Real Estate Investor Magazine South Africa REIM February 2018 | Page 64

MENTORSHIP Learning the Ropes Knowing who to trust B eing a successful investor is all about knowing who to learn from. In the real estate investment world, finding a reputable and knowledgeable mentor can be chal- lenging. With a seemingly endless stream of videos and ad- vertisements about the “next big thing” or “property mogul” being flung at our faces, it can be tough to drown out the noise. Having a mentor or coach on your side that you can trust is essential. Below, we outline some of the characteristics of a highly successful investor - think of this as a starter kit for any aspiring real estate investor. 1. Be a proactive learner The successful investor spends time learning - even when others may think they know enough. Read books, magazines, journals. Watch webinars. Attend seminars. These are all ways to broaden your knowledge and deepen your understanding of investment. 2. Have a planned exit strategy Before you even think of investing, know how you can exit. A main difference between a successful investor an average one, is the time and effort they put into planning for the worst. 3. Be patient We all know that property is a long game. Don’t become im- patient and rushed in your investments. Successful investors work with a clear strategy - and stick to it. 4. Have emotional control Markets are greatly influenced by emotion - particularly fear and greed. Successful investors have a stronger control over these emotions than average investors, and don’t allow “experts” 62 FEBRUARY 2018 SA Real Estate Investor Magazine to influence their investment strategy. They also know that any investment has a 50/50 chance of succeeding or failing - and that’s okay. Once again, they have the confidence needed to stick to their strategy, even when one move doesn’t work out as hoped. This confidence is won over time, as you gain more experience in the property investment world. Having a mentor that is willing to share their ideas and strategies is essential in developing the knowledge you need to feel confident in your decisions. 5. Learn from your mistakes No investor can claim that they’ve never had a setback or a failure. The goal, here, is to learn from it and apply your strategies better in future. A mentor can help you to stay motivated during these times of stress, and guide you towards finding a better solution next time. 6. Have passion Investing in real estate isn’t always going to be fun or easy. In order to attain success in this industry, it’s important to have a passion for it. At first, you may be hesitant about the different steps and technicalities, but don’t let this discourage you. Having a trusted mentor (or team of advisors) will help you to focus on your long term goals, rather than getting caught up in day-to-day stress. Bob Johnson, the president and CEO of the American Col- lege of Financial Services in Bryn Mawr, Pennsylvania, identified five qualities that good investors have: patience, discipline, con- sistency, skepticism, and confidence. No one is born with all of these qualities right away. That’s why surrounding yourself with experienced investors is such an important part of growing and succeeding in the real estate world.