As we enter the final 82 day sprint to the end of the year, what are you doing to review where you are up to and plan where you want to be when 1st Jan 2021 arrives?
There are so many memes relating to 2020 being a year to forget in order to start over in 2021, but please don’t give up on what’s left of this year.
Bruce Lee famously said, “A goal is not always meant to be reached, it often serves simply as something to aim at.”
We’re all so conscious that this tumultuous year has caused us to be reactive and reserved in some areas, but I hope it’s also caused you to be extremely proactive in others areas that will pay massive dividends.
Wherever you stand how can you create a plan that will still bring a win for the final quarter?
Something I work hard at practising each year is to act on the wisdom that there is real power in advance DECISION making when it comes to simply getting things done. It’s a massive productivity hack because most of the energy and stress of your property entrepreneurship isn’t actually “doing stuff”… it’s deciding which stuff to do. Figuring it out, eliminating alternatives, prioritising… that’s the stuff that wears us out.
That’s why people like Steve Jobs wore identical clothes every day. Less decisions. I think Mark Zuckerberg does the same – ie by having a wardrobe of jeans and tees of the same colour/design.
Whilst it takes being really intentional, I’ve found that by using pre-decision on a Sunday night to get clear on the week ahead it avoids second guessing in the moment of each day. I learned this from a productivity coach years ago and practice the advice each week. When Monday comes it’s then just a matter of showing up as per the diary and executing. Following through on what you said you would. You already decided. The hardest part (deciding) is over.
No need to second guess. No need to hesitate. Just get it done. Execution is everything.
So why not apply this simple yet powerful approach to finishing the year strong this Q4?
You may or may not remember I share a 2 part post at the beginning of each year about goal setting and implementing, [link below for those interested]
Here are four key steps from that post to help you DECIDE NOW what your Q4 will look like and how to stack the probability of success in your favour!
For each main goal/project run through these steps:
#1 What specifically needs to happen…to get started? To continue? To finish?
#2 How can you measure progress? (ie no. of viewings/offers per week. Booking revenue, occupancy by month..) When answering these questions think about what can be ritualised/repeated.
#3 What deadlines need to happen within these last 11 weeks? Think it through and allocate deadlines you can put into your diary.
#4 How can you stack multiple layers of accountability onto this project. In other words, who all can you inform, involve, make a pledge to etc that will help you follow through on your promise. (Think mentors, family, advisors, peers).
12 WEEK PROJECT PLAN
The final stage to this is creating your 12 week (OK 11 weeks now) project plan where you literally create a grid with 84 – 91 days and then populate it with dates, specifics and deadlines (as per your answers to the Q’s above) to work to each day and week. Schedule this stuff in using the mechanisms that work for you, phone, outlook calendar, a wall chart or whatever. Allocate sufficient time and protect it in your diary.
And there you have it.
Decide to finish strong – this is a powerful philosophy to carry into any final stretch, whether it be the task, the day, the week, the month….you get the picture. Here’s to finishing the year strong!
I’d love to hear who’s got a Q4 plan like this set up, and particularly who makes one after reading this?
I faced an interesting dilemma yesterday – repurpose an old blog post for speed just to stay consistent with my Sunday posting ritual, or hold off until Monday when I could create a new post that could serve at a higher level.
You might be wondering what on earth is he on about, so to explain – this weekend Chris and I were supposed to be in Las Vegas for a live event about self education and personal development with Dean Graziosi and Tony Robbins, plus a line up of incredible speakers I hugely admire.
Naturally with the health pandemic that event couldn’t happen in the intended format. Instead it was broadcast live as a super high tech virtual event with about 8000 people on zoom. And it was awesome!
So again, why the dilemma? Well I’ve made it a habit to write and post every weekend. I committed to that back in 2017 and haven’t missed a week since. With this virtual event the days were long and out of kilter to UK timing ie running from 4pm to the early hours of the next day, and I didn’t want to miss a word of it. The desire to stay consistent and ‘perfect’ to my blog habit was so strong yet there was another part of me challenging that thinking. Rather than share something just to tick that done box, what if I embraced uncomfortable and imperfect action (a theme of the virtual event btw) – admitted this quirky brain dilemma, and instead shared a much better post the following day.
The thing is I’m sure no one cares whether I post on Sunday or on Monday, it was just my own beliefs bedded in over 3 years!
So, for this week’s impromptu post, I feel compelled to synthesise and share a taste of some incredible wisdom I was lucky enough to receive first hand over the weekend. Over the years I’ve recognised in myself that the reason I’m such a voracious learner, prolific note taker and committed action taker is this – yes I want to get to the next level, but almost bigger than that, I have a bursting desire to share what what I learn with those who care and who will apply it, for their benefit and for their loved ones.
So, whilst there’s no way I can summarise 3 days of awesomeness (and 71 pages of my notes) in under 1000 words, I will attempt to capture one powerful nugget from each of the main speakers.
DEAN GRAZIOSI
Who – America’s leading real estate educator, also best selling author, speaker and entrepreneur
Take the time to get clear on where you are now, where you want to get to, why that’s a MUST for you, and how are you going to do it ie what capabilities do you need. “You can deal with a difficult today if you have a compelling tomorrow”
“Choose commitment over convenience” – think through that lens when things get tough ie it’s hard now but will be worth it for easier later.
