Book preview: How to adapt your property investment strategy in the face of change

  • Business and investment activities are still likely to lead to the results you are aiming for.
  • Activities are underpinned by strategic decision-making.
  • You are not following an outdated map.
  • You are not making emotionally-attached decisions or thinking about the decision too late.
  • Risk identification — knowing what the risks are.
  • Risk measurement — knowing the magnitude of the risks.
  • Risk mitigation — for example through minimising leverage, or maximising diversification.
  • Risk reporting and monitoring — keeping an eye on what risks there are, and how these change.
  • Risk governance — having a process for keeping uncertainties in check.
  • Pause or pivot. Quit anything which isn’t deemed worthwhile, and start something new which you believe is viable. Do this as soon as possible when you know you need to do it. Create a logical plan for future action and effort with clear timeframes. Include what you will stop and when, what you will slow down or pause, and what you will pivot to. Include how you will do this. Include a back up approach or an alternative plan. Include how these will suit the new market dynamics, risk profile, and relevant business circumstances. Revisit the methodology I’ve outlined in this book (plug #2).
  • Persevere — by which I mean, carry on. This may be especially relevant if market dynamics have changed, and are anticipated to change further, change back, or seem likely to improve in your favour.

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