Real estate is a high-risk, high-reward investment. If you play your cards right, you are looking to reap all of your hard-earned money, especially if the property has a high property appreciation value.
But do you find yourself asking how some investors get so lucky with their real estate investments? What do they do differently to get what they want? Is it because they have so much good chi, or practiced feng shui? Is it because they consulted a mystic expert and worn a charm bracelet that would attract luck and fend off the bad energy?
According to a renowned research study, it’s actually more simple than you think.
In his published study, Richard Wiseman found out people have the ability to command luck by following four basic principles. One, they become experts in creating and noticing opportunities. Two, they’re very good at listening to their intuition. Three, they create self-fulfilling prophesies via positive expectations. And last but not the least, they have a resilient attitude that transforms bad luck into good.
Here’s how to apply them when making a real estate investment:
1. Learn to create, notice, and act on chance opportunities.
Any investor has the initial aversion to invest big in an asset, especially if it means putting all of the hard-earned money. On the other hand, that aversion could stand in the way of you being able to reap the rewards once it bears fruit.
How: Chance opportunities rarely land on your lap. And if it does, it is because you were seeking for it. Start researching online, check out projects at addresses that offer proximity, accessibility, and a sense of community.
A Property Page is an excellent online resource to do a thorough background check to the property you’re eyeing. Aside from the general information and availability of property units, property pages also contain interactive content such as 360 virtual tours, 3D floor plans, and neighborhood maps to provide you a comprehensive insight about the property of your choice.
2. Go for “premium,” not “expensive.”
Expensive is coined on an investment of which its value does not surpass its sticker price or rate of investment. “Premium,” on the other hand, is coined on an investment of which its value surpasses more than its rate of investment, hence the high sticker price.
How: When choosing a real estate property to invest in, your property of choice needs to be more than just passing the accessibility and/or proximity criteria. Questions you should be asking at this point should be whether the real estate developer has an asset investment program in place or has the capability to add value on the property that could assure the rate of return. This way, you can validate your investment choice and will have no qualms to invest in it.
3. Turn to the pros.
The internet may be a gold mine when seeking opportunities. But the right ones lie on your “network of luck.” This is because your connections may also lead to chance opportunities for you to get great deals that are rarely advertised online.
How: Aside from your home search, don’t turn down the opportunity to schedule a meeting with at least 2-3 agents for their respective offers.
4. Listen to your intuition.
What does your gut tell you? In luck, biology can be your friend when information overwhelms you. If you’re feeling queasy, take a step back and clear your mind of other things.
How: Being attuned with your intuition requires a relaxed state of mind. This is because a narrow focus of attention will lead you to miss cues, and eventually a chance opportunity leading to luck. Shrug off the anxiety and be open to welcome the right choice.
5. Whatever you do to your real estate investment in a particular time in the future, focus on getting a high return on luck.
A chanced opportunity that you seized is overall a lucky investment for you in the long run if you know how to capitalize it.
How: Come up with a plan or strategy if you plan to lease or sell your property in the near or later future. If you do not have the time (or the patience) to manage your property while it’s on lease, consider hiring a reliable broker or an in-house property management service to take care of the property for you.
Still not convinced that this formula works? Why not invest in a lucky condo instead?