Overcome Real Estate Analysis Paralysis
So this it! This is the time to buy your first rental investment property. You feel like you are really going to do it. But wait you still have to figure out the figures for these rental properties available. To make it better, you have to gather so much data for all the 50 rental properties for sale. And you keep on thinking and analyzing which would you opt for. Sipping a cup of tea. Hmmm..
8 months pass, and still, you could not make a decision - investment opportunities went by and you're still far from making a decision. Hmmm… You’ve got analysis paralysis
Analysis paralysis is a phenomenon that plagues decision-makers in just about every field. Barry Schwartz, a psychologist coined the “paradox of choice,” in which he described his findings that though increased choice objectively allows a person to achieve better results, it increases anxiety, dissatisfaction, indecision, and mental paralysis as well.
Something is holding back – fear. As a result, real estate investment decisions are never taken. This usually happens for first-time real estate investors. If only you could conquer the procrastinating and make things happen…
Here are the top 3 ways to help you overcome real estate analysis paralysis:
1. Know when the information is enough
Intentionally limit the information that you take because too much information is a huge source of analysis paralysis. You do not need that much information.
These days it is easy to get information online. With just one click of a button, and search engines provide you with so much information. So when we try to get so much information online about the investment that you are planning to intake it often leads to a greater fear of making the wrong move or wrong decision.
2. Set deadlines for yourself and stick to it
At times we let opportunities pass by because we do not think of a hard deadline. So make a deadline. Set a deadline for yourself. It is not easy. But setting a deadline for your plan, goal or project is vital for you to have more focus and to have less room to procrastinate.
Remember that life is short, and if you want to make the most of life, then you should be willing to work hard and make the most of the time that you have. And one of the best ways to do it is to set deadlines for yourself.
3. Do not chase for Perfection
There are times when we want all things to be on the right track perfectly, we miss a lot of opportunities that come along the way since we are waiting for the perfect moment to be on track.
So instead of waiting for the perfect property to come your way, opt for something good enough. It may not be the property that you had dreamed of but as long as it presents its potential then that’s okay.
Your Home 901 is a property company in Memphis, TN that provides turnkey real estate investing opportunities to real estate investors local and out-of-state. If you would like to know more call us at 901 308 2815 or visit our website www.yourhome901.com