Fear is the number one thing holding people back from investing in real estate. And for many people, investing seems intimidating. Many Nigerians aren’t currently investing because they lack knowledge or confidence in their ability to make real estate investment decisions.
Investing can play a crucial part in securing your goals. It may provide the boost to your savings that allows you to fulfill dreams like purchasing more properties. Later in life, it could mean being able to support your children’s education or finance your retirement.
But taking that initial leap can probably feel overwhelming or provoke a lot of “what if” scenarios. If you find yourself starting to feel overwhelmed, you might start to feel more comfortable if you consider these few simple tips when starting out.
Here is how you can overcome the fear of investing in real estate:
1. Make adequate research: More often than not, the fear of investing in real estate is a result of inadequacy which can be an offshoot of not knowing the processes and information about real estate investments. There is no hard and fast route about this, the only way around this is to make adequate research. When you learn and understand how the market works, you will be bold enough to take calculated steps.
2. Embrace Assistance: Real estate professionals know that help is essential to their success. No one knows absolutely everything about everything all the time. Unlike the popular woke saying, you don’t have to “fake it till you make it”; be open to accepting help in all its forms. Be open to receiving help where necessary.
3. Learn from Experts: Isaac Newton once said, ‘If I have seen further it is by standing on the shoulders of giants.’ This holds true if anyone will be successful in their chosen field. You really don’t have to start from square one when you can learn from the experts. Consider getting coached to develop your approach to real estate investing. Seek out real estate agencies that can be described as A-list, then associate yourself with them. You’ll be more confident if you surround yourself with the right people as they will help you develop your strengths.
4. Accept the presence of fear: Courage involves the presence of fear, while bravery lacks it. Acknowledge and accept your fear, utilize your knowledge and leverage your network to minimize risk and make the best moves you can.
5. Take the first step: You don’t need to see the whole staircase, you just have to take the first step. If you truly desire to be among smart investors, you need to make an effort. The fear or losing or failing is all in the mind The moment you decide to take any action, you will begin to see positive returns. You minimize your chances of making a loss in the long run by taking certain steps.
It is no doubt that investing in real estate is a big step, there will be challenges but once you overcome the fear of real estate investing, your cash flow will be endless.