Posted by Simon Misiewicz on 30th July 2014
Would you like to know the attributes of a successful property investor?
Are there areas of your life that you would like to improve?
I see many property investors that are busy trying to make a living for their loved ones. Some of them are having more success and happiness than others.
Why is that?
Some people seem to have all the luck in the world, catch all the breaks whilst others seem to attract bad luck. No matter how hard they, some people try they do not seem to get what they want.
How can this be?
I believe that there are many facets, attributes, features of a property investor that separate the successful from the unsuccessful. In this series of articles I am going to share with you my own personal experiences and observations.
I am going to share with you in this series of articles the following attributes of a successful property investor:
- Part 1 – Values
- Part 2 – Mind set
- Part 3 – Passion
- Part 4 – Health
- Part 5 – Achievement
- Part 6 – Fun & Reward
- Part 7 – Sense of Security
- Part 8 – The need for love
Part 5 – Achievement
I often see people that are upset or depressed. When I push them for a reason why, I get many different types of answers. The interesting answers that I receive are
- “I feel that I am not getting anywhere”
- “I am not sure where my life is heading”
- “I feel as though I am hitting a brick wall”
- “I have failed miserably”
- “I cannot do this..”
Conversely when I see happy people some of the reasons they give me for this positive news is:
- “I achieved more than I set out to do”
- “I won”
- “I had a break through”
- “I achieved target”
- “I am doing better than last month”
The interesting thing about all of the above is the sense of achievement. Whenever we achieve or do better than we thought we then start to feel better about ourselves and we gain confidence in our own abilities.
If this is the case, then why do we hear people give up on their new years resolutions? I have a few suggestions that resulted in people giving up on their goals:
- The goal was not clear enough in regards to how it was going to be measured and in what time period
- The goal was too big and there were no milestones.
- The tasks to achieve the goal were not identified.
- The “goal”, as Anthony Robbins would say, was not supported with the reason “Why?” What makes the goal so important? What will change if the goal is achieved and what are the pains / sorrows if the goal is not achieved?
- People do not think of how they will feel in the future once the goal is achieved. Nor do they remind themselves of this feeling each and every day.
- As Chris McChesney says in the “4 disciplines of execution” that people got lost in the daily whirlwind. The focus is on the immediate tasks in life that seem to be urgent and compelling. This results in goals not being focussed on.
- Failure. If a milestone is not achieved or someone cannot see their progress when they want to see it then their feeling of failure is increased. This leads to a great temptation of simply giving up so they do not have to have the negative feeling again.
- There are too many goals that are conflicting or require too much of your time and focus resulting in none of them being achieved.
- Worried about what other people think or worse still, say “What are you doing that for?”, “be realistic you are not cut out for that!”, “who do you think you are?”, “why are you trying to be someone you are not?”.
I am sure that you can think of many other reasons why people give up on their goals.
The last bullet point is a classic. I used to have many friends that used to say to me that I could not achieve what I set out to achieve. The bizarre thing is, I used this as fuel to prove them wrong and I had a great amount of satisfaction by muttering under my breath, “I told you I would do it!”
When a baby first begins to try and walk they fall over, lots! They get up and try again. Why? They have failed at least 50 times today, why not just give up? After all it easier to sit on the floor and get picked up and be carried everywhere surely?
The baby though is determined, persistent and has the goal in mind, their focus on the goal is not diluted. The failure of not walking the first time does not effect their determination or focus.
I believe that giving up is a learned experience. As a baby we were determined to get what we wanted. What changed? I believe that the bullet point list above goes some way to explain the sense of fear and worry that puts us off. It seems that the war wounds and negative feelings takes their toll.
Applying the treatment
I believe that all goals can be achieved and I am going to share with you my observations of why I have achieved my goals and why so many other people do the same.
- Why – Understand why the goal is so important. Is the “why” big enough? If you do not look into the future and feel very sad or depressed if you have not achieved the goal, then the reason “why” is simply not big enough or important enough. Get another reason “why” or change your goal to one that does mean something to you.
