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4 Ways You Can Build a Better Property Portfolio in 2023

4 Ways You Can Build a Better Property Portfolio in 2023

2023 is now in full swing! Discover four ways for you to build a better portfolio from a veteran property coach.

Olivia Ward first thought that she wanted to help people by becoming a buyer’s agent. But soon enough, she realised it wasn’t for her. While her heart was in the property space, Olivia knew she wasn’t just cut out to be an agent. 

Instead, she learned that her calling was to help people build wealth through property.

She found out that a lot of people who get into property are time-poor. They know that property can give them a huge opportunity to gain wealth and freedom. 

However, they can’t really commit to spending a lot of time learning about the industry and getting to know people who can help them reach their goals. As a result, many property investors don’t have good people on their team… and they end up spending more money than they should. 

After being exposed to such harsh truths in the property industry, Olivia decided to help people succeed in property investing. 

In keeping with her commitment to helping property investors, Olivia shared with us her top four tips for building a better property portfolio in 2023 and beyond. And in this article, we listed them down for you.

The 2 Biggest Mistakes Property Investors Made in 2022

Before explaining the four ways a property investor can build a better portfolio in 2023, let’s first bring to light some of the biggest mistakes property investors committed last year. These include the following: 

Mistake #1: Being fearful and not taking action

2022 was a year of rapid changes in the property space. Everyone was slowly trying to bring back the status quo after our lives were turned upside down by COVID and other domestic issues. 

But as the world seeks equilibrium from a tumultuous past, many investors have become fearful of the future. And this caused them to commit analysis paralysis. 

As such, it prevented them from taking advantage of the amazing opportunities that actually existed in the property space since last year.

As always, the best time to invest was yesterday. And the second best time to invest is today. So, stop overthinking. Don’t be afraid to take a step towards a brighter future as a property investor.

Mistake #2: Listening too much to the media and non-experts when making property investment decisions

Now, the fear of inaction is directly linked to this second biggest mistake, which is listening to the media. It’s listening to your mom and dad next door… Or your friends and families when it comes to property. 

Investors shouldn’t do that for the simple fact that most often than not, your loved ones and even the media are not experts in the property industry.

Here’s the thing: When investors allow themselves to believe in false truths, fake news, and uneducated guesses… they will most likely make mistakes. 

And the worst part?

When property investors make mistakes… it usually means money down the drain.

4 Ways Property Investors Can Build a Better Portfolio in 2023

Way #1 – Determine your true role as a property investor within your team

Investors need to think about what role they play in the team that they are building. This is a really interesting way to think about it because most investors simply think of themselves as investors. Then, they have a team that works for them to build and grow their property portfolio. 

Now, if you think about it deeper, what role do you play within your team? You’re not just the investor, right? You can also be seen as the CEO of a business.

After all, building a property portfolio is a business. That is, you look for capital, you employ people to help you out, and you set goals every year to follow through. Simply put, you treat it like a business where you are the owner. 

And since your true role is a CEO… 

This means that you must be able to communicate your vision to every member of your team. You need to learn how to support your team so that you can actually achieve your goals.

Way #2 – Play the long-term game

Building a property portfolio is a long-term game. Now, for some people, dabbling in property investing could have caused them to get pretty wealthy pretty quickly… but it’s more than that. 

Property investing is more of a get-rich-for-sure scheme than it is a get-rich-quick scheme. And getting rich for sure takes time. 

Having this kind of mindset allows us to stay on track and not lose sight of our goals. After all, as property investors, we’re not just after a quick buck. We’re in it for the pot of gold at the end of the rainbow. 

So, take it slow. 

Now, you might still be juggling a full-time job while investing in property. If that’s the case, don’t compare yourself with other investors. This year, commit to making sure that you have a plan to play the long-term game… and use it to guide your every investing decision.

Way #3 – Be a manifesting generator

Being a manifestor means it’s easy for you to envision and manifest what you want out of life. But the thing is… not everyone can do this naturally. And that’s okay. 

For this year, train yourself to become a manifestor so that it’ll be easier for you to bring your ideas to life.

Way #4 – Build good habits

If you really want to build a better portfolio this 2023, then consistency is your friend. 

So, build good habits not just when it comes to work but also in your personal life. Take things one step at a time. Take care of your health so you can live the life you want. 

Remember, the journey towards success begins with a single step in the right direction. And some habits that you can build this year that will help you build a better portfolio include:

  • Reading up on the latest updates about the property market from a reliable source
  • Seeking the guidance of a reliable and knowledgeable coach who will help you make better property investing decisions 
  • Building good relationships with your team members and collaborators
  • Filtering the media you consume to avoid falling prey to misconceptions and fake news that may negatively affect your property investing decisions
  • Constantly checking your financial health

Your Best Year Awaits

2023 is a year full of opportunities for property investors like you and me. So, use these tips provided by Olivia… and be wary of making the same mistakes many property investors made last year. This will ensure that you will have a better year ahead. 

Let’s put our best foot forward and start building a better portfolio today. 

Keen to explore your own property strategy?