Just as it’s impossible to plan a trip without a destination, you can’t build a successful real estate business without setting clearly defined goals. Success does not happen by fluke. It takes proper planning, and they are markers that show us how far we have come or how far we still have to go. Here are a number of ways on how to set great goals for real estate.
Know Your Why
Despite you having the resources, knowledge and a reliable team in setting up your real estate career, you will have a hard time if you clearly don’t know your “why”. So, start by writing down the reasons for venturing into the business. The reasons may vary from one individual to the other, but undertaking this important step in successful goal setting ensures that you understand what you want to achieve.
Be specific with what you want to accomplish. For example, you could say “I want to earn a million before I turn 40” instead of “I want to make a lot of money.” You are most likely to achieve your goals if they are real and clear. And don’t forget to write them down.
Make sure you understand what wealth means if you are focusing on gaining wealth. In this case, wealth does not always equate to money. The meaning varies and could mean either of these important areas:
Will Power and Attentiveness
The first great step is to ensure that goals are identified and are written down. Commitment, discipline, and focus are key in crushing the set goals. It means that an individual ought to work when the job is no longer new and exciting as a start-up. It means that work needs to be done when an individual prefers to be doing something else.
Realization that life’s outcomes are the responsibility of an individual, creates an ideal situation for the person to see desired results. Bad things may occur.
Bouncing back from setbacks makes a true statement of a person’s character. It greatly identifies the difference between falling down and staying in that position.
Create a Business Plan
The success in real estate lies in the development of a business plan. It involves creating an overview of what needs to be accomplished, and the specific steps needed to make this possible. It is essential for the plan to contain mission statement, specific goals, a strategically plan for accomplishing the goals, and the timeline.
Additionally, goals need to be refined within the market. Refining these goals could include purchasing rentals, commercial buildings, or buying and holding. Also, specific criteria for deals to be undertaken ought to be clearly indicated in the business plan.
Listing the teams and systems that are already in place helps in efficiency. A back up plan or an exit plan is also important. All these steps are necessary for the success of real estate goals.
Find Your Niche
Finding and understanding a niche is important in real estate. It will help in weeding out the strategies and deals that are sub-optimal in meeting the goals and focusing on the optimal ones. It is critical to find out what a person likes, the strengths, and understanding the need in the market.
Understanding the market and carrying out an analysis adds more prospective to succeeding. Researching about the market and the industry at large is advantageous. Coupling this with having a game plan increases the chances of success.
Set SMART Goals
Every goal that is set needs to be SMART, that is, Specific, Measurable, Attainable, Realistic, and Time bound. Investors should revise their goals to ensure that they are SMART. The center of attention for the goals should gravitate on efforts that allow the effective use of resources as well as time.
Setting SMART goals in real estate helps in setting tangible numbers that can be easily tracked. It provides a concrete measure for deadlines all through.
Adopt Key Visual Tools
When setting your real estate goals, adopt different concepts such as the Wheel of Life. The visual tool helps in identifying the different areas in your venture that need immediate focus. For instance, if your area of focus is relational and the wheel is short, it means that you have not established helpful relationships with your friends and family.
This means that your life is not in the right direction, and such an imbalance is most likely to affect your life negatively. So, the wheel concept helps you come up with short-term goals by finding balance in all aspects of your life.
Short or Long Term Goals
Have both short and long-term goals to achieve your desires in the long run. The former refers to things you are willing to achieve in a short time, more specifically within six months from the time you set the goal. A few examples smart, personal short-term goals are:
- Cutting off or reducing unnecessary expenditure
- Offering volunteering services often
- Having an organized place of work
- Working out once or twice a week
- Waking up and sleeping early to ensure you have enough rest
- Maintaining a work discipline
You can achieve these goals in a short time, which, in turn, will help meet your long-term goals such as earning more, reducing or eliminating debts, becoming more productive, and being fit.
Ask yourself honest questions like “Where do I want to be in 10 years?” or “Do I want to be in debt in five years?” to come up with long-term goals.
It is okay to start small in the adventure of investment in real estate. For instance, investing in rentals to get the general idea of the overall process might be a great idea. It eliminates the process of home acquisition, renovations, or getting tenants. Irrespective of the strategy used while investing in real estate, setting intentional goals is key. It ensures that the action steps are prioritized and the process moves towards attaining the short-term and long-term goals.