps to successful property investment. In case you missed them, the six steps to successful property investment are a series of processes you should undertake to optimise your returns and lower your risks from property investment.
- Risk management
- Action and implementation
This month, we take a look at that sixth, and final, step to successful property investment – action and implementation. Having the right advice and knowledge about property investment is no use to you unless you act on it. If you have successfully followed steps one to five, it is time to implement your property plan.
Time to act
This is the step that takes some courage, decisiveness and prioritisation. So take a deep breath, collect your thoughts and collate all that information. It is now time to act. Before you continue, it is important you have spent the right amount of time on steps one to five. This alone will give you the confidence to make decisions based on what is best for you and your situation.
That means you should have educated yourself by spending time to understand market conditions, economic climates and your personal financial situation. You would have sourced the most appropriate and relevant macro and micro-economic research, customised a suitable strategy that is right for you and your risk profile, and surrounded yourself with a great team of trusted advisers.
Once you have successfully done this, it is time to act. Now you can sit back and watch your hard work pay off in the form of optimised results.
It is important not to wait too long between steps one to five and implementation. The longer you leave it, the greater the chance that things may change within the market. It will also make it harder for you to remember the most important elements of each step so make the time for you and make implementation a priority. You may remember the main objective of property investment is: Own as much good quality property as you can, for as long as you can…safely.
The part of holding property for as long as you can of course mostly means getting started as soon as you can! If you have done your research, you will know there is almost always a place where property is growing well – often by around 10 per cent p/a. On a $500,000 property, that is close to $1,000 per week that you could be missing out on! So, while it is important to prepare well and consider your investment decisions carefully, beware of one of the biggest risks – that of lost opportunity!
Think of it like this… every week you delay it, is likely to be a week or more you will have to work until you can retire. So what are you waiting for? Take some time off work and begin the six steps to successful property investment. The sooner you start, the sooner you can have your investments working for you.
If property investment is something you still do not feel comfortable undertaking yourself, it may be time to consider a specialist property investment adviser. They can provide well-founded research, strategies and investment advice. They can also undertake a risk management assessment and, when you are ready, implement the investment strategy on your behalf.