In a conversation with Smart Property Investment, Managing Director of Buy Australian Property, David Pascoe, revealed a number of factors that are integral to successful investing, including: timelines, goals, purpose income, goal, vision, expectations, opportunities, output. strategies and options, as well as getting expert advice from the right people.
“Put simply, if you don’t know where you are going and what you want, you won’t get there,” he advised.
“All successful real estate investors have a strategy, they don’t just go out and buy a property with[out] knowing the facts first.
“It is senseless and dangerous” to do otherwise, he warned.
Comparing it to buying a car, Pascoe pointed out that no one would buy a brand new $50,000 car “without first testing it, looking at specs and performance and so on. “.
Sharing his views with Smart Property Investment, the CEO highlighted a total of nine questions investors should ask themselves before buying a new property – whether or not it is their first purchase or the 10and in addition to their portfolio.
These questions are below:
1. Does this property fit into my long-term strategy?
2. Is the return on investment suitable for me and my strategy?
3. Do I have the right data, information, facts, figures and reports?
4. Have I settled my finances before searching?
5. Am I listening to the right person for advice?
On this point, Pascoe said too many people listen to family and friends who have no experience.
6. Am I being sold something that might not be right for me?
According to the CEO, “it happens when people deal with companies that don’t ask the right questions (or any) about a customer’s needs, wants, goals, and expectations.”
7. Is the company I am dealing with reputable or dubious?
Whether it’s a real estate agency or a buyers agency, Pascoe advises looking at the company’s track record of success.
8. Am I doing this with the right process and procedures in order?
9. Am I approaching this as an investment?
According to Mr. Pascoe, as an investor, it is vital to keep emotions out of the decision-making process; “It’s a lucrative project, and there’s no room for emotions.”
