In this article, I’m going to share with you five of the many life lessons that have helped me achieve success and if you take them on board, you could do the same.
I often get asked how I’ve achieved success throughout my career as a property expert and how other people can achieve success themselves. Well, I’m going to share my answer with you now but first, I need you to understand something… Tips, advice and knowledge I will happily share but you are the only one who can ensure your own success! You determine your level of success. Not me, not anyone else, only you!
Now that we’re on the same page, here’s my five lessons that have helped me become a successful property investor and industry authority but they’re lessons that you can apply to whatever profession you choose to pursue. So let’s begin:
1 – Education is a must
This might seem simple, but it isn’t! I know a lot of property investors who are ‘self-taught’ and although they are making money off property, it’s clear to see that they are needlessly losing money through simple mistakes. It would be easy for them to see this too, if only they had invested in external education. This is why I couldn’t wait to become a property mentor, so I could help aspiring investors avoid the same mistakes I made, and those I would have made had I not been mentored.
Personally, I try to attend as many training seminars and networking events as possible, to ensure I’m learning from other successful investors and experts. I also try to attend (at the very least) one property training course a year, to make sure I’m up to date with the latest strategies and legislations. I recommend you do the same. Everything can change at any time!
2 – People are power
My mentor, James May, constantly reminds me of something that I think of every day. He says “You are the sum of the five people around you.” This is something you need also to understand. It’s important that you surround yourself with the right people, people who inspire you, people who encourage you to chase your dreams and people who hold you accountable to the goals you set yourself. With the right people around you, you can achieve any goal you set your mind to. With the wrong people, or dream stealers as I call them, you’re going to struggle – and that’s a fact.
Obviously, you’ll need to surround yourself with more than just five people. You’ll need to surround yourself with a strong and reliable team of people (I mentioned how you can do this in my last article – you can read it here). Surround yourself with the right people because the people you align yourself with will affect how successful you become.
Move away from the dream stealers!
3 – Understanding you market
Everyone who is successful, regardless of their specific field, is a master of their market. You won’t come across a single entrepreneur who lucks their way to success. Every successful businessperson studies their environment vigorously. They understand what’s going to happen before anyone else, or are certainly the first to understand changes, and as a result are the first ones to the punch. The early bird really does catch the worm!
You need to be the first in your field to take advantage any opportunity before the rest of the market can react to what’s happened. You need to be proactive and act fast, you can only do this by understanding your market!
Change is inevitable. You need to be in charge of your own journey by understanding your industry, market and environment and evolve with it. So my advice is this: study your market, learn from it and evolve with every change, allowing you to rise to the top of your industry.
4 – Research everything
This point is one I really can’t stress enough! It’s painful to see so many people dismiss reasearch and do the bare minimum. You need to research! I’ll admit that I’ve purchased a few properties off of my gut feeling thinking “This is a great property!” or “Who wouldn’t want to buy this one?” and yeah, sometimes I did make a nice profit but that was earlier in my career and I ran the risk of falling short.
Now, I don’t leave anything to chance, and I’m a much better businessman for it.I research vigorously! I research the local area and property market, so I know what state it’s in. I look at the property types available in that area and what’s in demand, so I can select the best investment strategy and almost guarantee. I research every element of my investments and it has let me go from achieving returns of 5-6% for rental properties to achieving returns in the region of 10-12%. That’s the power of research! But on a more broad scale, you also need to research your market or industry as a whole, so you can stay ahead of the game.
There are always twists, changes and shocks in the property market and all we can do is anticipate them. Most recently, we’ve seen the change in Stamp Duty, which was easy to prepare for, if you had done your research ahead of time. I myself purchased several properties in the lead up to the changes in April, as did many other investors. Some unfortunately left it a bit late and were unable to complete on their new purchases in time, resulting in them either having to pay a lot more stamp duty or pulling out of the sale and losing all money they’ve spent so far. Neither is a particularly attractive position to be in. An easily avoidable position though.
The other, which no one could have fully prepared for, was Brexit. No one could have been prepared because such an event has never happened before but I, like many others, took precautions.
I was able to do this off the back of countless meetings and conversations with other investors and property experts, by attending networking events and be researching and reviewing as many credible updates and reviews as I could get my hands on. Each of these conversations, legislation updates and reviews have each been a single jigsaw piece that have allowed me to paint a bigger picture (one that is constantly changing and growing – which is why I need to continually research) from which I can plan my next move. You need to paint your own picture to work from and you can only do that by researching and accumulating real data from dependable sources.
Good research will lead to good decisions and they will lead to success and wealth. And that’s what you ultimately want, isn’t it?
5 – Longevity is key
We’ve all seen them, those get rich quick adverts that somehow follow you everywhere you go. With ridiculous tag lines like “You could make £3,298 a day without leaving your bed” or “Even lazy people become millionaires in 90 days”. They’re all lies, scams, frauds! It’s near impossible to achieve riches and success over night. The truth is, if you want riches, wealth and success, it’s going to take time and a lot of hard work but you can achieve it! You just need to be realistic. Take property for example: many people think that they can invest in a property, refurb it and walk away with £100K in their pocket. Unfortunately, that’s rarely the case.
A friend of mine, who is very successful in his professional life, owns two investment properties. He rents them out through Prospect Estate Agency’s fully managed lettings service and doesn’t have to do anything with them. On one property he makes £30 a month, on the other he loses £30 a month. You might think this is a bad investment strategy. However, he’s playing the long game. These two properties are his retirement plan. He bought one three years ago for 195k (a 2 bedroom property), valued at £300K today, and the other 18 months ago for 130K (a 1 bedroom flat), now worth £190K. When he retires, he’ll sell both properties for an excellent profit from his initial investment and he’ll have a large cash sum for his retirement. I’m not saying that’s the strategy that I would use but my point is that he’s focused on the long game and it works for his goals.
When you realise what your ultimate long term goal is, and if you exercise patience and discipline, you’ll be able to achieve it. Make sure you don’t lose sight of your ultimate goal because of short term rewards and bumps, things will always move forward, you just have to plan accordingly and make sure you’re ready when opportunities show themselves.
Your success really is in your hands and if you’re ready to take action then you’re one step closer to achieving your dreams. If you think property investment is the right vehicle for you to achieve your goals, I’d love to hear from you with your own experiences, lessons and top tips!
Regardless of your journey, I wish you the best of luck and success in everything you do!
Peter Licourinos – Director of the Prospect Group & Joint Owner of Prospect Investors Club
For over 15 years, Peter Licourinos has been involved in every aspect of buying, selling, renting, letting and investing in property, as well as being a successful mentor to dozens of property investors. Peter Licourinos is now sharing his expertise and knowledge of property with you! Learn more about investing in property at www.prospectinvestorsclub.co.uk. When you become a member of Prospect Investors Club, you can arrange a courtesy one-on-one meeting with Peter to discuss your investment goals, portfolio and strategy.