{"id":7241,"date":"2016-03-06T01:00:51","date_gmt":"2016-03-05T14:00:51","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=7241"},"modified":"2016-03-06T01:00:51","modified_gmt":"2016-03-05T14:00:51","slug":"7-habits-of-highly-effective-property-investors","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/7-habits-of-highly-effective-property-investors\/","title":{"rendered":"7 habits of Highly Effective Property Investors – Michael Yardney"},"content":{"rendered":"

 
\nHave you noticed how some people seem to rise to the top of their chosen field, or journey ever higher up the property ladder, while others consistently achieve the same \u201caverage\u201d results? Michael Yardney<\/a><\/strong>, from Metropole Property Strategists,\u00a0<\/strong> helps us reflect on the 7 significant traits\u00a0Dr. Stephen Covey\u00a0says successful people habitually exhibit. We have called it the 7 habits of Highly Effective Property Investors.
\n <\/p>\n

Transcript:<\/strong><\/h4>\n

Kevin:<\/b>\u00a0 I wonder if, like me, you\u2019ve noticed that some people seem to rise to the top of their chosen field or journey, even higher up the property ladder, while others consistently achieve the same average results.
\nIn the 1990s, you might recall management guru Dr. Steven Covey explained what he believed to be the defining characteristics that distinguish highly effective people in his book \u201cThe Seven Habits of Highly Effective People.<\/i>\u201d I\u2019ve read the book. I\u2019m sure you probably have, too.
\nI want to find out if there are any similarities here between those habits and the habits of top achievers in property.
\nMichael Yardney from Metropole Property Strategists, I know you have a view on this. What are your thoughts, Michael?
\nMichael:<\/b>\u00a0 Hi, Kevin. Yes, I think there are some similar traits between successful businesspeople, entrepreneurs, and property investors. You\u2019re right, Kevin; they have similar traits. How about let\u2019s go through what Steven Covey had to say, and I\u2019ll give you my take of it in property investors.
\nKevin:<\/b>\u00a0 Okay, you swing it that way. Habit one, of course, was be proactive.
\nMichael:<\/b>\u00a0 Kevin, you\u2019re right. What he was saying was that life isn\u2019t just a series of events; in every moment, you actually have a choice. You can either move forward and take the opportunities or you can be the passenger of your life.
\nAs a property investor, I\u2019d suggest you be proactive like Steven Covey suggested. Be the pilot of your life, not the passenger. You are where you are today because of all the things you\u2019ve chosen to do, Kevin, and all the things you\u2019ve chosen not to do. Either way, you\u2019re going to either have to run the day or you\u2019re going to let the day run you.
\nKevin:\u00a0 <\/b>Habit number two was begin with the end in mind.
\nMichael:<\/b>\u00a0 I liked that one when I first heard it years ago, Kevin. It means that you have to focus on your desired outcomes and then do what you need to do to achieve that. The key, I think, for property investors is to block out a lot of the distractions that can inhibit you moving forward because there\u2019s always these things, so-called perceived opportunities, that if you hop onto the latest bandwagon, it takes you off track.
\nI think all property investors \u2013 and not just investors; businesspeople \u2013 should write down a set of goals \u2013 in property investment, it may be getting to financial independence \u2013 and then put a strategy around it. That way, it\u2019s going to be easier for you to make decisions and not get distracted, Kevin.
\nKevin:<\/b>\u00a0 Indeed. Habit number three was putting first things first. This is about prioritizing, Michael.
\nMichael:<\/b>\u00a0 You\u2019re right, Kevin. What Steven Covey said was once you\u2019ve set your goals, then you have to develop the habit of planning and implementing activities that are going to enable you to reach them. Importantly, you learn to prioritize exactly what you said that you\u2019re doing things in the right order.
\nAs a property investor, I think what you have to do is keep the big picture in mind. Sometimes, you should actually say no to perceive opportunities if they don\u2019t fit with your plans. I know, Kevin, over the years I\u2019ve made more money by saying no to deals than by saying yes to them.
\nI suggest an investor takes personal responsibility because you can\u2019t change the circumstances, you can\u2019t change the property cycle, you can\u2019t change the market, but you can change yourself. That\u2019s something you have control over.
\nKevin:<\/b>\u00a0 Exactly. That\u2019s the point, isn\u2019t it? Habit number four was think win-win.
\nMichael:<\/b>\u00a0 I think Covey was basically saying you can gain more out of life through the art of cooperation than with competition. As a property investor, win-win doesn\u2019t only apply to negotiation but, in fact, to <\/b>all elements of your life. I think you should learn to be happy with what you have while you pursue what you want to have, Kevin.
