Real Estate Investor October 2020 October/November 2020 - Page 20

TECH STORY

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Innovation in Property Investing

GRANT SMEE
Property investing has come a long way in the last few years . This is partly due to digital technology and the rise of e-learning methods and tools that have helped to accelerate the industry that we are operating in today .

T he good news is that there is a wealth of ( often free ) resources out there to help make the journey simpler and to educate you throughout your journey . I truly believe that whether you ’ re buying your first or 15th property , there is always something to learn .

The Fundamental Truths of Property Investment
The first place to start when starting your Property Investment journey is understanding that there are no secrets , shortcuts , or ways to fast-track success . The road is long , are you committed ?
To be successful in property investment you need to know the following Truths :
• Have a clear plan . It is important that you start with a goal in mind . The goal must be clear and measurable where you are able to align your Property Investment Strategy to ultimately realise the goals you have set .
• Educate yourself . Once you have a clear goal , you need to educate yourself about the Property Investment Strategies that will help you realise those goals . By understanding the strategy , you will be in a position to choose the right strategy for your needs .
• Take action . You can read a book , watch a show , sit in a seminar , surf the web and research to your hearts content , none of this will take you any closer to actually becoming a Property Investor . Only by taking action , viewing properties , negotiating deals , signing agreements and going through the effort of securing finance will you understand what it takes to be a Property Investor .
• Review , improve , repeat – systemise . Continuously creating processes and systems , then reviewing and improving these helps you create a sustainable and profitable venture that over time could become a passive business investment .
• Remember , it ’ s a business . Treat your investment like a business at all times , be professional and become an expert .
• There is a downside & mitigating risk . As a business owner it is important to always realise there is a potential downside and as a business owner you need to do all you can to mitigate these risks . Rule number one of Property Investment , don ’ t lose money .
• Don ’ t buy into hype . Property won ’ t make you rich tomorrow , in fact , very little will . It takes time and effort to create a sustainable and successful business .
• Beware of the furu ( fake guru ) – there are many teachers that make their money from selling theory , selling a dream , only making money from teaching and not doing . Careful of who you follow , who you buy into , who you spend money with . Remember , there are no secrets , shortcuts or ways to fast-track success , don ’ t pay money if this is what you ’ re promised .
Digital technology at your disposal
In addition to mentors and friends who have done it all before , there is a wealth of credible resources out there to guide you on your investment journey . These include :
• Online tools
• Research tech – also known as proptech in this context .
• Business tech
• Education tech
A disclaimer . Before delving in to the world of “ proptech ,” I think it ’ s important to state my opinion on this oftenmisused term . My opinion is that most " proptech " is in fact not really anything other than tech enabled services rather than truly disruptive and innovative tech that is improving the industry .
However , proptech can be a valuable online resource for
14 OCTOBER / NOVEMBER 2020 SA Real Estate Investor Magazine