investment-property

By Stuart Zadel 

The first word I want to share with you is the word “outcomes”. Everyone is looking for a certain outcome in business or property ownership. Most of them think that it’s the financial freedom or the money or big prize. It’s good to know where the outcomes lie because I’m always telling you that clarity is power. It’s okay to start in confusion but we want to move into clarity. Clarity is power and the thing that you want to get clear on is the outcome. However, most people grossly overestimate what they can achieve in one year but they grossly underestimate what they can achieve in 5.

The outcomes need to be broken down. You need to have your big outcomes – the dollar value, project size, etc. Each one of those big outcomes ultimately is broken down to a whole lot of small outcomes. If you’re looking to succeed at a renovation, you’ve got to find that renovation site and that might require some phone calls. Every phone call you make has an outcome. Before I pick up the phone, what is the outcome of the call that I want? I’m making it clear before I pick up the phone. Before I go into an auction, meeting, council, debrief session, every single time I want to be clear – what is the outcome I want here? I want them to pass my plans, stamp the approval, and give me everything I’ve got but that’s the big outcome. The small outcomes may be you want to build rapport or get people onsite and do a whole heap of small things because it’s the small things that lead to the big outcomes. 

The second word I want to share with you is “accountability”. Accountability means who you are accountable to. You’re accountable to a whole heap of things. You’re accountable to your family, partner, children, business, marketplace, etc. There’s accountability everywhere in what we do. Here’s the thing I do know about property entrepreneurship, if you’re going to be a successful renovator, developer, share trader, distressed house buyer, all those great things that we teach via proactive strategies that can make a difference, the thing I know is that most accountability equals most money. Of all the people you’re accountable to, the most important person you’re accountable to is yourself.

With regards to the business that you run, there’s only a handful of things that you need to be checking on a daily or weekly basis that ensures your success. For example, if I’m out in the marketplace looking for a deal, there’s a certain amount of accountability that comes with that. You have to decide what are what we call the seven productive behaviours that produce big results and then you have to make yourself accountable. You need to tabulate this Monday to Friday or Saturday, and put these 7 things down and you need to fill them in every single day. Over time, you will see this bears true.

Many people full of testosterone or pumped up, they start off strong but the moment they meet with an obstacle they start to lose focus and they lose accountability. They’re the only one keeping themselves accountable and they start to break integrity with their word. If you want to be one of the winners, one of the top 20%, there’s the 80-20 rule of the top 20% as well – the top 4% and the other 96%.

If you want to be in that category of successful people, in whatever field you do, you want to get these words. The first one is outcome – what small outcomes do I want here that will lead to the bigger outcome? And more importantly accountability – what accountability must I have in my schedule or plan to deliver the result I want? If you can’t measure it, you can’t manage it.

For more property advice, visit Zadel Property on stand E22 at the Build & Renovating Expo from 4 – 6 July, 2014 at the Melbourne Exhibition Centre. 

Visit buildexpo.com.au for more information.