2023 is upon us and if you are a budding property investor, you might just want to take stock of your new year resolutions for investing. Here are some things you can consider.
1. Evaluate your goals
This is the perfect time to evaluate both your short-term and long-term goals. If you’ve purchased a property for investment, are you still looking for positive cash flow, passive income or long-term capital gains? If you’re keen on managing co-living units, how successful have you been in raising cash for your business?
2. Build your network
Property investing is also a people business. The more people you know, the more you’ll learn f. Through this, you’ll be able to build new skills and learn where to find the best deals. It takes time but do make an effort to network with property agents, lawyers, property managers, marketing personnel and more.
3. Assess your property portfolio
The new year is an opportune time to take stock of your property portfolio. Do you have a mix of industrial, residential and co-living properties or do you concentrate on one asset class only? Is it time to add to your portfolio, dispose of any or should you diversify further? Consider how you want your property portfolio to evolve and grow.
4. Gain more knowledge
You can never get enough of new knowledge and there are always new insights, skills and techniques to learn. Equip yourself with more knowledge by reading voraciously, speaking to people and attending property workshops, seminars or courses. Never stop learning!
5. Assess your ROI
Calculate your sums and assess whether you are meeting your target returns on your investment. If you are not, go back to the drawing board and evaluate why. Or, if there’s potential to increase your annual return target, what strategies can you implement to do so?
The year ahead could turn out to be an exciting one for you so be prepared for whatever may materialise. Don’t forget to weigh all risks as you scale up and strive for greater returns.