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Three tips to master the art of asking for property advice
February 3, 2015
At the Invest Carnival ‘Meet The Investment Bloggers’ session held last Sunday, there was a question for me from the audience during panel discussion.
Someone asked what I do with my money after selling four properties. It sounds like how the media interview the lucky winners after they win the lottery or the Changi Millionaire contest.
Unlike a windfall from hitting a jackpot, there is no excitement at all. Like what some investors say, you feel ten times more excited the moment you find and secure a good deal compared with the moment you profit from it.
I didn’t even consider celebrating or rewarding myself. The sum of profit was fixed and expected anyway. On every handover date, I just made sure that my lawyer completed the sale smoothly and deposited the cheque as instructed.
But wait, he was asking how I invested the profit after selling my properties.
Frankly, I did nothing until I got the time to put it into fixed deposits on a few currencies. But for most of it, I hold cash or assets that don’t necessarily have to produce any income.
The guy wouldn’t have asked this question if he knew that everyone has different financial goals. And my answer could be irrelevant and misleading to him.
Every week I receive many email messages from readers of my blog asking for property advice. Asking for advice is an art but not many have mastered it.
Don’t get me wrong. I often find messages from readers sharing thoughts, exchanging ideas or giving feedback a source of inspiration. They give bloggers like me the food for thought and the motivation to write.
Below are three tips that can help you ask the right questions.
Tip #1: Don’t copy others blindly. You know yourself best.
If those so-called gurus are selling you an investment opportunity, you can ask what they have in their portfolio. Don’t just get the list of properties. Know when and what price they bought them. You will then have an idea whether they are a real guru or not.
Look at what others bought but don’t copy them blindly. What others have in their portfolio may not be suitable for you. For one thing, we all have different financial literacy, earning capability and holding power.
Similarly, what others are doing with their money may be irrelevant to you. We are all at different stages in our financial journey: Many are trying to clear their debts. More are saving to buy for the very first time. Some are accumulating wealth through aggressive investing. Others have already achieved financial freedom. The rest are seeking shelter to preserve their wealth.
Don’t ask “What are you buying?”. Find out what is available and what fits you.
Tip #2: Don’t wait to be spoon-fed. Learn the basics yourself.
Some readers like to drop me a one liner question like “to buy or not”, “buy now or later”, “when can I buy”, “what is best to buy”, “should I buy xxx”, or “what do you think about buying property in xxx”.
I can tell you that you should buy a property project tomorrow. But why? Why this project? Why tomorrow?
If I give you a quick answer, you learn nothing. It is because you are fed with fish but you don’t know how to fish. You can only come back to me with more one liner questions.
Instead of waiting to be told what to do every time, why don’t you learn all the basics about property investment? It is important that you understand the reasons behind when to buy, what to buy and how to tell a good deal from a bad one.
Don’t ask “What do you think?”. Find out the basics and share with me what you think.
Tip #3: Don’t look for a quick fix. Learn the skills to fix it yourself.
Do you know what annoys doctors the most? It is when people whom they barely know approach them and present their symptoms, but without the full picture and their medical history, and expect to have an immediate diagnosis of whether they are fine or abnormal.
Doctors know that with the missing puzzles they have a high chance of getting it wrong. If they say it is normal, it may turn out to be otherwise. If they say it doesn’t look good, they may upset the person unnecessarily. Either way they cannot win. That is why they always end with asking the person to go to see a specialist for a thorough check-up.
Then why ask in the first place?
Likewise, some people like to share their full property stories and ask the experts for some quick-and-dirty advice. But these experts don’t know you in person, your investment goal, your financial capability and your risk appetite. To be safe, they can only give you some general advice.
So why ask in the first place?
Sometimes people have already made up their mind. But they ask anyway to look for confirmation or reassurance before taking the plunge. One day if it turns out to be wrong, at least they have someone to blame.
Or even if they get the answer from the experts, they still don’t know what to do. Because they lack the knowledge to tell why they have to choose A instead of B. Because they lack the courage and confidence to choose A over B.
Don’t ask “What should I do?”. Find the facts and tell yourself what to do.
P.S. You may like to learn How to Buy Good Quality Properties and Buying My First Private Property.
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Originally Posted by vip