TONY ROBBINS
Who- the big guy needs no intro 🙂
Energy is the ultimate power. If your energy is low are you going to set up a new business from 5pm-midnight ie after your 9-5? Your attitude is affected by your energy
You can’t manage what you don’t measure so the no.1 thing to measure is your energy, so measure it on a level between 1-10 everyday, and work on it. [HINT – to raise energy it needs movement and sound]. “Business is physical”.
Never leave the site of being inspired, setting a goal or making a decision without doing something, while still in state, that commits you to following through [so that goes for anything from attending an event, a webinar, reading a book, or even this blog post].
3 keys to growing your business
#1 Know your ideal customer
#2 Create an irresistible offer
#3 Deliver more than expected
“You don’t have to be perfect or be perfectly clear – do a few things and pivot pivot pivot.”
[I took so much from Tony that may circle back to some of that in a separate blog post in itself]
JENNA KUTCHER
Who – Super successful p
hotographer and digital marketing expert.
If you think about your brand as a magazine, what topics would it cover? Visualise the cover of the magazine and the articles, imagine the circulation of those great articles and connect with people through the things you’re passionate about.
JAMIE KERN LIMA
Who – In the Forbes’ list of “America’s Richest Self-Made Women” since 2017 – founder of IT Cosmetics that she sold to L’Oreal for $1.2 billion
“You can’t fake authenticity. The biggest threat is being distracted by what someone else is doing – maybe someone has done what I’ve done before but no one can do it like me – when we fully embrace that it’s liberating. When we are fully authentic, that’s when people really connect.”
“I am not on this earth to compete with someone else, I’m on this earth to compete with who God made me to be.”
RUSSEL BRUNSEN
Who- Co-founder of marketing software Clickfunnels and marketing rockstar
“You don’t get traffic, you find it and get in front of it”. Who has already congregated your dream audience and how can you get in front of them?
TRENT SHELTON
Who – NFL player turned motivational speaker with 12 million followers
“Promises are with words, commitments are with actions”.
Create confidence by failing – “failing is not the opposite of success, it’s part of it.”
“The most important work you will ever do is the work you do on yourself that no one sees, that will pay you back 2 or 3 years later. But you need to do that internal work now.”
“Stop treating your dreams like a hobby.”
BRENDAN BURCHARD
Who – world renowned high performance coach and one of my all time favourites.
“Doubt is a signal for you to keep going and figure things out”.
“Most people aren’t scared to start their dream, they’re scared to be seen starting small, but you have to get in and get started.”
Adopt the role model mindset – so what kind of role model do you want to be?
Keep challenging yourself – will this behaviour be perceived as role modelling? Ie I need to be the best person I can be so that I can inspire others to be their best – not about being perfect but about being a role model for service reasons.
The CEO mindset – invest in self, I’m the boss, stop waiting for someone, for permission, get the education, the resources and go execute.
A CEO asks, “How do I continue to build and scale this to serve more people?” and if that means go learn skill XYZ, then go do it
DEAN GRAZIOSI
Be the guardian of your confidence because when confidence is down, we play it average, but when confidence is up we can do anything.
List out the outside influences that you know derails your confidence so you can protect against them, and list out the outside influences that lift your confidence so you can seek more out.
PETE VARGAS
Who – CEO of Advance Your Reach- helps Entrepreneurs leverage stages and speaking to grow their business.
Are there more or less problems in the world since COVID? More of course….
We have 3 options
– keep talking about them
– complain about them
– or solve them
“Do you have knowledge that needs to be out there because someone else needs your help to get through what you’ve figured out? Do you have a message that can change lives?”
IN CONCLUSION
After spending 3 days with these incredible and accomplished people I am awe inspired, yet I noticed some common threads.
-each and every one of them started somewhere, those starts were ugly but they figured it out and never gave up- because their why ran deep, was compelling and service led.
-they all hit major obstacles, but again had a reason to push through the uncomfortable and imperfect action to get to the next level.
-they all had simplicity of message yet those messages were incredibly powerful and could be flexibly adapted to help educate over 30 mins, 3 hours or 3 days.
-they were all the ripple effect of those they chose to study, combined with their own actions, mistakes and lessons.
-they all continue to serve, regardless of the money. If this has served you in some way I’d love to know what resonated, and if you’d like to receive my weekly posts direct to your inbox then check out the weekly resources section of our page here http://www.devenirplus.co.uk/
As we transition into October this coming week, it creates that reflection point for the 3rd time this year of quarter end.
If we’re serious about our growth then we owe it to ourselves to take stock of the past 90 days and use those lessons to tee up a strong finish to this unusual year.
Reviewing each month and quarter is about investing past experience into future preparation and focus – ie your past decisions, successes, failures, lessons. That’s where the good stuff comes from.
Here are a selection of questions, I learned from Peter Voogd, that I’ve been using for a couple of years now to help reflect on the previous quarter and carry momentum into the next. Use these prompt questions to help you reflect and free flow write for 30 mins or so each quarter about the previous 90 days. [By the way, I used the accountability of writing this post to get my own review done before hitting publish and it does only take about 30 mins].
