In the world of commercial property investment, the “Magpie Syndrome” – chasing all that shines, in the hope of it changing your life – is something that I have seen do more damage than serve. When a certain venture or opportunity doesn’t immediately result in vast amounts of wealth, some entrepreneurs are swayed by “the next big thing” or a tip-off from a semi-trusted source, and quickly jump ship.
Without putting enough time and energy into property management and investment, you may as well slowly twist the nozzle of a tight tap but then stop before it springs water. While Progressive Property can teach you the fastest way to find success in property management, it is ultimately a long-term game plan, and results will take time to become visible.
So what can you do to help ensure that the path you are on yields results and that you never waste your time?
You can FOCUS.
Seeing it through
While I have had my fair share of tough moments, of worrisome debt, and close calls, there really is no formula or secret to my success in property management beyond persistence and attrition. There were many times when I could have given up and moved on to something different, but there is a great deal of truth to the acronym, “FOCUS” – Follow One Course Until Successful.
This does not mean to plough all your time into a fruitless endeavour, blindly concentrating on one thing without acknowledging that it has failed. Instead, it means to give a venture the realistic timescale it needs to flourish, and to keep on keeping on until it does.
Choose your strategy and then commit to it, testing, adapting over time. Once you have found success, it will be time to systemise the income stream and set up something new – but the real challenge is to be patient enough to reach this point.
Look 1, 5, 10 years ahead
The idea that you can be successful in commercial property investment or property management without time and hard work is a myth, and it is only by thinking in a mid- to long-term manner that you are likely to succeed at all. Delaying gratification, enjoying the investment process and thinking for the future are important ways in which to build your property portfolio and stay on target.
When formulating your commercial property investment strategy, consider whether each new decision will aid your wealth in the long term, whether it is sustainable, and whether it will create a good long-term ROI. If the answer is “no” to any of these questions, ditch the idea and then move on to something better.
Consider where you want to be in 1 year, then 5 years, and then a decade, and do this before every investment decision or serious outlay. Will that new car, that house extension, or that holiday to Barbados offer you value in the years to come? Before buying anything significant, make sure that you can afford it 10 times over, so that you can enjoy it without later knowing that you could have invested more wisely.
Remember – anyone can make a quick buck, but far fewer people can keep the money flowing (and increasing!) for six decades.
Relish the momentum you build
Commercial property investment and property management takes time to build. Get-rich-quick schemes play to those with short attention spans and those who lack the motivation, confidence and courage to face up to the fact that they are going to have to work hard for their success.
Because what you are doing is going to be tough and challenging, and will mean days of doubt and struggle, take pleasure in the little victories, the realisations, the positive developments and the clear steps forward.
When Mark and I turned our first million, I remember looking back and relishing the achievement that our first year together had brought us. While I have always been impatient when it comes to commercial property investment, I understand that it is essential to take the occasional breather and recognise the progress I’ve made, as well as to look forwards to the exciting developments yet to come.
FOCUS-ing on success
You too can succeed. You too can progress. You too can make the money and own the estate you desire. Sometimes, it just takes persistence and bloody-mindedness, and a long-term perspective rather than a quest for a quick fix that will never benefit your future or grow your overall wealth.
Follow that single course or that one path until you succeed, and then systemise, move on and repeat. Refuse to become another commercial property investor who nearly made it, had great anecdotes about the close calls and tense meetings they had, or what might have been if they had just kept going. Push forwards, FOCUS on what is in front of you, and never give up.
Do you agree with the concept of FOCUS? How do you concentrate on the long term without losing sight of what you are doing? At what point do you decide to move on to something new? Comment below, or visit Progressive Property community and join the conversation.