Acquiring A Property

by Patrick Liew on July 28, 2011

As a real estate agent – and a very proud and passionate one – I have met many people who wanted to buy a property. Inevitably, they would ask me for my opinion.

If they don’t, I would find good ways to ensure they asked me. Obviously, I wanted to market my services to them.

Over the years, I have formulated what I called the Basic 5Ps Checklist to connect with my clients and help them evaluate the feasibility of their decision.

In a nutshell, let me share it with you.

1.       Purpose. Why do you want to own a property? For example, is it for use as a living space, working space, or as an investment asset?

The principle is simple. If you don’t know what you want in your life, no property investment will satisfy you.

2.       Passion. In the final analysis, life is for living. Will the property help you to enjoy your life and live it to the fullest?

The principle is simple – The property investment must serve you, and not the other way around.

Life is short and there is no dress rehearsal.  Please acquire a property so that it will add value to your life.

3.       Priority. Is property investment the most important thing to do?

The principle is simple – The property investment decision must be made in an objective, balanced and pragmatic way. It is a decision that will influence and affect other decisions.

Acquiring a property is not the only thing to do in life.

There are other decisions and actions that may be just as important, if not more important. It is a decision that has to be seen in proper perspective and from a holistic point of view.

4.       Performance. Do you have the K.A.S.H. (knowledge, attitude, skills and habits) to invest wisely in a property?

The principle is simple – Most consumers have transacted an average of about five properties in their lives. In other words, they may not have the experience and expertise to make a sound judgement.

Prior to making a decision, you may wish to further your real estate education. You may even want to sign up for a real estate agent’s course so as to know the tips and traps of property investment.

5.       Profiling. What is your risk-reward appetite?

The principle is simple. Don’t fall in love with the property, fall in love with the numbers.

For example, can you afford the property? Can you support the future cashflow? How secure are your current and future career and financial positions?

To do a proper analysis, you need to use your head – not your heart – to make a wise decision.

I wish you the best returns for your property investment. It includes both financial as well as non-financial returns.


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