Section #1 – OVERVIEW
What went well, what didn’t?
When was I in my zone, when wasn’t I?
When was I at my emotional energy peak?
What caused me peace of mind?
What frustrated me?
Did I do what I said I was going to do?
What systems have I put in place?
Section #2 – PSYCHOLOGICAL
What have been my biggest breakthroughs?
What have been my biggest frustrations?
What have been my mind-shifts?
What have been my biggest disappointments?
Section #3 – TACTICS
This section looks at what were my top 5 wins from last quarter: financial, family, adventure…?
Getting down to business metrics ask yourself:
Did I hit my business income goal last quarter?
What were the top three marketing campaigns or sources of income last month?
What were my top income producing activities?
What are the biggest ways I’ll be producing income this next month?
How did I add value to the marketplace, could I have added more?
These will likely be related to your highest values but only you will know.
Did I leverage technology?
Did I maximise my reach?
What will exponentially grow my reach this next quarter?
What did I do to stay adventurous and feel fully alive?
To help keep you going with the nitty gritty march of each day it’s important to mix it with the things that energise you.
If you aren’t consciously making a decision to put things in your diary that will keep you alive and vibrant, even in these times of restricted freedoms, you will become complacent. Be creative and plan in some things you know you can do within the guidelines outdoors and in. It’s more important than ever now.
Section #4 – RELATIONSHIPS
I love this one:
Who did I connect with and reach out to last quarter?
Did I take care of my current relationships and did I reach out to people who can cut my learning curve in half- i.e. people who I can partner with in some way that’s relevant to your business?
Did I leverage partnerships?
To add to this, based on what’s currently happening, who can you make a conscious effort to connect/reconnect with virtually in Q4?
Section #5 – TEAM
Think about questions that will help with your team review:
How was my team engagement?
How was my speed of communication?
What feedback can I give them?
What do they need in terms of skill development?
If you have a team, what can you do to help assure and engage them in during these uncertain times.
Section #6 – LEGACY
What did I work on that was legacy focused? In other words something that you work on now but won’t get paid until long into the future, or something that you don’t reap the benefits for until way later, ie creating things that you value but that you get paid 6 months or more down the road. Note that if you just do this kind of work for the rewards/benefits you will lose steam, it’s important to engage in legacy work for other reasons, for something bigger than you.
Voogd recommends spending 80% of your time on profit making activity, creating systems etc that makes sure you have the money coming in for you and your family now. Then 20% of your time on legacy focused things. Eventually when you have built the business you want you can switch focus to investing 80% of your time on the legacy side of things. Isn’t that an exciting prospect? To spend 80% of your time on something that helps a cause you believe in or adds value to the world in some way, and not worry whether it pays you or not.
Conclusion
I challenge you to invest 30 mins each quarter to do this. WHY? Because high achievers always ask better questions, and they are always investing their past mistakes/lessons into their future preparation.
If you’re inspired, use this post thread as your accountability buddy and hit reply to say you’ve reviewed your quarter.
When actor Matthew Mcconaughey (starred in films like Gold, Sahara, Failure to Launch) was asked during an interview who his hero is he famously said that it is himself ten years from now.
What a wise reply that was.
What about you- if your future self was to be your hero, who would you want to become?
A property entrepreneur with x number of properties and income?
A location independent traveller and online entrepreneur?
A developer of affordable homes, or maybe luxury homes?
Or maybe a master deal sourcer and packager?
The key point is you get to choose.
Whilst on holiday for a few days this week I’ve taken time to work through a 30 day Future Self Program from psychologist Dr Benjamin Hardy.
I’ve summarised one of the key takeaways in this short video.
Here’s a great quote I noted from Ernest Hemmingway that captures the same message –
“True nobility is not being superior to your fellow man, but being superior to your former self”.
The big lightbulb we all need to understand is that our view of our future is actually the thing driving who we are today.
So, what is the future you imagine for yourself? Are you clear on it, and is it driving your daily behaviour?
I’ve been eager to post an update on our commercial deal for some time as it’s fair to say that the lockdown period set us back a little. Some reading this might remember that I shared a post in November titled “WE BOUGHT A SHOP”, that was when we just picked up the keys and excitedly gave a video tour and talked through our plans [I’ll link to that below if you’re interested to see the shop pre-rip out and conversion].
Some key milestones have been hit in the last few weeks so now seems like a good time to provide a wee update for anyone interested in following the progress as we explain how the deal is coming together. We are now in the position that we really wanted to be in back in the spring but c’est la vie.
I thought it would make sense to pick up where I left off in that first post, so worth going back to it for more detail if you’re interested, but for quick reference here’s a little context:
High St Shop that extends to over 2400 SQFT on the ground floor plus an upstairs that was used as storage.
Purchase price just under £100K and we could see our way to multiple exits, so risk was minimised
Primary plan to split ground floor commercial from upstairs storage, create a shell to let out, create 2 flats upstairs for single lets, refinance and hold long term.
SO WHERE ARE WE UP TO NOW?
One of the reasons we bought the building was based on there being demand interest from a couple of local businesses, and if that failed some good options for creating smaller units to multi-let.
