Are you lucky enough to be in the position to be able to consider investing and making the most of the opportunities in the current market?
If you are, how are you going to make your decision?
A word of WARNING – now is not the time to go off a gut instinct or feeling.
It can be an incredibly stressful and therefore emotional time to be making decisions that will affect you or your family over the longer term.
So, my advice is to beware of the latest headline and only make decisions based on facts, data, and research.
Leave the emotion and the best intentions of others at the door.
Here are my thoughts…
If you were looking to start a new business today, you would likely hire a mentor or business coach and have them put a business plan together with you.
Well, why should it be any different to property?
Now, more than ever is the time to do both of those things for your Property Business, starting with finding a Coach or Mentor.
But where would you start and who should you look for?
Choosing a Mentor
If I was starting a business in a specific field that I had limited knowledge about, I would want to hire the best of the best!
I would choose;
- A specialist, not a generalist
- Someone with decades of experience – not years
- Walks the talk and literally practices what they preach
While there are many people out there who claim to be the best, by doing your research you will soon be able to sort out the experts from the pretenders.
A great example is our team at Metropole, led by founder Michael Yardney, who has over 40 years of property investment experience.
He is not a theorist, but rather one of Australia’s leading property investors.
But it doesn’t stop there.
Many of our Directors and Property Strategists, myself included have more than two decades of experience in the investment space and have been helping our clients for over a decade.
You just can’t beat that level of experience.
Our clients are often impressed that they are not palmed off to junior team members to make important decisions but have direct access to the best minds in the nation.
The Business Plan
Now you have your Mentor, it is time to put the Business Plan together.
This is how our team does this for our clients, with our Strategic Property Plan;
1. Strategy Development Meeting
After completing a detailed fact-find questionnaire we’ll have another meeting to dig deeper into your current circumstances, your income, your expenditures, how much you want your “property business” to give you in the future, your time frame, and your risk profile.
At this meeting, we’ll also talk about the performance of your existing assets, your potential, and the opportunities ahead.
You will also be referred to one of our finance strategists who will develop a finance strategy for you.
2. Building your Strategy
We will then work on your plan, consult with our research department and design a fully customized plan for your short & long-term goals after doing the appropriate research on your current situation and property portfolio.
This will be a realistic plan geared toward your priorities, and your most important goals and help you weigh the decisions along the way that can strengthen your plan and address the potential risks
We may also suggest you see other professionals such as a wealth advisor regarding ownership structures and estate planning or an insurance expert.
3. Implementation Session
At this follow-up meeting, we will answer any questions you may have, fine-tune anything that needs tweaking and give you a step-by-step guide for the next stage.
We will then refer you to any professional colleagues required to help manage the next steps.
4. Annual Portfolio Review
As a client of Metropole, we are keen to meet you at least once a year, get an update on your situation and make new recommendations if necessary.
