Execution in property investment is everything, sure. But what good is great execution if you have the wrong strategy? Regardless of how you play the game, you will lose if you have the wrong strategy (and win big if you get it right).
Apple has enjoyed huge success with it's ipod, largely because they developed a new strategy for people to access and enjoy music on the move not because it played music better than your other devices. Retail stores are suffering not because they don't want to work hard or care about their customers, but because they are burdened with expenses (rent, rates, poorly performing offline marketing) in a world where their competitors are not.
Of course it is possible to invest in property with the wrong strategy, but it's a battle and much harder than it needs to be. The smart thing to do is think very hard about your business model, who you are trying to serve and how you are better in serving those people than everybody else who is also trying to serve the same people.
You could change from buy to let to property development, from houses in multiple occupation to property trading, from a full time job to a letting agency owner, from doing all the work yourself to taking on a business partner, from using your own limited resources to partnering with other people who have money and doing deals together, from estate agents to internet marketing to find bargain properties, or a combination of these.
Refusing to change your property investment strategy because you are comfortable with whatever you are doing now is a dumb strategy.
by Parmdeep Vadesha
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