There are a plethora of books and websites telling you how to make money from investing in property, but one key feature is developing the right mindset.

To succeed in any business, you need the right mindset, and investing in property is no different; Going in with a half-hearted attitude or giving up at the first challenge is not what property investment is about.

First and foremost, remember property is a long-term game, and there will be risks and challenges along the way. But with the right mindset, you’ll stay focused and achieve your financial dreams.

Here are some tips to cultivate your mindset and set you on the way to success.

Set your goals

Do you want to retire early with overseas trips, or are you looking to save for children’s education? Setting goals requires careful thought, so take the time to properly think about what your short and long-term financial goals are. You’ve probably got lots of dreams and ideas; using a SMART format will help you focus your thoughts so you can set real and achievable goals:

• Specific – goals should be clear and specific
• Measurable – establish ways for measuring progress toward your goal
• Actionable – you need to be able to take practical actions to achieve a goal
• Realistic – while it’s good to set your sights high, make sure they are realistic sights
• Timely – if you set timeframes to each goal so you can not only track progress, but also get a sense of achievement which will keep you on track

Plan to reach them

Benjamin Franklin apparently said ‘If you fail to plan, you are planning to fail!’. Once you’ve established your goals, you need work out your strategy on how you’re going to get there through property. Is it capital gains, or immediate income? Take a look at our blog on investment strategies to help you develop your property investment plan.

Manage the risk

Property investors are willing to take on some level of risk to achieve a return, so factor in potential changes in your financial situation. Keep focused on the long-term return and don’t be swayed by weekly, monthly or even yearly market fluctuations.

Review regularly

While you may have bought some great properties, don’t get complacent; establish what is bringing the best returns, what needs to be managed or changed and what time frames are involved.

There are some good online finance tools and apps that can help.

Surround yourself with experts

You can’t possibly expect to be an expert at everything, and a successful property investor only as good as the team around them. From accountants and mortgage advisors to trusted property managers, it’s imperative you have a good team of qualified and licensed professionals and specialists. Our blog on who to go to for property advice can help you find your team.

We do more than simply manage and sell property and we’re keen to share our wealth of knowledge and experience to help your property investment journey run smoothly, and for you to get the best out of your investment.

Get in touch if you want to know more!

Simply give us a ring on 02 4956 9777, send us an email to mail@newcastlepropertymanagement.com.au or pop into our Cardiff office for a chat.

For more property management tips check out our Facebook page.