07 Next level

Good Property Habits Make Good Profits

  • Habits can be good or bad
  • Successful property people form good habits

What would you say is the most important ingredient for property investment success?

Money?
Know-how?
Power team?
Time?
Experience?

It is easy to think it is money hands down…but common sense suggests otherwise. 

There seems little doubt that the key to doing well in real estate is having the right mindset…and in particular the ability to form and sustain good property habits – regular and settled ways of doing things successfully, especially ones that are hard to give up.

This blog considers the ins and outs of good, powerful and profitable property habits. It looks at:

1. What is a habit?
2. What is a good property habit?
3. How do you form good property habits?
4. How do you maintain good property habits?
5. What is a bad property habit?
6. How do you avoid bad property habits?

1. What is a habit?

A habit is a regular and settled way to do something, especially one which is hard to give up.

It is  practice, a routine, a particular way of carrying out an action or task.

The power of a habit lies in its ingrained nature; we can carry it out easily, economically and efficiently – pretty much with our eyes closed.

It is not a difficult challenge; it is something we can easily achieve, in our sleep so to speak.

Where a habit is good and easy for us to carry out, that is very much a win-win situation.

The more you carry out a habit, the more accomplished or skilled you become in performing it.

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2. What is a good property habit?

A good property habit is one which, when repeated, will successfully carry out your property goal, objective, strategy or plan.

Say your goal is to find each month 5 properties where you can feel justified and confident in putting in an offer to buy – in the expectation that one offer will be accepted.

A good habit would be a series of steps, practices and procedures which will achieve your goal – a set and structured way of doing things, which becomes like clockwork with repetition.

Similarly, if you are looking for joint venture money to run a project, a good habit would be to develop a system for meeting with a number of potential joint venture partners on a regular basis.

For instance, you could ensure that you attend a set number of property meetings every month, and you could develop a specific mode of operation to approach and convince potential partners. 

The more potential partners you meet, the more skilled you become at winning them over, the more money you are able to raise to fund your property goal.

A property habit which is commonplace and has been repeatedly tried and tested and found to work is clearly a good habit.

It makes sense for you to follow such good habits faithfully and avoid any temptation to overlook them. For instance, when renting out a property, rudimentary good habits include:

  • Carrying out rent affordability checks on the potential tenant
  • Obtaining a reference from their previous landlord
  • Visiting the tenant periodically once the tenancy commences.

You will be taking unnecessary risks if you overlook age-old good property habits like these. 

3. How do you form good property habits?

You form good property habits by (a) taking the time and effort to identify such habits and (b) developing systems and practices so that those habits become second nature to you.

At the simplest level, you choose a good habit which you wish to acquire and then you continue practising it until you master it.

However, some of us find it more difficult to follow good habits than others. It can be easy to get distracted and lose interest. It can be easy to fall into bad habits.

Books which can help you to identify and form good habits, making you a better property investor or entrepreneur include:

“The Power of Habit: Why We Do What We Do and How to Change”, Charles Duhigg

“Mind Hacking: How to Change Your Mind for Good in 21 Days”, Professor John Hargrave

“The Miracle Morning: The 6 Habits That Will Transform Your Life Before 8AM”, Hal Elrod

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4. How do you maintain good property habits?

The simple way to maintain good property habits is to keep on doing them – overcoming any limitation, obstacle or fear. 

Repetition and practice inevitably makes perfect.

Remember that time changes everything – including good habits, which can become ineffective or bad with time. Therefore it is essential to review good habits as time goes by, ensuring that they remain effective.

Contrarians rule always (the power and success of contrarian thinking)
Plug into people power to succeed (channel the strength of others to excel)
Time is still winning (report back on RPC’s attempt to master time Pt 2)

5. What is a bad property habit?

A bad property habit is one which doesn’t help you to achieve your property goal, objective, strategy or plan.

It can be a habit which was once good but then became bad or ineffective with time.

Circumstances – such as changes in the law or new regulations – can render a good habit bad.

A bad habit can be relatively small – such as poor use of time.

A bad habit can be huge – such as where you carry on operating a property strategy – such as buy-to-let – which is no longer profitable for YOU to operate because of adverse changes in the taxation of rental income.    

Carry out a “habit audit” to recognise your bad property habits with a view to permanent eradication. 6-Social-Security-Mistakes-to-Avoid-650x360.jpg

6. How do you avoid bad property habits?

Check out the books mentioned above, and others, to find out the many varied ways to avoid or remove bad property habits.

As well as books, get stuck into relevant websites and blogs. Find relevant online courses or training.

The key thing is to honestly assess your habits, perhaps with the help of a mentor or an accountability partner, and to take actives steps to eradicate those habits which are clearly wrong, bad or ineffective – which are preventing you from achieving your property objectives.   

Conclusion

You will often hear it said that it is easy to form bad habits. But it must be equally easy to form good habits. The important thing is to make sure that the habits we form are good, not bad.

As a property investor or entrepreneur, good property habits should be at the top of your agenda and are not difficult to attain. 

Good property habits make good profits…every reason for you to strive hard to acquire them. 

Enjoyed this blog? Please share it with friends by clicking on the LinkedIn, Twitter, Facebook or Instagram icon on this page. 

What are your good property habits? What are your bad ones? Please leave your comments and observations below.

You may also find the following blogs useful:

Think like a property millionaire (the fundamentals of a millionaire mindset)
No money property investing (brief overview of no cost property investing)
Instant property entrepreneur (how to become a property entrepreneur today)

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Dalton Barrett
Rebel Property Coach

Please follow me on Twitter @Dalton1London
You can find me on FacebookInstagram and on YouTube
Please link up with me at LinkedIn

My website is: www.rebelpropertycoach.com


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Categories: 07 Next level, 08 Mindset

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