It is witnessed time and time again across the industry but so often, investors spend a great deal of time and energy securing their first investment property and then stop, potentially missing out on the benefits of developing a comprehensive property portfolio. They clearly have no idea how to start a property portfolio.
There are many reasons for it and some of the most common excuses include:
- 'I have an investment property now, I am just going to wait and see how it performs before I make any more investment decisions’
- ‘I am thinking of investing in shares to diversify my risk’
- ‘I am already stretched financially, I don’t want to take on any more right now’
- ‘I don’t have the time to focus on finding another investment property at the moment’
- ‘It is too hard to find properties I should buy, rather than those I want to buy’
- ‘My investment specialist has moved to another company and I am not sure where they are’
What many investors don’t realise is that by the time you have purchased your first investment property, most of the hard work is already done and with the help of the right experts, securing a second or third property is easy and could compound your benefits and help you achieve long term financial security building your portfolio.
It is a trend he has seen in the industry all too often and throughout my 12 years of working in the property industry, I have seen countless investors miss out on the benefits of building a property portfolio and reaping the rewards.
Often, the missed opportunity for building a portfolio is driven by hesitancy or the investor being time-poor, and unfortunately it is sometimes compounded by advisors failing to follow up with their clients and having a good understanding of how their property portfolio is performing. Sometimes clients need a push to seize new opportunities and if risk is an issue, I strongly recommend diversifying your property portfolio.
I started my career in the Pilbara so I understand the benefits of investing in both metro and regional locations, locally or interstate, plus being willing to hold property for the longer term to avoid any short term peaks and troughs. Property investors have so much to gain from building a property portfolio beyond the initial investment and there are some clients I have worked with for more than ten years to continually monitor and assess their opportunities to achieve maximum gain.
I strongly encourage every investor to keep the process going and if you need a hand, we are always here to help with building your portfolio.
Want to know more about building a property portfolio? Contact our team of Property Investment Specialists today.