What are your goals for real estate investing, and how do you plan on achieving them? Most of the new investors I talk to don’t have really concrete goals. They know that they want to be successful in the real estate investing business, but things get pretty muddy after that. They might have a feeling that they’ll be better at flipping houses than fixing and holding properties, but beyond that they don’t really have a clue.
Honestly, when I first started in the real estate business, I didn’t really know what I wanted to do, either. However, when I really started building my name and my business, I quickly found out that I needed to have concrete and very specific goals. I also learned that I needed to hold myself accountable for those goals.
Create SMART Goals
If you’re wondering how you’re going to achieve your goals for your real estate investing business, the whole process starts by defining really good, actionable goals. I like to follow the SMART philosophy – making sure that all of my goals are specific, measurable, achievable, realistic, and time-limited.
That’s right—the first step in smashing your real estate investing goals this year is to make sure that you’ve set the right goals. Be specific about what you want to accomplish. This could be how many houses you want to flip each quarter, or it could be how much income you want to make per month, quarter, or year. You could also make goals about branching out into new markets, as well as other (very specific) achievements.
Create SMART goals, and you’ll basically be setting up a timeline of achievable and concrete goals that you want to reach throughout the year.
Share Your Goals with Others
Next, don’t be shy about sharing your goals with the people in your life. Whether we’re talking about your spouse, your business partner, your parents, or anyone else you respect and love, or just like and admire. Sharing your goals is a great way to keep yourself accountable. Talking about the next steps you need to take to reach them can also have some pretty surprising and positive effects, as well.
For example, when you talk with a friend in the real estate business about what you want to accomplish this quarter and how you plan to achieve your goals, they may have some insights and experience that they can share with you. They may also have some connections to help you along. Share your goals with the right people, and you’re going to see some pretty significant results.
Track Your Progress and Focus on Smaller Milestones
They say you should keep your eye on the prize, but if that prize is a huge goal that seems like it’s miles (or years) away, it can be pretty daunting. Instead of looking at how far you have to go, take some time to consider how far you’ve already come. Look at what you’ve achieved so far and how you’ve gotten through challenges and obstacles along the way. Then look ahead at the next milestone instead of the next giant goal. Things will come into perspective a lot better, and you’ll have a much easier time staying on track.
I’ve spent years following these tips, and they’ve worked really well for me. Keep everything in perspective, and stay positive. Do these things and by the end of the year you’ll be amazed at what you’ve accomplished.