Are you suffering from Analysis Paralysis? You’ve done your research and everything stacks up but you just can’t seem to step forward and make an offer, or you’ve made an offer but you’ve haven’t followed up, you haven’t pursued the agent or you simply haven’t taken negotiations further…You’ve stalled!!
You are suffering from Analysis Paralysis.
We’ve all been there. We all do our homework, we get our finance and structures in order, we research the deals and we even find some good deals that stack up. But what is stopping us going further? Why is it so hard to take that next step?
There are several factors that can stop up completing the process. Below are the top 5 reasons:
1. Our Own Fear – We all have an underlying fear of debt, financial strain and an overall general fear of making a mistake. But we cannot let this fear hold us back. You can only fear what you don’t know so a way to overcome fear is to be well informed, both about the outcome, the requirements and the risks involved. Only when we have all the information can we make informed choices without fear of the unknown crippling us. It is very likely that you will make a mistake, but that is life. We all make mistakes. You simply learn from it and move on. Don’t let your own fear hold you back.
2. Other Peoples Fear – You are not the only one that fears the unknown, chances are if you have a fear of something, someone else has that fear also. And lets face it, everyone would rather hear an investment horror story over a success story, and when there is talk of someone succeeding it’s usually followed by comments of why you couldn’t possibly do that. People have a funny way of justifying their own fears through others mistakes. It is much easier for people to confirm their fears in their own mind and stay in their comfort zone than to address their fears and move forward. Don’t let other peoples fear of failure hold you back.
3. Unable to break old ways of thinking – Property Investing is not easy. There is a lot of information to know and take on board. It is not enough to buy one house and work hard to pay it off before you retire. This is the old way of thinking and it does not lead to financial freedom. Sure, you can argue that there is nothing wrong with this option, many generations have been doing it before we came along. Don’t get stuck in the rat race cycle. Change your thinking about debt and get it working for you.
4. This is good, but I can find better – So you’ve found a good deal. The numbers look good, the inspections went well, the vendor is motivated. hmmm but I might just look at a few more, there may be a better one just around the corner….STOP!!! There may very well be a better one around the corner, or there might not, and then you’ve just missed out on this one. Stop and ask yourself seriously if you are committed to your future? Are you committed to increasing your wealth? Are you ready to buy a property?? Now ask yourself if the excuses you have made not to buy the property you have just found are legitimate reasons or are they just EXCUSES?!? If we have done the hard yards and have still not committed to a property, it may mean you need a bit more work on your mindset.
5. The deal is not 100% perfect – Chances are fairly high that every deal you look at is not going to be 100% perfect for you. It may be closer to a train line than you had wanted, not as close to the shops as you had hoped for, the vendor wants slightly more than you wanted to spend, the land is not exactly the slope you were after….You aint fooling anyone!! We know what you are doing, and you know what you are doing….Finding excuses not to proceed. And that’s all they are, excuses.
If you can relate to these points above, then you are suffering from Analysis Paralysis and you need to take a good hard look at the way you’re thinking, the hard work you have put in and the outcome you want to achieve.
Make informed choices but don’t over analyse to the point where you are unable to make a decision.
Until next time…
Chicks and Mortar – Women in Property