I think procrastination can be our number one enemy when it comes to moving forward not only on a property transaction or strategy but in life in general.
Procrastination is choosing whether you’ll do it now or do it later.
Often our heads are in conflict – lie on the lounge or research that property deal? Go to the beach or phone the solicitor to discuss the contract? Catch up with friends or attend that open house?
Mostly we procrastinate on things that we are not sure about or committed to. From my own perspective, I never procrastinate if it is work (well...maybe over some little things!) or investment related because I love what I’m doing in these areas and I have specific goals. The other reason is that if I procrastinate over a potential development site, someone else will get it. There is no time to waste when you’ve located a good deal.
But I’ve been going through some procrastination lately on another level and it’s because I really have not known what I want. This has prompted me to delve deeper and find out why – identify the reason I’m avoiding things.
That’s the secret...knowing what you want. Sounds easy and it can be if there is passion and belief behind what you do. If you can sit down and plan your goals and make a commitment to them, then there will be less what Vik calls “Monkey Mind”.
“Monkey Mind” is the part of your brain, or the voice in your head that reacts to a threatening stimulus. Perhaps, it’s really not knowing where to start researching for your property investment or questioning whether you should actually buy the property you’ve been researching for weeks? Or if you should develop one of your properties because you know it will add value but you just don’t know where to start.
Decision making shuts down procrastination.
Being focussed and motivated is another weapon you can use. I always come back to the core reason I’m investing in property which is to set myself up for retirement and there really is no time to waste. My financial planner says we’ll need around a million dollars in our Superannuation to live comfortably - not luxuriously - when we retire.
Procrastination is an anxiety response. Make a decision and have faith in yourself and there will be no procrastination.
Ask “What is it that you’re afraid of?” Once you can identify your fears, you can overrule them with facts.
For instance, “I’m afraid I’ll lose my money” Answer: if you’ve researched well, you will only lose money if you sell at a loss. If you have the capacity to hold over the long term – ten years or more - then generally you will be ok as property in good locations doubles in value every ten years.
I love this quote “Don’t wait the time will never be just right” Napoleon Hill
I can confirm this with my own investments; in fact some have tripled in value over this time. But to take out any fear, make sure the investment is within your means.
But often our ‘means’ can stretch if we need it to. As Oscar Wilde said ““Anyone who lives within their means suffers from a lack of imagination.” There is always ways of making more money. If your goals are to build wealth then you may need to put yourself out there, we can usually cut spending in other areas or find new ways to support our investment.
We must plan. Write down what you are expecting from the investment and remember that if things don’t turn out the way you wanted, failure is a positive learning experience. It’s better to learn from our mistakes than not to have tried at all. “Anyone who has never made a mistake has never tried anything new.” - Albert Einstein
If you take on this attitude, fear will dissipate, procrastination will disappear and you will move in the direction of your goals and dreams.
“I was bitten by the property bug, there was no turning back.”
Jo Chivers proves that women can indeed have it all- a career that you are passionate about and a family. While all of this sounds great, it does require hard work, dedication, perseverance and a bit of risk-taking.
Jo’s love of property development inspired her to leave her corporate career and pursue her true passion. After educating herself in property investing, she started building up her own property portfolio. After purchasing a few blue chip properties in Sydney, she soon realised how negatively geared they were and began researching outside of Sydney. She discovered a more affordable, large region of NSW where she completed her first property development. Soon her friends were asking her to find them sites and manage their developments.
She realised there was a need for an all encompassing project management service and her business Property Bloom™ was born. Ten years down the track, she has developed over 60 properties for clients, creating literally hundreds of thousands of dollars in equity and high end yields.