The pursuit of perfection often empedes improvement
– George F. Will
It took me years to understand when people told me that constantly trying to achieve perfection in everything was stopping me from achieving my goals. In fact, I’m sure that as you are reading this now, there is a presence of some discomfort.
Basic ‘behavioural profiling’ teaches us about four primary behavioural categories, leaving one style more prone to fall victim to the pursuit of perfection than the other three.
D – Dominant (wants results and control)
I – Influential (wants recognition and relationships)
S – Steady (wants security and private appreciation)
C – Conscientious (wants attention to detail and clear rules)
From our experience at First Link Property, those that struggle with property investment most are those that fall into the ‘C’ category. So what are the symptoms of the C-type property investor?
1) Focusing on the minor details of a property rather than focusing on how a property is going to make you money.
2) Over-analysing the property to the point you cause delays and miss the initial opportunity due to inaction (paralysis from over analysis).
3) Disregarding the advice of the professionals around you.
The challenge for the C-type investor is that they want ‘clear rules’, to which there are none in property investment. There is no simple (or complex) equation that assists us in determining which property will perform better into the future over another.
Property investment research and due diligence is therefore very multi-dimensional, and requires the combination of many factors. We accumulate these factors into five primary categories: our proprietary five P’s of property investment:
In part 2 we will discuss the fifth P – place.