\nKevin:<\/b>\u00a0 Indeed. Habit number five. This one may be a little bit difficult, but I\u2019ll just be interested to see what you have to say. Seek first to understand and then be understood.
\nMichael:<\/b>\u00a0 I think what Covey was saying, Kevin, was most people engage in a conversation to be heard rather than to understand. I\u2019ve found when I speak to people, what they tend to do is use their listening time to plan their reply, rather than to actually listen to what I have to say.
\nI think as a property investor, there\u2019s a way of flicking this to suggest that a lot of property investors suffer with what I call confirmation bias. What they do is they go out in the world with an answer in mind that they\u2019re looking for, and then they search for evidence to support their preconceived idea. Instead, I\u2019d be saying to be skeptical of any preconceptions and try to disprove your own theories rather than continually trying to defend them.
\nKevin:<\/b>\u00a0 Very good, Michael. It makes a lot of sense.
\nMichael:<\/b>\u00a0 Kevin, if you\u2019re looking for mining towns, for example, there\u2019s going to be enough information out there to support and confirm what your already preconceived idea is. I guess the suggestion would be have a look and see if there\u2019s an argument against it.
\nKevin:<\/b>\u00a0 Yes, indeed. Habit number six was synergize.
\nMichael:<\/b>\u00a0 I think Covey was basically suggesting that creative cooperation amongst humans allows us to uncover all sorts of new solutions, newer opportunities there. As a property investor, I\u2019d be putting it this way. There\u2019s no such thing as a self-made millionaire.
\nKevin, every successful investor I know turns to a proficient team of consultants and to his mentors to inspire and to counsel him. The lesson is surround yourself with people who can lift you up rather than \u201cNegative Nellies\u201d who drag you down.
\nKevin:<\/b>\u00a0 Habit number seven, the one that I really love, that we sometimes lose sight of, is sharpen the saw.
\nMichael:<\/b>\u00a0 Covey was basically saying that your best asset in life is yourself. In order to be effective, you should really look after the tools that control your mind, your body, and your spirit so that you can maintain the balance in your life.
\nI guess as a property investor, the message is the best investment you can make is to ensure your ongoing wisdom, don\u2019t be afraid to invest in your education, and be prepared to learn, not only from your victories but from your mistakes.
\nTo become financially independent, Kevin, I think you really should be following these habits of other successful people in other arenas of life because that\u2019s most likely going to help you to become a successful property investor.
\nKevin:<\/b>\u00a0 I think the bottom line here, Michael, is habit number five: seek first to understand and then be understood. It\u2019s just keeping an open mind to the whole thing.
\nMichael:<\/b>\u00a0 Definitely. That\u2019s one of the challenges that when you keep getting bombarded with all the information in our inboxes and in the magazines and in the newspapers, there are so many different ways one can be successful with property investment. Be open. Get some people around you. Get some good mentors. Save, invest, build your asset base, and then you can become financially independent.
\nKevin:<\/b>\u00a0 If you haven\u2019t read the book, make sure you pick up a copy of it.
\nMichael Yardney from Metropole Property Strategists, thank you very much for your time.
\nMichael:<\/b>\u00a0 My pleasure, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

  Have you noticed how some people seem to rise to the top of their chosen field, or journey ever higher up the property ladder, while others consistently achieve the same \u201caverage\u201d results? Michael Yardney, from Metropole Property Strategists,\u00a0 helps us reflect on the 7…<\/p>\n","protected":false},"author":176692471,"featured_media":7244,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,11,13,36,17,25,28],"tags":[101],"class_list":["post-7241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-property-investment","category-sponsored-channels","category-uncategorized","tag-podcast"],"yoast_head":"\n7 habits of Highly Effective Property Investors - Michael Yardney - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/7-habits-of-highly-effective-property-investors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"7 habits of Highly Effective Property Investors - Michael Yardney - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  Have you noticed how some people seem to rise to the top of their chosen field, or journey ever higher up the property ladder, while others consistently achieve the same \u201caverage\u201d results? 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