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