5. Refine your rules and policies on future property investment
When property prices have been on the rise in most areas most of the time, it is less obvious to many property investors to follow some sort of systems. A system usually consists of a set of rules and policies; a system is to be followed strictly during execution.
A good property investment system should have policies in at least the following areas:
• Policies on financial position and money management.
• Policies on market conditions.
• Policies on property selection & disposal.
Taking the time to define these policies can help you to review what has worked in the past, and what may work in the future, especially with all the changes happening in the market place.