There
is one thing you can definitely know for certain
with property investment and that is that
the market is constantly changing. Whether
that be a change in interest rates or other
market conditions there will always be changes
to embrace. However with change comes opportunity
and it is your job as a Property Investor
to profit regardless of what is happening.
And you really can, no matter what others
say.
So
how do we combat a changing market?
One of the ways to combat a changing market
is by keeping your knowledge up to date. As
markets change, it is vitally important to
keep up to date with the latest strategies
and changes that are occurring regularly.
For example there are currently proposed tax
changes in 2017 which will mean that you cannot
claim all of your mortgage interest as has
previously been the case. There has also been
a new stamp duty law brought in for April
2016 which means that individuals will need
to pay an extra 3% on all property purchases,
dependant on circumstances.
As
always, there will be people who will now
focus on these changes and say that it will
stop property being a profitable investment.
The reality is that it still will be profitable
and certainly if you are in it for the long
term. It may mean there is a fluctuation in
prices or that we have to negotiate a bit
harder, but long term it will still be profitable
as long as you factor in these extra costs,
and stick to the core fundamentals and rules.
Similarly
the mortgage market is always changing, and
so keeping in regular contact with a mortgage
broker is also key to understanding what changes
there are in the market.
Change also becomes easier to handle when
you always keep learning more. If you continue
to learn and develop then you will be able
to embrace change and see the opportunities
that arise because of it. You never know it
all and can always learn more as you go along.
What
tools do you use to keep learning?
There are many ways you can keep learning
and below are some of the main ways that we
do this.
1.
Online portals and material
In this day and age, as mentioned earlier
there is so much information out there online,
meaning that you can learn constantly through
newsletters, blogs, videos, reports and other
things that are online and accessible.
2.
Offline networking
Although there is so much information online,
it is still important to network regularly
offline as well, as they both complement each
other. There is often no substitute for face
to face interaction and this can be found
at property networking events and all business
networking events where you can learn lots
of information on systems and processes and
running the day to day business as well which
is very important. Many property networking
events not only have the opportunity to network,
but they also have a guest speaker each month
on different topics. Therefore you can build
your knowledge this way and research which
events sound appealing to you.
3.
Peers and other support groups
Over the years I have learnt so much from
my peers and other groups I have been part
of. Whether that is an online forum or a group
of people who meet regularly for a drink and
a chat, it all helps as you learn from other
people’s experiences. Therefore you
don’t just learn the theory but the
reality as well, which is crucial to your
success.
4.
Trade conferences and investment shows
There are various conferences and investment
shows throughout the year. These will often
be big events where hundreds of people come
together over at least a few days. You will
be able to listen to people share their stories,
attend seminars that are being run, and network
with many others who are active in property.
These are the kind of places that you can
learn from people who are walking the walk
and using the latest strategies, therefore
building on the knowledge you currently have.