Over several weeks between the end of last year and beginning of this year we initiated and nurtured a relationship with one of those local businesses, a prospective tenant. We sought to understand the vision for their business and discussed how our unit could provide the solution.
Fast forward a few months and our conversations are now formalised as a contract for a pretty long lease starting at the end of September.
We are well under way with refit to provide a ready to move in shell for our tenant – we pay the rip out and provision of a functional retail shell, and the client is paying for some bespoke internal configuration for their purposes. We have worked together to create an ideal space for our tenant long term – it is a bakery so the rear section of the building will be for baking and dispatch (from a rear exit), the middle section will be for finishing pastries etc, and the front will be retail counter and a small cafe.
In terms of upstairs we now have full planning permission to convert the upstairs into two flats – a 2 bed and a 1 bed in the attic space, both accessed by a separate entrance at the rear of the building (which was a former fire exit).
We are just awaiting the building warrant and our quotes, then work can start on that once the shop is finished and tenanted.
Why write more when a video captures the full context! – Here are a few short clips where Chris explains what we’re doing.
The first 3 clips explain how the commercial unit is coming together
The next video explains how we are creating 2 flats out of the former office/storage space upstairs.
Hope it’s helpful to see how a building like this transitions through the stages of concept to creation. We’re getting near completion of our works on the commercial unit so will share another update in the coming weeks.
[PS Link to our first post introducing this shop deal click here
Have you ever been tagged on facebook to a picture that captures such brilliant memories that it literally makes to you stop and reflect for a while?
That happened to me twice this week from my friends George and Giuseppe sharing memories from the business retreat we were on in the Italian lakes. It was exactly a year ago, the first week in September 2019. Thinking about that experience again has compelled me to share some of the amazing things that happen when you choose to invest in yourself to go on a business retreat like this.
Here’s a quick fire reflection on some of big hitting benefits:
INSPIRATION
I found that inspiration comes in many forms on a trip like this. To reference a few, it comes from the stunning location (like where we were in the Italian lakes); it comes from listening to and learning from your mentor, who’s done the thing you are pursuing; it comes from working (and socialising) with a like minded and ambitious peer group; it comes from listening to the journeys and aspirations of others in your group; it comes from giving yourself headspace away from the weeds of your day to day business.
Inspiration is a key ingredient in getting anything off the ground, especially in writing your first book, which is what many of us were there to do.
CLARITY AND ACTION STEPS
All transformation begins with awareness and that starts with seeking clarity. In most cases clarity doesn’t just pop into your head, it takes being intentional about asking questions, deep thinking and probably seeking advice or validation from your mentors and peer group. Getting to the point of clarity with the action steps to make it happen is definitely accelerated when you immerse yourself in a trip like this.
I can specifically remember sharing the concept of my book for the first time with all the group. Having that honest yet supportive feedback was exactly what I needed to get clarity so I could move forward with gusto. I shared a handful of options for the underlying investment model I had created to write about. Thanks to the group feedback I was able to quickly overcome indecision and pick out the D.I.C.E model acronym as the favourite, and that became central to the book.
CONNECTIONS & FRIENDSHIPS
When you connect with others on a level of values and similar goals you can’t not become friends. Through work groups, meals, drinks and dancing we created wonderful rich memories and friendships that live on.
ACCOUNTABILITY & DEADLINES
Getting things done is actually a social phenomenon. So when you share your goals with a like minded group and commit to getting it done you will amaze yourself with how productive you become.
I recall late nights in the hotel room typing into a google doc and then reporting back progress to the group the next day. When we all got back to the UK we then used a whatsapp group to continue hitting deadlines for the next couple of months.
Leveraging the right conditions to get the best out of yourself is crucial to making big progress. And the cool thing is you can draw on these tools to help you progress in any area of life, and have a lot of fun doing it too.
CONCLUSION
So there are 4 big benefits of a retreat designed around a specific focus, and there are so many more.
Without this trip, I would not have the wonderful memories and friendships, but I most likely would not have written my first book. Or at least it would have probably taken me inordinately longer.
I chose to share what I’ve learned over the years in a book because I believe that it can play a small part in positively impacting others who strive to create more of the life they want through property. The philosophy I share in ‘Predictable Property Profits’ walks you through 4 simple steps to remove guesswork and get more certainty on your property deals.
One year down the line I’d like to say a huge thank you to Paul and everyone who was part of the Italy Retreat.
Thanks also to all those who have purchased my book since it launched, I truly hope it’s serving you.
If you haven’t yet bought it and would like it, you can get on amazon by clicking here
PS. I know there will be many who have bought my book but not yet accessed the vault of online companion resources that help you get the most out of the book – be sure to get as much value from that as you can here’s a reminder of what’s in there
The covid pandemic has compressed years of behavioural change and tech disruption into months. Whilst I’m no economist I am interested in the knock on effects from one part of the economy to another. As property entrepreneurs and investors we need to be aware of how wider influences can positively and negatively impact our businesses.
I read a great article in the business times last week with this very title – “The Great Coronavirus Acceleration” – and I thought this topic would open a worthwhile conversation inviting in different thoughts and experiences from property people around the UK.
Below I’ll summarise what I read on 5 key areas of industry and share a few thoughts on what I see as potential implications to property.
