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New Year´s Resolutions Real Estate Investors Need to Make

ON THE SPOTLIGHT

Coming up with a list of resolutions has been a long-standing tradition for many people. Just like in the corporate world where executives conduct an evaluation of annual performance thereafter come up with new objectives for the next year, we too, as individuals, need to self-appraise our personal lives then set up priority objectives to be worked upon. These are what we commonly refer to as resolutions. This is the first step in the process of coming up with meaningful resolutions that can ideally guide our actions throughout the New Year. By auditing how you lived the past year, you will be in a much better position to reflect upon the opportunities and challenges encountered. Thus, be able to come up with tactical resolutions that will enrich your life profoundly. So, how do you go about setting up New Year resolutions?

To start off, you need to identify the areas of your life that need improvement. This should come from the ‘life audit’ that you did probably at the end of the previous year. The resulting decisions can touch on personal lifestyle, career, education, health, family, business or investments. While you may be tempted to do a complete overhaul of your life, it’s imperative to keep your list short by focusing on the most important objectives. This considerably increases the chances of attaining the set resolutions. You can set up some form of weighting system to help you determine what’s critical starting from the most important all the way down. In order to achieve them, you need to keep the resolutions short, be realistic, break goals down to manageable chunks, plan a time frame, and most importantly don’t give up. With all these, you will be able to come up with actionable resolutions and at the end of the year, you will be to look back with pride and smile. Having understood how to come up with resolutions the next thing that follows is mapping out the actual resolutions from the ‘personal audit’. Granted, what are some of the resolutions that you need to make a real estate investor?

With the increasing life pressures, the need to have multiple sources of income has never been this crucial. Real estate investment provides a great opportunity for you to shore up your wealth whether you are already in the business or aspiring to join. In Kenya, real estate remains the topmost performing asset class in terms of return yields. So essentially for a start, the decision to invest in real estate is as a good as resolution number one and now you need to know what to work on while pursuing the treasures in the concrete jungle. Below are four New Year’s resolutions that real estate investors need to make:

Re-Examine Your Investment Goals
Just like the weather, real estate markets change from time to time as they affected by various factors. In this regard, the first step in setting your real estate investment resolutions is having a review of your previous investment goals to see if they are still in line with prevailing market conditions or predictions. Depending on the type of real estate class that you are interested in, (be it residential, retail, office, or industrial property), you should reevaluate both the short as well as long term goals. In so doing, you will be able to pursue realistic investment objectives and stay on track. If you are not sure of which path to take, consult a real investment expert to give you valuable insights.

Update Your Real Estate Portfolio
The inherent nature of any investment is that they are volatile and prone to risks. Real estate investment is no exception. This is why you need to diversify your investments. This results to you having a portfolio. As we wedge into the New Year, you need to update your real estate portfolio. Your focus should be on how to grow it. In pursuit of this, you need to decide which type of real estate class and the regional markets to explore. Also, consider cutting down properties that are not performing or not matching the market.

Connect With Other Professionals
It’s said no man is an island. This old adage holds true for any investors who want to have a successful track record in real estate investment. A very important part of professional networking is that it is about building relationships and trust, not just swapping business cards. This year, focus on establishing new professional relationships and to strengthen existing relationships. Also reconnect with friends, peers, and colleagues while teaming up with people with skills set that complete yours. Through the networks, you will be able to get useful real estate insights that will go a long way in shaping your investments and improve the prospects of getting excellent returns.

Be Open to Strategies
As highlighted earlier, investments are volatile and as such it requires one to be open minded. This means being responsive to the changes happening in the marketplace. To mitigate risks, you need to be open to new strategies thus ensuring your investment is safe and secure. Similarly, you need to stay up to date on new trends in real estate. To keep yourself informed, watch business news, attend real estate events, and read diverse thought leadership opinions by authoritative real estate experts.

Real estate investing can be a fun, smooth ride, but it also has its share of challenges. With the above resolutions, your real estate investment journey should be generally exciting throughout 2019. As you chase your New Year resolutions; don’t be too hard on yourself, think long term, and learn to self-motivate. Have a prosperous 2019 and good luck in achieving your set resolutions!

AUTHOR´S NOTE:

The views expressed here are of the author and does not necessarily represent position of Sultan Palace Development Ltd and as such does not warranty any particulars. Click here to read our Terms & Conditions.