Goalsetting: the buzz word of the last century is still one of the most important conversations real estate investors can have with themselves and each other. It’s important to know what your goals are because the choices and decisions you make are dependent upon it.
Whether you plan to stay with the deal or sell the contract becomes an easy decision when you know what you want in the first place. There will always be a way to sell your position and middle-man the deal if that’s in your best interest.
Not sure where to begin? Pete’s 5 Step Goal Setting Process will help direct you.
Step One: Know What You Want
Before you begin to set goals for your investment business, it’s important to take some time to decide what you want. This step will serve as the blueprint by which your next steps will be measured.
Some people think they want to invest in real estate because it’s easy money. They have no interest in an investment career other than financial gain. Is there anything wrong with this? Absolutely not. They know what they want and why they want it.
Others already have a career and are looking for a second income or stimulating pastime. Again, there’s nothing wrong with this. What is important is to know your answer to the question “Why do I want to be an investor?”
Once you know your reasons, you can direct your actions to be sure they lead you where you want to go.
Step Two: Write your Goals
Once you set your goals, make sure you don’t lose sight of them. Knowing what you want and what actions are going to take you there will help you decide everything about your real estate investment business, from identifying your target prospect to marketing your business and every choice you make from that point forward.
Setting goals is only a part of the process. The second is keeping them top of mind. The best way to remember your goals is to write them out. Keep a goal journal and open it regularly. Write, adjust and reset goals as often as you like as you grow your business.
As noted in Step One, knowing what you want will help keep your perspective clear. Once your goals written, move on to Step Three.
Step Three: Review Your Goals Daily
Review your goals first thing in the morning, before you start your day. Visualize your completed goal. What does your life look like? Making a connection between your goal and positive feelings associated with it actually creates a chemical change in your brain. You’ll feel good, even before your goal is actualized.
There’s one other thing that will help you identify and hone your goals to fit your overall investment career path. You’ll be going for a birds-eye view of your life on Step Four.
Step Four: Achieve Balance
If you’re going to be successful, you need to feel fulfilled. Your life must remain balanced. Goalsetting involves looking at the major aspects of your life to ensure balance.
Those areas might be:
Being wealthy or financially secure by itself doesn’t mean you’re life will be balanced or happy. All the money in the world can’t buy happiness. But adding cash to a life that’s already fulfilling is quite another story.
Achieving balance means distributing equal amounts of energy to several areas of your life. If real estate investment is fulfilling emotionally and mentally as well as financially, you will achieve balance. In fact, investing just for the money can also fulfill you in these areas too. It can be mentally challenging and emotionally gratifying as well.
Step Five: Self-Discipline
Every time you are presented with an investment opportunity, you’re in a position to make a decision. Ask yourself if the opportunity will take you in the direction of your goals or away from them. Go with your first answer; before your conscious mind has a chance to justify it. Learn to recognize a gut feeling. You’ll know you’ve made the right decision if you feel a sense of calm about it.
It takes self-discipline to stick with a Goal Blueprint. The more you practice self-discipline, the easier it gets, and the more successful you’ll be in your business.