RETAIL
* Supermarket bosses say that consumers have finally started to embrace online grocery shopping after years of reluctance.
* Pre-covid, Tesco had initially planned to double its delivery capacity over about 4 years, their Chief Exec thought it would cost hundreds of millions and take 4 years to do that, but in reality it took them 5 weeks and cost £4m. Just shows what’s possible with necessity and urgency.
*e commerce platform Shopify (a platform that lets businesses set up online stores) has seen their share price triple and said online store creations in Britain have doubled this year so far.
*M&S chairman Archie Norman said, “Covid has driven a lot of people to shop online who previously wouldn’t have done. Part of that will never revert because people have become habituated to it”.
WHAT DOES THIS MEAN FOR PROPERTY BUSINESS?
* Naturally, the main losers have been retail workers and landlords of retail premises.
* Tens of thousands of retail staff have sadly lost their jobs. This is one among many sectors that have been hard hit. Wider sector awareness will likely lead to residential landlords seriously considering the line of work their tenants are in, especially the tenant buyers for Rent to Buy contracts.
*For commercial property investors, even though many high street retail premises will be coming available and looking cheap, you’ll want to be really clear on all your exits before investing ie do you have a solid tenant to move in? Can you convert the retail space into flats, or a different commercial use that is in demand in the area?
*With the huge growth in online shopping, if we think back up the supply chain, the physical goods we buy that aren’t on a high st/retail park shelf need to be kept instead on a warehouse shelf before being dispatched. Could you find a way to serve that market with a light industrial unit?
What further implications are you seeing/can you foresee due to the changing face of retail?
ENERGY
*Power and fuel demand dramatically decreased due to lockdown (ie no need for offices to operate and a lot less driving) and energy markets have dropped as a result.
WHAT DOES THIS MEAN FOR PROPERTY BUSINESS?
*With cheaper wholesale energy prices filtering down to benefit households have you looked at seeking out and locking in the best utility prices you can? For HMO landlords and SA operators you definitely want to do that.
*I just read today that BP are planning to sell their London HQ building for over £300m as it cuts 10,000 jobs and scales back office space in favour of a ‘hybrid work style mixing home and office.
*BP is among many big UK companies shifting work behaviour and downsizing office space. Savills predict that London office vacancies will be at the highest levels next year since the financial crisis.
BANKING
*”Banks are under pressure from record low interest rates and expected bad debts which are forcing them to earmark hefty provisions. More branch closures and job losses are expected.”
*More customers are moving to digital banking services and more online shopping means less use of cash > accelerate trend to digital payment and that will in turn increase the need for data security.
*During lockdown much of the lending market did the same with many mortgage products being removed from the market. Now each day is different with lending developments expected every month.
WHAT DOES THIS MEAN FOR PROPERTY BUSINESS?
*We will likely see more local bank branches come up for sale – Banks often occupy some stunning traditional buildings in town centres, the kind often favoured by the likes of Starbucks and Cafe Nero – however will the demand from these coffee tenants still be there due to lower high st footfall? Could former banks make great conversions to resi?
*In regards lending, that could be a whole post in itself – a couple of anecdotes from my own recent experience includes:
There have been some super low rates if renewing a BTL mortgage with your existing lender however there are fewer products if looking to release some equity through a further advance.
I’ve experienced a reduction in products for refinancing my student HMO showing that lenders have less appetite for that market now.
TRANSPORT
*Airlines have been devastated by the pandemic, [on the other hand electric car maker Tesla has thrived and Elon Musk has become the world’s 4th richest- not directly relevant but I included that for interest :)]
*Will travel companies survive? STA Travel folded recently and was the 11th travel agent to fail since the crisis began. Expert’s say even well established companies now face a fight for survival.
WHAT DOES THIS MEAN FOR PROPERTY BUSINESS?
*Again, residential landlords may be more hesitant about taking on tenants in the travel and airline sector.
*For SA Operators located near airports and previously benefiting from airline and overseas tourist trade, a pivot to find different guest profiles will be required.
*On the flip side, with the UK population not able to holiday abroad, holiday accommodation the length and breadth of the UK has been in more demand than ever this Aug and Sep. Will this increased UK staycation demand form part of your property plans?
EDUCATION
*When schools, colleges and universities closed, education providers were forced to move online at pace.
*Learning online is set to become a way of life – a professor at London Business School said, “The resistance wears away when it becomes a necessity and very quickly people realise how well it works.”
WHAT DOES THIS MEAN FOR PROPERTY BUSINESS?
*I felt the pinch with students ending leases at my Edinburgh flats early. Thankfully short term discounted rent attracted them back to rent for this new academic year. Will demand for student accommodation take a big hit in university towns? What are you experiencing in your areas?
*What about your property education? In person training events and courses have quickly pivoted to online delivery, how do you feel about online learning vs in person? The mastermind programme we deliver at Touchstone is fantastic (IMHO)- it’s great that we can continue to make a positive impact on people investing in themselves from the comfort of their homes. Property education and online mentoring will grow even more rapidly now I reckon.
YOUR TURN
I hope that’s been insightful. I’d love to read some thoughts on threats and opportunities for property businesses based on what you’re reading, seeing and hearing.
