Naomi Findlay talks about why it’s important to master your property renovation patch.
Hey guys, it’s Naomi Findlay here—Australia’s Rapid Renovation expert. I am here to talk to you today about the importance of honing your focus and finding your patch.
I’m a firm believer that not every suburb around the country is right for renovating. It’s definitely not right for renovating to create wealth in every suburb around the country. It needs to be the right suburb, with the right properties, and the right target market.
FINDING YOUR PATCH
So I’m a huge believer in the importance of finding your patch, honing your area that you’re going to laser focus on, to find the properties that will continue to be available for a set period of time for you to renovate. I have people ask me all the time, “Naomi, why focus? Why not just look and see what the market brings to you, no matter where it is?”
There’s a pile of reasons. The first one is, it makes it easier to say no when you have properties that come past you that might be a perfect fit. If you don’t have a honed boundary around where you’ll be renovating, you’ll find yourself saying “Oh, I could maybe do it, maybe not.” If you have a delineated space or area with boundaries of where you’ll be renovating, it is very easy to say no.
The next one is, when you have a defined patch, what that allows you to do is to be the expert in that area. Most people nowadays are “time poor”. We don’t have the time, the capacity, the resources, or—to be honest with you—the inclination to be an expert in all things property, across all suburbs, in all states, or even in your own state.
DEFINING YOUR PATCH
Defining your patch, honing your patch down to a manageable amount means that you can truly become the expert in that area. What that means for you—the next reason to hone your focus and have a patch, the next reason define your boundaries—is that all your decisions can be made more rapidly because you have all the information and all the data that you need. You’ll also find by having a patch that you have less likelihood of becoming overwhelmed. There’s so many properties on the market, and properties moving so fast in our country in many spots right now—it can really be overwhelming. By narrowing down your focus, you can really avoid being overwhelmed.
The last one is to decrease your cost per lead. A lead is what I call pretty much a property crossing your desk. A property comes across from an agent, a friend, or another renovator, and you get to assess it to see whether it’s going to be a good renovating for wealth property for you. If you have a huge patch, the likelihood is, you might have a thousand properties come over your desk each and every year that you need to vet, assess, and either include for a full feasibility, or throw to the side.
FOCUSING ON YOUR PATCH
However, if you have a smaller, more defined patch, you might find that there’s only a hundred properties that come over your desk every single year. In which case, if out of that you got 4, your cost per lead or your energy that you’re putting in to that hundred is much less than your energy you’d have put into those thousands to get those 4 properties. By honing your focus, you make it easier to say no, it stops that feeling of overwhelm, allows you to become the expert, and it decreases your cost per lead per successful project.
Remember guys, if you’re starting out on this journey, or if you’re finding that the areas you’re looking are fruiting amazing projects or leads for you to then assess, make sure you consider your patch. Hone it down and reap the rewards, guys. Let’s renovate!