To be a successful property investor does not mean you require superhuman powers reserved for the elite few. To be incredible, all it takes is to be CREDIBLE.
Be on top of your numbers.
From your A&L to your residual development model, make sure your numbers are accurate and up to date. Also, be aware of the amount of information in the public domain: planning, comparables, your previous projects - be armed and ready with answers. And make sure you are offering a credible narrative, right down to what your social media profiles say about you and what comes up if you Google yourself.
It's all in the... timing.
Proptech and fintech platforms mean that due diligence of a deal can progress pretty quickly these days. Ensure that you are proactive and get that ball back over the net - it's far better to be waiting on other people than they on you. It requires you have a clear plan (or map) of where you want to get to and the systems to assist in reaching your objective.
Make sure you give the right impression from the get-go - turn up to your potential lender, your lawyer or your JV partner on Day 1 with some solid due diligence under your belt. And a life-lesson tip? If you don't know, say so - do not whatever you do bullsh*t - that's the quickest way to lose credibility.
Embrace your kryptonite.
Every investor or developer will have an Achilles heel, and every opportunity will have its risks. To be (In)Credible, be honest about these so your lender or JV partner can work with you. Acknowledge a deal's risks but show how you can make these as asymmetric as possible to mitigate the risks.
Equally important, if you have skeletons in the cupboard (poor credit history, CCJs or bankruptcy), be upfront and honest about it. Your lender or JV partner will respect your integrity far more if you tell them rather than them unearthing it later on (and they will).
Assemble your Avengers.
A chain is only as strong as its weakest link. Make sure that is not you by becoming an influential linchpin. Every opportunity is reliant on assimilated skills, systems and people. You must manage the risk, the people and decision-making at the right time across the crucial stages of a project; Acquisition, Project and Exit.
As an individual, it's unlikely you'll have all of these skills or extensive experience of each phase. Good investors and developers know what they love doing (and are intrinsically good at it). But the (In)Credible ones know what they suck at and fill those gaps with partners, professionals and systems.
Three mistakes, one solution.
Our typical client has usually made one of the following three broad mistakes:
- They are claiming a lack of TIME. More often, this is a lack of structure, systems & discipline.
- Poor MONEY management. A catchall that spans basics such as not having your (financial) house in order, to overreliance on a single lend.
- A lack of FOCUS. Having "Bright, shiny object" syndrome thinking the next opportunity thinking is a silver bullet means they end up with ever-dwindling resources of time and money.
Delivering outcomes for developers & investors through our APEx Program, nReal helps our clients leverage their time & resources & make the most of opportunities. APEx ("Acquisition, Project, Exit") is ideal if you want to grow but lack time, structure or confidence.
nReal will help you establish repeatable systems and a network of professionals so you can scale up. As we say at nReal, "Connecting People has Real Value".