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.
By embracing a changing market it means that you can see the opportunities that many others can’t when they fear this change. Always keep learning though to make sure you stay ahead of the game.
For more advice and an in-depth insight into the world of property investment, take a look at the Embrace Property: The Key Secrets To Property Success by Peter Iwaniszewski.