When you see a headline like this, ‘HOW TO GET GUARANTEED RESULTS IN ANYTHING’ it catches your attention, doesn’t it? This is the title of a Peter Voogd (a very successful young entrepreneur, in the photo) podcast I’ve listened to in the past – it was like a mini workshop talking through a a great exercise you can complete to help stay consistent and to maximise the results in your life and business.
These are seven simple questions that you really want to have clear answers to and have those answers at the forefront of your mind.
Anytime you’re feeling stressed or not getting the results you want, you can take time to go back through this workshop and get you back on track.
This is a bit of longer post but well worth working through the 7 questions in the exercise I’m sharing from Peter V below.
I first shared this mini workshop last year and revisited it this week to complete the exercise again. I encourage you to complete the exercise too, if you’re interested in really achieving the results you want.
Here are the 7 essential questions to ask yourself:
#1 WHAT’S YOUR BIG FIVE? – ie what are the five things you want to accomplish in the next 30-60 days (the things that if you accomplished these you’d be excited, fulfilled, proud, confident, happy…)
Maybe it’s systemising a part of your SA business, or hiring an assistant, or sourcing a new property deal…
A great quote I noted down from Peter is this, “Remember, nothing works unless you do. And if you don’t work, work through your team. The people who really do the work and move with clarity are the ones that get the results and build the businesses.”
So what are the your top five things you want to accomplish in the next 30-60 days?
Here are some of mine:
-complete the refurbishment of our commercial unit
-secure a property for our tenant buyer client
-secure a large contractor booking for a new construction site
#2 WHAT ARE YOUR TOP FIVE VALUES?
In other words what are the things you value the most and are you in alignment with those? Are you working with intention, purpose and clarity?
Everyone will have their own unique combination, it may be freedom and flexibility, or money, or family, or….(you fill in the blanks). If you’re not entirely sure there’s a simple questionnaire you can use on Dr John Demartini’s website to help you determine your values.
My top 3 are becoming the best version of me in each area of life, wealth creation, and creating memorable experiences with my family.
Once you are aware of your highest values you need to make sure everything you are doing is connected to what’s most important to you.
Being clear on your values gives you a very powerful filter to assess all the requests and opportunities that come your way, and decide what’s for you or not for you. So when a request pops into your inbox you can be asking yourself – ‘is this going to contribute to my values or contaminate?’
By using your own personal filter like this you’ll feel more empowered to say no to certain things that aren’t connected to your values and therefore live more on purpose.
#3 WHAT ARE YOUR TOP FIVE PRODUCTIVITY PRACTICES – that you know when you are executing these you’re at the peak of your productivity.
Here are my top 5, in no particular order
-review the week that was and plan the following week on a Sunday by identifying my top 3 proactive actions for the week.
-start my day with my morning routine (which includes exercise, healthy breakfast, a short meditation and reading to learn/develop).
-complete a 90 minute focused morning session progressing one of my top 3 projects with no distractions (ie no email, phones or any notifications).
-practice effective transition between each task (I use a simple little technique I learned from Brendon Burchard).
-set an intention and visualise the completion point of a task before I start working on it.
When you’re at your best what are you thinking? What are you doing? How are you starting your day?
#4 WHAT FIVE NEW BELIEFS NEED TO BE INSTALLED IN YOUR MIND?
Your behaviours are a reflection of your beliefs, so if you’re not where you want to be, what do you need to believe in order to become the next version of you? For example, if you are thinking about venturing out to secure your first R2R property but your beliefs are that getting a R2R is hard and no one will want to do a deal like that with me, then that needs to be replaced with an empowering belief. For example, getting a R2R is easy and there are lots of people who want to do a deal like that with me.
Maybe it’s about finding great people for your power team or JV partners – so you’d be installing something like ‘I attract great people to my team”.
Think about your limitations, where they may have stemmed from and what new beliefs need to be installed to replace the limiting ones. Whatever we play over and over in our heads becomes a reality so be very conscious about what you’re telling yourself.
#5 WHAT’S YOUR ONE GAME-CHANGING MOVE?
What’s one big thing that will help you accomplish your other goals?
Is it reaching out to someone you can partner with? Is it working with a mentor? Is it creating a keystone habit that will have a positive ripple effect into other areas of your life?
#6 WHAT ARE YOUR TOP THREE TO FIVE LIFE LESSONS THAT YOU’VE BEEN TAUGHT THE PAST TWELVE MONTHS?
What this is referring to are the perspective shifts, breakthroughs and lessons that life has taught you over the last 12 months?
A stand out one for me which might resonate with some of you is to focus more on how we show up than on how fast we are advancing.
#7 WHAT ARE YOUR TOP FIVE NON NEGOTIABLES?
What are you going to do every week that will be non-negotiable, things you have done before that have proven to give you results?
It could be daily exercise, committing to x amount of business development calls, or connecting with a certain amount and type of person. For me these include the things I mentioned above like the morning routine, the productivity practices, I also block out every Wednesday night for a date night with my wife.
What will your non negotiables be?
Once you have answers to all these questions then wrap the exercise up by completing this sentence, “I know I’m successful when….”
