What the heck is FOBO | Property Minute with Ahmad Imam [video]

So do you suffer from FOBO?

That’s right, FOBO.

Now I’ve heard of FOMO, you know FOMO as Fear Of Missing Out.

The people that suffer from FOMO, especially when they come to buying property or buying real estate, are usually the ones that urgently scramble to buy a property in a fear of missing out on a really good deal or really good time in a market.

They don’t focus much on due diligence.

They really just urgently try to buy something.

Because of the transition of the property cycle, especially in Sydney and Melbourne, we are finding that people are also suffering from FOBO.

FOBO is quite literally the opposite FOMO.

FOBO is a fear of better options.

Those who suffer from FOBO usually have some pretty tell-tale symptoms.

They suffer from analysis paralysis, they suffer from being too indecisive, they tend to hold and procrastinate.

And just the thought of making a decision actually cause them a bit of stress.

And what ends up happening is they doing nothing.

The funny thing is my most successful clients as investors are not intelligent ones or not the analytical ones.

That usually the ones that simply don’t suffer from FOBO.

A doubter tends to be intelligent and look things in a bit more detail, they want to see all the numbers, wants to look through every single scenario and they end up simply procrastinating and not making any decision.

And ten years down a line they obviously regret not having made a decision.

Meanwhile, the people that simply made a decision and were decisive ten years prior are in a much better position.

If you suffer from FOBO – here are the awesome things that you can do:

1. Do your due diligence.
2. Set yourself a time limit.
3. Be Decisive or reach out to someone that can be decisive for you.