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Ben Kingsley Blog post by Ben Kingsley

Can You Compete and Beat the Best?

Did you stay up and watch that Epic men’s final of the Australian Open between Novak Djokovic and Rafael Nadal?  WOW, what a match!  I confess I only watch it up until around midnight when the rain delay hit, as yes I needed to go to work in the morning.

In watching that match it staggered me just how two men can hit the ball so hard and so precisely for over 5 hours and it made me think what did it take for them the get to that level?.  Years and Years of dedication, education, learning, competing, building knowledge and experience to reach the peak of their chosen profession.

So, my question to you is – if I gave you a tennis racquet could you beat them?

No is the answer I’m anticipating, they are the two highest ranked tennis players in the world and they each have been dedicating their lives to their professional for at least 10 years.

Now I want you to turn your attention to the profession of selecting residential property for investment.  If I was to ask you, how do you think you would go in competing against professional property investment advisors and property advocates, what would your answer be?

………………..

Now before you answer, let me document a couple of points of comparison with these tennis greats.

  • A tennis star would work at least 40 hours per week playing or training.  A property expert would spend around 40 hours per week
  • A tennis star lives and breathes their tennis – their careers.  A quality property expert does the same.
  • A tennis star gets paid to do what they do.  A property expert also get paid a professional fee

I realise that the comparison I make is one, whereby it’s easy to establish the greatest tennis players on the planet, but it’s a fair argument that establishing the best property experts is a little bit hard because there is not one process in which we are all marked or judged.  This is true, but this is not the message of this article.

The real message I am conveying is that, put simply, novice property investors don’t stand much of a chance when competing with seasoned professionals with years of experience.  Sure you can pound the pavement and rack up a few hours each night and weekend to build up your knowledge, but when you are competing against the best in the profession, it’s nearly impossible for someone working full time to obtain the 40 plus hours a week that the professionals are clocking up week in and week out.  Furthermore I’m making a point about the best of breed experts here, and they would have at least 10 plus years of practical experience as well.  There simply isn’t any substitute for being able to compete against these professionals, just as its futile thinking you can beat any professional tennis player or any professional sportsmen in their disciplines without doing years of training, practice and getting out there and competing.

I think my message is a pretty logical one, how can novices think they can compete with people making a full time profession out of their developed skills?

The only logical answer is those who make the assumption they can beat a professional at their own game, either simply don’t know how complex or hard the game/business is to get it right or generally don’t rate the professionals level of skill and think those skills are easily obtainable.

Let’s break these two counter arguments down – How Hard or complex the game of property is: With over 8.6 million residential properties within Australia and growing at 150,000 new dwellings per year – the selection choices are vast (and yes every property is for sale at the right price!).  A wrong call on the location, type of property and the actual property itself could equate to hundreds of thousands (if not millions of dollars) in lost wealth outcomes.  Game sounding harder now?

Second counter argument: – Don’t rate the level of professionals within the game: (I can understand the mass views of this as real estate agents haven’t exactly made their way into our heart of hearts have they now?).  However the reality is as in any professional or industry, you have plenty of players or so called professionals who simply aren’t any good at what they do, whether it’s lack of experience, lack of skills, and of application.  But again in any industry there are standouts, those who trail blaze and excel at their craft and as a novice you don’t want to be pitted against one of these property experts, because the only way you are going to win the property is if you pay too much for it, and that’s not winning at all.

So the next time you are considering a sizable investment worth many hundreds of thousands and eventually millions of dollars in future wealth – ask yourself, can I compete and beat the best?

Knowledge is empowering – if you act on it!

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