…ie when I’m living life on my terms
…when I’m positively impacting others
…when I’m staying true to my values
…when I bring joy to my family
This mini workshop will only take about 15 minutes to complete but will deliver massive RoT (return on time) in terms of your clarity and action taking towards the right things for you. If you do work through this I’d love to hear just one of your answers to the questions.
If you’re thinking that this week’s post will be about understanding HMRC’s responsibility for collecting taxes from property investors, that would be wrong. We won’t be looking into Income Tax, Corporation Tax, Capital Gains Tax, Dividend Tax or VAT. That is for you and your property accountant to discuss. Rather, this post is about two metaphorical taxes you really MUST understand- one tax you need to pay and one that you really want to avoid paying. Let’s start with the one you need to pay if you want to accomplish your big goals.
#1: ARE YOU PAYING SUCCESS TAX?
Could the hardest, most challenging, most stressful events along your property journey actually be the key to your success?
If anyone’s read Dean Graziosi’s book Millionaire Success Habits then you’ll know he uses this phrase ‘success tax’ and references it regularly as something we have to pay to get to the next level.
When I think back to the first year Chris and I had in serviced accommodation it represents a significant landmark for us. Not for any glamorous reasons of early success however. In fact our first SA business was a failure and a painful lesson, but it was those experiences that led us to find a better way and start again with a totally different approach.
Those experiences built the grit, the muscle and the insight to go from that place of a loss making SA business that was built on hope, to where we are now with a successful SA business and a full time manager in place running the day to day operations.
What if everything in your life was designed for you – to test if you have the courage, the grit and the dedication to become the best version of you? And when you do push through, pass the test and emerge out the other side, you get to live the life you envisage for yourself.
Dr John Demartini shared a similar message when Chris and I attended his live event in Glasgow back in 2016 – he explained the reframe to see the challenging events in life through a lens of ‘happening for us and not to us’. In other words the lows, unexpected pitfalls, stressful challenges etc happen for us to respond in the way we choose, and in choosing and acting we grow and become the next version of ourselves.
What about you, where are you paying success tax thinking it’s the worst thing ever when actually it’s the path designed for you? Wrapping your head around this fact that you can’t get to the next level without first dealing with the challenge/struggle in front of you right now is essential for property entrepreneurs to push through and get from where you are to where you want to be. We can’t one up the universe, we have have to pay SUCCESS TAX along the way. And it’s no surprise that this is true across all areas of life.
#2: AVOIDING ‘CRAP TAX’
Changing tack now to a little light humour, I wanted to introduce you to the ‘CRAP TAX’. This was a phrase I heard coined by Darren Hardy who I follow daily. What he’s referring to here is the true cost of buying something cheap. I know you will all have heard the phrase ‘buy cheap, buy twice’, yes? Well having to outlay more money to buy the same item shortly after having bought it the first time – that’s the crap tax.
So in the context of your property journey what might this translate to? Cheap legal advice leading to a costly outcome that could have been avoided? Cheap dining chairs in your SA unit leading to them breaking after just a couple of months? Cheap tradespeople delivering such poor workmanship that it has to be re-done? Or what about the house that looked cheap, but ends up costing you as much as it’s maximum market value once you do everything to put right a multitude of hidden problems with it?
Just as in every business we have to protect our margins by not overspending. Anyone refurbishing a property either for refinance or for sale will feel the pressure to keep costs low. However, it will inevitably need to be a balancing act between managing upfront cost and protecting yourself from the ‘crap’ that could unfold down the line.
I can recall 2 occasions over years where a lower cost builder has talked a great game but delivered such botched work that the ramifications have been significant. We’re not just talking the actual cost to re-do the poor bits of work, but think about the ripple effect of the unnecessary stress, the huge time drain going back and forth to try and rectify things, not to mention any negative impact on prospective client/customer relationships. These ramifications I’m highlighting demonstrate the true cost of ‘Crap Tax’.
Crap tax is like a sneaky evil ninja tax that if you’re not careful can creep up after the event it’s connected to and bite you in the proverbial just when you thought everything was going great.
Don’t get me wrong there are times where bargains and the low cost options can work out great. However, those who are in property for the long term, will no doubt conclude that paying for a decent level of quality, even if it feels expensive at the time, will far out way the short term gain of cheap.
So, going into this next week of activity which of these wil be front of mind for you- will you be accepting about paying SUCCESS TAX or will you be strategically avoiding the CRAP TAX?
Has lockdown made you reassess what’s important? Has it made you really think about your health, your routine? Has it helped you realise that whilst there are so many things in life we can’t control, there are some crucial things that we can control. I would consider the way in which we start our day to be one of the key things we can control that will have long lasting benefits, both physically and mentally.
This post will provide you with 8 building blocks to help you perform at your best everyday. These 8 suggestions are inspired by psychologist Dr Benjamin Hardy, and it was front of mind for me having just read one of his books.
I am a big fan of morning routines – I modelled my mornings from the teachings of Darren Hardy when I transitioned out of employment and into entrepreneurship in 2014. Having an automatic process to start the day and help set the stage for optimising the output and health has been huge for me. I would have been significantly less productive, less focused, more reactive and more frustrated without it.
For all the property entrepreneurs out there designing the life you want to have, I firmly believe that implementing a morning routine will be a significant contributor to fulfilling that vision and becoming the future self you envisage.