- What – Identify the goal in specific terms and indeed the associated tasks that will help you achieve the goal. Losing weight maybe the goal but the tasks of consuming less calories and exercising more may be the tasks.
- When – Make sure that you set a deadline for the goal and for the associated tasks. Make sure that there are milestones in place for you to review your progress and for you to celebrate each milestone that has been achieved.
- Who – Identify people that can help you. Just because it is your goal does not mean that other people cannot help. The more help you get, the easier it will become. Additionally share your goal with other people. Let them know what you are trying to achieve. Get a mentor or a peer group that will hold you accountable in completing each task.
What is your favourite sport? What do you feel when competing teams / individuals are nearing the end of the game and their scores are tied? (as in a football match where it’s coming up to the 90th minute and the scores are still 0-0). There is often a sense of adrenaline, a will to push on and win. There is also an element of fear of losing.
Now imagining that there were no scores at all and the games were just being played without a time frame. The game itself would be boring. There is no competition and very little sense of achievement over the other.
My point here is that our goals in life are stored in our minds, in our diaries, in our computers or in a note book. The problem is, that there is no visibility of how we are doing on a daily basis in achieving our goals. As such we go about our daily lives like zombies. We do not know what impact our daily tasks have on our goals because we do not measure it.
So, get visual. Measure your results, daily, weekly at least.
Dream board – This is a great way to help visualise your future and everything that you will have as a result. Visualise a dream home, a sports car, a gorgeous wife / husband, running a charity, standing on a podium…….you get the point!! It will help you to focus and visualise what you will become in the future. By looking at your dream board each day, it will help you to focus more. When you are having a bad day, look at your dream board and imagine yourself in the future, in that moment, imagine the feelings that you will have, being with the people that you wish to be with. All of this will help you remember that it is all worthwhile and that any failings in the moment are nothing more than temporary blip. Success will be achieved.
Scoreboard – As a property investor one of the goals may be to have more money. As such you should be able to set your goal for 12 months in advance. If your goal is to achieve £26,000 net income per month at the end of the year then divide this by 12 months. This means that for the first month, the net income from property should be £2,167. This is what I would call a lag measure. Having the goal will not be achieved without action. The action in this instance maybe to get two HMOs, that each must generate £1,100 net profit. Therefore having another measure for the number of HMOs each month will help you focus on things you can take action on.
You may therefore know that each HMO will require £25K deposit with £15K refurbishment. If you do not have this money readily available, you know that you need to take action to get this money. Another target is therefore money raised through:
- Joint Ventures
- Earnings through employment
- Business income
You know now that you need money to buy the properties as shown above but now you need a measure of getting the properties. You may wish to break this down into sub tasks such as:
- Properties purchased
- One property purchased after 5 property viewings
- One viewing after 20 property searches
This means that you may have to search 480 property searches (20 properties X 2 HMOs per month X 12 months).
Now you are beginning o break down the goal into more meaningful measurable tasks to be achieved. The above may be too complex or difficult to use. That is fine but remember the saying “what gets measured gets done”.
Even if you do not measure your sub tasks but you identify them as “to do” lists, then this will be a good start but make sure you do measure the goal with meaningful numbers each week, each month and each quarter.
What happens if you do not hit your goals?
It would be easy to change your goals but that is not the right thing to do. If you move the goal posts you may feel better in the moment but you will soon feel disillusioned and frustrated, as you did not quite achieve what you set out. Guess what you would have settled. Accepting the mediocre should not be your goal. Be exceptional like you planned.
As Donald Trump would say, “This is feedback”, when the tasks that you set are not achieving the goal as planned. Use feedback as a sign that the actions being undertaken are not working and that new tasks are required. Do not feel disillusioned one iota. See the opportunity that something better will be done in the future and congratulate yourself for giving yourself this feedback.
Now go, set yourself one goal. Understand the importance of the goals. Be specific in terms of what needs to be done to achieve the goal and measure your performance.
I wish you all the success that you truly deserve,