103: Traits of a Property Investor
01-02-2007
We undertook a workshop to identify traits of a typical “property investor” and this is the list we came up with:
- Likes to be the boss
- Likes to control
- Tendency to being autocratic in decision making (rather than democratic)
- Obsessed with making money
- Creative - ideas person
- Good imagination
- Inquisitive and exploring mindset
- Likes to take risk
- Do not like politics, time wasting or bureaucracy
- Can be impatient
- Obsessive with ideas and property
- Action focused – not scarred to “take the plunge”
- Good with numbers – financially literate
- Analytical
- Independent
- Can be blunt, to the point
- Can be opinionated, frank, strong views
- Values driven by self, family and financial gain
- Can move quickly if an opportunity is identified
- Can value networking with other investors to share good practice
- Very competitive
- Intuitive
- Decisive
- Entrepreneurial in spirit
- Gets a buzz from searching for property
- Adapt at property management and administration
- Careful with money - thrifty
Many investors are extrovert, many are introvert. Some prefer to work in teams and are inter-dependent – others operate on their own and are very independent. Some have strong social values and believe that their property investing helps society as a whole. Others invest in property for the specific reason to make a personal financial gain – those with families will see this as benefiting there family as a whole. Some will try to achieve both.
Some of the shrewdest investors are highly analytical, thrifty, very careful with their numbers and are completely impassionate about investment decisions. They will often ignore advice and go with their gut intuitive feeling. Their thought process is that “to follow the crowd could lead to average returns – but to go against the crowd can lead to higher returns”. They will often purchase seemingly unpopular properties and transform them into something that becomes more popular in the future – by envisioning the opportunity and analyzing trends.
You might consider looking at these traits and seeing how you stack up against them. There is no stereo-type investors – we are all different. But to be analytical, creative, risk taking, dispassionate, independent, financially literate and independent helps!