Here’s those 8 suggestions from Dr B. Hardy plus some anecdotal extracts from his research for quick reference:
#1: GET 7-8 HOURS SLEEP
Here’s what Dr Benjamin Hardy says about sleep,
“getting a healthy amount of sleep is linked to increased memory, longer life, decreased inflammation, greater attention and focus, and lower stress. And much more–Google it.
The rest of the 7 suggestions are worthless if you don’t make sleep a priority. What does it matter if you wake up at 5 a.m. if you went to bed three hours earlier? You won’t last long.”
#2: MEDITATION OR PRAYER TO FACILITATE CLARITY AND ABUNDANCE
“When you start your day grateful for everything you have been given, you start your day with an abundance mindset.”
When it comes to meditation, I find it easiest to follow a guided meditation, and there are loads to choose from on youtube.
#3: HARD PHYSICAL ACTIVITY
“If you want to be among the healthy, happy, and productive people in the world, get in the habit of regular exercise. Whatever your preference, get your body moving. Exercise has been found to decrease anxiety, stress, and the chance of depression. It is also related to higher success in your career. If you don’t care about your body, every other aspect of your life will suffer.”
When it comes to morning exercise I’m a fan of short HIIT workouts (loads on youtube ie Joe Wicks, or try FitnessBlender for other alternatives) or a jog while listening to a podcast.
#4: EAT 30g OF PROTEIN
“Tim Ferriss, in his book The 4-Hour Body, recommends 30 grams of protein 30 minutes after waking up.
Protein-rich foods like eggs keep you full longer than other foods, because they take longer to leave the stomach. Also, protein keeps blood-sugar levels steady, which prevents spikes in hunger. Eating protein first decreases your white carbohydrate cravings. These are the types of carbs that get you fat. Think bagels, toast, and doughnuts.”
Funnily one of the simple yet meaningful things I wanted to accomplish from leaving employment and not having to commute, was to have the time for a decent workout followed by eggs for breakfast.
#5: HAVE A COLD SHOWER
“Cold-water immersion radically facilitates physical and mental wellness. When practiced regularly, it provides long-lasting changes to your body’s immune, lymphatic, circulatory, and digestive systems that improve the quality of your life.”
When I used to sell books door to door in my university summer holidays we got into the habit of jump starting our days with a cold shower. Whilst I kept it up for those hot Californian summers it didn’t last beyond that.
However, during lockdown I watched a documentary about cold water therapy and also heard various podcasts about it from the likes of Tony Robbins. So each weekday since April I’ve introduced a cold shower blast at the end of a hot shower and have become quite accustomed to it. Whether all those scientific benefits are happening internally I guess I’ll never know, however the 2 big benefits I can immediately take from it are 1) it really does make you feel invigorated and ready and; 2) mentally it helps to reinforce willpower and the momentum of doing what I say I will. I’ve learned that when we keep little promises to ourselves it builds self confidence because we trust and back ourselves not to negotiate ourselves out of doing what we know we need to. I challenge you to give it a go 🙂
#6: LISTEN TO/READ UPLIFTING OR INFORMATIVE CONTENT
“Ordinary people seek entertainment. Extraordinary people seek education and learning. It is common for the world’s most successful people to read at least one book per week. They are constantly learning.”
#7: REVIEW YOUR LIFE VISION
“Your goals should be written down - short term and long term. Taking just a few minutes to read your life vision puts your day into perspective.
If you read your long-term goals every day, you will think about them every day. If you think about them every day, and spend your days working toward them, they’ll manifest.”
I remember hearing Tony Robbins sharing a truth that will be uncomfortable for some to hear, it was that “the reason why most people don’t have what they want is because they can’t articulate what they want”. Don’t let that be you.
#8: DO AT LEAST ONE THING TOWARD LONG TERM GOALS
“You need to do the hard stuff first thing in the morning when your willpower is highest. The important stuff. If you don’t, it simply will not get done. By the end of your day, you’ll be exhausted. You’ll be fried. There will be a million reasons to just start tomorrow. And you will start tomorrow – which is never.
If you take just one step toward your big goals every day, you’ll realise those goals weren’t really far away.”
Some will be familiar with Brian Tracey’s wonderful little book called “Eat That Frog” – essentially telling us to do the big thing first. This was a lesson I learned from Darren Hardy back in 2014, that to get a jump on the day do a 60-90 work sprint on something important before checking the phone or email, and this is what I practice.
IN CONCLUSION
You may already have a morning routine or you may be looking for some ideas.
I hope this has inspired you with some ideas but the important takeaway is simply to have a morning routine of some sort. Not something with so many moving parts you give up on day 3 but something you can easily automate by making it a habit. Private victories always precede the public victories
Whilst there will be many reading this who have read something similar about morning routines, what if today was the day it really struck a chord and you implemented it? What if you intentionally created a new habit thanks to reading this, how could that positively impact you? A morning routine isn’t just a habit, it’s a keystone habit. Charles Duhigg, author of the book “Power of Habit, describes keystone habits as
“small changes or habits that people introduce into their routines that unintentionally carry over into other aspects of their lives. Keystone habits create a domino effect that change every area of your life.”
