Setting goals is the first half of a two-part quotient for success in your real estate business. The following 5 tips are the second half and will help direct you as you set yourself up for success in 2020.
Set Inspiring Goals
When you set goals for your real estate investment business, be sure to set goals that inspire you. Set goals that encourage you to grow, to be better at something—to make more money! Why would you set a goal for something you don’t want?
You wouldn’t. But if your goals don’t inspire you or motivate you to go after them, you’ll slack off and forget about them. They won’t be worth the energy.
“More Money” is often a very strong motivator. So is “Less Work.” Also important are goals that are important to you on a personal level. If you see value in achieving them, you’ll be more focused and work harder.
Setting goals without plugging them into a well-thought-out action plan or business plan are fruitless.
Are you sure your goals meet the SMART Criteria? Here are a couple keys that draw on the foundation of this principle:
Are your goals specific? Be clear about what you want. Make sure your goals are defined in such a way that there are no fuzzy or confusing lines. Have clear boundaries.
Make sure your goals are measurable. Now, what does that mean? It means they are quantifiable and obvious.
Setting lofty goals is okay, but they need to be achievable. There needs to be an element of attainability. That doesn’t mean EASY, but it does mean possible.
Another thing to assess is whether your goals are appropriate to your situation. You might be tempted to set a goal for a 7-figure income after your first year. Is that possible? Yes, of course. But is it appropriate to your budget and personal investment of time and money? Is it relevant to your education level?
Create an Action Plan
Setting goals without plugging them into a well-thought-out action plan or business plan are fruitless. Always make a plan. Change it if you need to, but always have one before you begin anything.
Put Goals in Writing
Whatever you do, don’t store everything in your head. Commit them to pen and paper in a journal or notebook, or on your computer. Writing your goals strengthens them. It also makes it easier for you to commit to them.
Know where you are going and why. Then take action. Keep going when the going gets tough. You are your own best advocate. Be trustworthy and accountable to yourself.
These 5 tips are valuable assets in your quest to achieve your goals. Be mindful of each one and keep going no matter what. By the end of the month, the year or whatever timeframe you set, you can have what you want. Go forward and make it happen!