{"id":1365,"date":"2022-01-03T06:44:51","date_gmt":"2022-01-03T06:44:51","guid":{"rendered":"https:\/\/royabhishek.in\/urbanbuyer\/the-7-habits-of-highly-effective-property-investors\/"},"modified":"2022-01-03T06:44:51","modified_gmt":"2022-01-03T06:44:51","slug":"the-7-habits-of-highly-effective-property-investors","status":"publish","type":"post","link":"https:\/\/royabhishek.in\/urbanbuyer\/the-7-habits-of-highly-effective-property-investors\/","title":{"rendered":"The 7 Habits of Highly Effective Property Investors"},"content":{"rendered":"

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Have you noticed how some people seem to rise to the top of their chosen field, or journey even higher up the property ladder, while others consistently achieve the same \u201caverage\u201d results?\u00a0\"success<\/strong><\/p>\n

In the 1990\u2019s, management guru Dr. Stephen Covey explained what he believed to be the defining characteristics that distinguish \u201chighly effective people\u201d in his book The Seven Habits of Highly Effective People<\/i>, which has become a modern-day business classic.<\/p>\n

Not surprisingly the 7 habits Covey suggests we should aspire to if we want to replicate the achievements of others are also very important to the business of property investment.<\/p>\n

So let\u2019s take a moment to reflect on the 7 significant traits Dr. Covey says successful people habitually exhibit.<\/p>\n

Habit 1 \u2013 Be proactive<\/span><\/h2>\n

Life is not simply a series of events that happen to us.\"change<\/p>\n

In every moment, you are faced with a choice and the opportunity to move forward in your life\u2019s purpose.<\/p>\n

You can choose to have a positive or negative attitude and you can choose to take control or be controlled.<\/p>\n

This is about either taking responsibility for your own destiny or being overtaken by the actions of others and in doing so, becoming a victim.<\/p>\n

How you can apply it<\/i> \u2013<\/p>\n

Become the pilot of your life and not a passenger.<\/p>\n

You are where you are because of all the things you\u2019ve chosen to do and all those you\u2019ve chosen not to do.<\/p>\n

Either you run the day or the day runs you!<\/p>\n

Habit 2 \u2013 Begin with the end in mind<\/span><\/h2>\n

By focusing on your desired outcomes, you will be compelled to lead yourself toward those goals, thus developing the habit of personal leadership.<\/p>\n

The key is in blocking out the distractions that can inhibit forward momentum by instead concentrating your efforts on relevant actions to propel you forward.<\/p>\n

How you can apply it<\/i> \u2013<\/p>\n

All the successful investors I know have set themselves a long-term goal of financial independence and have a written plan and strategy of how they\u2019re going to get there.<\/p>\n

Then it\u2019s easier for them to make their investment decisions in light of their goals and not be distracted by the short-term market noise.<\/p>\n

Habit 3 \u2013 Put first things first<\/span><\/h2>\n

Once you have established attainable goals, you must then develop the habit of planning and implementing activities that will enable you to reach them.<\/p>\n

Importantly, you need to learn to prioritise your actions in a way that reflects your values and life purpose.<\/p>\n

This is the art of manifesting your ideas into a physical reality by taking a step-by-step approach.<\/p>\n

How you can apply it<\/i> \u2013<\/p>\n

Keep the big picture in mind and don\u2019t be afraid to say no to so-called opportunities if they don\u2019t fit in with your plan.<\/p>\n

I\u2019ve made more money by saying \u201cno\u201d to deals than by saying \u201cyes\u201d.<\/p>\n

Take personal responsibility because while you cannot change the circumstances, the cycle, or the market, you can change yourself.<\/p>\n

That is something you have control of.<\/p>\n

Habit 4 \u2013 Think win-win<\/span><\/h2>\n

More is gained from life through the art of cooperation than competition.<\/p>\n

How you can apply it<\/i> \u2013<\/p>\n

Win-win not only applies to negotiations, but to all elements of your life.<\/p>\n

Learn how to be happy with what you have while you pursue all that you want.<\/p>\n

Habit 5 \u2013 Seek first to understand and then to be understood<\/span><\/h2>\n

Most people engage in conversation to be heard, rather than to understand.<\/p>\n

\"36308275<\/h2>\n

Often, instead of really hearing what someone else is telling us, we spend our \u201clistening time\u201d thinking about our reply.<\/p>\n

In doing so, we place our ideals and philosophies on others, without truly hearing them.<\/p>\n

As a consequence, we go through life missing out on valuable insights.<\/p>\n

How you can apply it<\/i> \u2013<\/p>\n

Many property investors suffer from confirmation bias which is the tendency, to begin with an answer and then search for evidence to support the preconceived outcome.<\/p>\n

The lesson here is to be skeptical of your preconceptions and try to disprove<\/i>\u00a0your own theories rather than continually defending them.<\/p>\n

Habit 6 \u2013 Synergize<\/span><\/h2>\n

Creative cooperation among humans allows us to uncover new solutions to old problems.<\/p>\n

When we interact with each other and apply the rule of empathetic listening, we augment our brainpower and grow from our experiences with others.<\/p>\n

How you can apply it<\/i> \u2013<\/p>\n

There is no such thing as a self-made millionaire.<\/p>\n

Every successful property investor turns to a proficient team of consultants for advice and to mentors for inspiration and counsel.<\/p>\n

Surround yourself with people who will lift you up, rather than negative nellies who will drag you down.<\/p>\n

Habit 7 \u2013 Sharpen the saw<\/span><\/h2>\n

The greatest asset you will ever have in life is yourself.<\/p>\n

\"business<\/h2>\n

In order to be effective, you must look after the only tools you have control over \u2013 your mind, body, and spirit.<\/p>\n

Maintain balance in all you do and never stop learning.<\/p>\n

How you can apply it<\/i> \u2013<\/p>\n

The best investment you can make to ensure success through property investing is in your own wisdom.<\/p>\n

Don\u2019t be afraid to spend (invest) money on your education and be prepared to learn not only from your victories but from your mistakes and those of others.<\/p>\n

To become financially independent you must follow the habits of successful investors who\u2019ve already achieved what you want to achieve.<\/p>\n

Turn part of your income into capital by saving and investing; then slowly build your asset base by reinvesting until you eventually have a \u201ccash machine\u201d that gives you the financial independence you desire.<\/p>\n

ALSO READ: <\/strong><\/span>Five reasons to expect a cooling in the Australian property market and falling prices in 2023<\/a><\/p>\n