There are a lot of things you need to think about when you’re a property investor such as maintaining your properties, vacancy rates and repairs. But, what else could you be thinking about at a higher level to become a better property investor? Here are four things to think about to help improve your property investing for the year ahead.

Have a plan and stick to it
Before you get into the property market, you need a property investment plan, and you need to stick to it. If you’re not sure where to start, you can begin by reading some books or talking with local property and finance professionals to get an idea of where you should focus your attention. Remember, a plan won’t come together overnight. Take the time to do your research and think about exactly what you want from your investment plan.

Form your own opinions
It can be easy to get caught up in the hype of the media and market commentators spruiking the next “big thing” in real estate. Warren Buffett summed up his thoughts well in the middle of the GFC, “Those who invest only when commentators are upbeat end up paying a heavy price for meaningless reassurance.” With your planning, market research and talking to your advisers (lawyer, accountants, brokers), you have plenty of information to analyse and form your own opinions about the market and what will work best for you. And if you find yourself constantly side-tracked by the latest doomsday or boom news, try taking a short break from these information sources.

Crunch the numbers, and crunch them regularly
Harry Triguboff, Australia’s wealthiest property investor, has a net worth of $12.77 billion — pretty impressive! Despite having a large portfolio, he still reviews each sale and expense in his business. It’s this attention to detail and ability to objectively review the numbers on a regular basis that can drastically transform your investing.

Move with the markets
The property market, like everything else, moves in cycles. As the market moves through booms and busts, other components like lending are impacted too. If you’re looking to secure a mortgage or wanting to refinance in 2020, make sure you’re not met with surprises. Get a copy of your credit report, so you know what lenders are viewing (hint: lenders are now reviewing two years of repayment history). Make sure you also shop around for valuations on your property because valuations can vary.

Review and research is the theme for becoming a better investor. Make sure you take the time to get these foundations right to improve your investing and realise your goals.