For example, success might be building a steady income from real estate that you can live off. Or it could be simply earning that first million.
Your ability to set goals, and create effective action plans to accomplish these goals is what sets the successful apart.
You need goals in all areas of your life, not just monetary or business ones, but even in parts of your life like family or your physical and mental health.
When it comes to setting your real estate goals then, you need a clear idea of your long term and short term goals and a good understanding of how you are going to reach them.
Be Specific, detailed and clear. Take some time to sit down and write down a list of everything you want to achieve. The very action of writing it will make it more real.
Once you have them written down assess them. Which is most important to you? Which are longer term objectives and which are shorter term?
You’ve sat down and written down your goals and organised them into long and short term. Now group together like goals. For example, you may have set down goals to learn about tax benefits and depreciation, or to make 20 new real estate contacts. Both these goals are steps towards your longer goal of owning 10 rental properties.
Or perhaps you’ve set down a bigger goal and you need to break it down into steps. Eg. you’ve set a goal of building a portfolio worth $2 million. Short term goals could involve making your first property financially positive.
The goals you set you must be measurable. How can one truly measure happiness? You have to be able to analyze and evaluate your progress and your results in a tangible way. Many people have a goal of being rich. You need to know specifically how much money rich is. Attach tangible meaning to your success.
For example, you will earn an income of $15,000 a month from rental properties and flip one house in the next year.
The best goals have deadlines. They have a time by which you need to accomplish them by. They also have interim steps along the way that can be monitored. These sub-deadlines or schedules are critical to success. There are no unrealistic goals; there are merely unrealistic time frames.
Scheduling will put the pressure on, and give you a sense of achievement when you succeed.
Your goals should be attainable but they shouldn’t be easy. Your goals should stretch you and push you to have to work harder to succeed.
Your Real Estate goals shouldn't detract from other aspects of your life. You need to make sure you retain a good balance between your personal, work, physical and investments.
The largest and most difficult task is to define you central goal. This should be a long term large goal that helps drive all your smaller more immediate goals.
For example, you might have your heart utterly set on retirement at a set age to your own property in Italy. Now you know you will need to invest in property in Italy and start taking the steps along that road. You also know that you have an overall timeline to achieve the financial and familial goals that are important to this ultimate goal.
This final goal might not be as easy to define as this example, and may change over the year. But having something to aim for will keep you motivated and driven, and help you define your shorter term goals.
As dull as it may seem, flair and spontaneity are rarely the key to success when it comes to investment.
The key is having processes and management systems that work for you. Processes are the step by step actions that, when outlined can be completed by anyone, with the same results.
Everything from a list of day to day tasks, a calendar of events to knowing who, in your book of contacts to call to fix a problem. There are plenty of softwares that you can use to make this a whole lot easier.
Related Article: The Benefits of Software and Automation in Property Management
Having processes in place to deal with any and all situations and problems that are thrown your way, means you will never flounder in the face of new challenges.
Once you have systems in place, then you need to start optimising them, trim the fat, cut down expenses and save yourself time.
It's also important to note that with current technological changes the best way of doing things is unlikely to remain the same. New software and tech will influence how you optimise your processes.
What may have been an efficient state of the art system last year could be obsolete next year.
Constantly review your processes, ask yourself: is there a faster way to do this? or a better way to organise those? Constantly aim for improvement and you'll get improvement.
We hope you found this blog interesting! However, do note that it should not be used as a substitute for competent legal and/or other advice from a licensed professional.
When it comes to investing in property it makes sense to start with properties at home so that you can have a hands on approach and ensure the success of your investment. However, in various parts of the world, the purchase price of property is fractional compared to in places in the US. Plus, there are often less regulations and friendlier taxes.