The new year offers new opportunity. We tell ourselves that this is our year. To find our dream jobs, to achieve our goals, to make big changes, find love and see our dreams come true. In many cases, these remain wishes rather than realizations. Why?
Usually, it’s because we never go beyond a single statement.
We say, “I want to _____,” and the thought ends there.
We keep our goals in the back of our minds but never put dedicated effort behind achieving them. Effective goal setting is key not only personally, but in developing good business strategies. It’s the only way to truly set yourself up for success and meet your goals in a proactive, efficient way.
4 Keys to Effective Goal Setting
1. Write Out Your Real Estate Investing Goals
Don’t underestimate the importance of putting something down on paper. Writing and sharing your goals with other creates accountability — to yourself and for yourself. It makes them more tangible and real when you get them out of your head. Having your goals written down and detailed somewhere also gives you something to come back to in the future as a good reminder.
For real estate goals, some things to consider when you are writing out your goals.
- I hate the word realistic, but we all know that stating goals, which are clearly unattainable, is a recipe for quitting early. So set realistic goals.
- Be specific on what type of investing you are going to do: i.e. - long-term buy & hold, quick retail flips, money lending. Just be specific.
- Speaking of being specific...use numbers and time frames. Three houses in six months as an example.
- Place your goals in front of you daily. Yes, I said daily! Affirm for yourself the goals you have and that you area real estate investor who will succeed!!
2. Give Yourself a Buffer
Few things are more discouraging than missing milestones and deadlines on the way to your goals. Learn to give yourself grace. Leave room for a buffer, both in your time line and in your finances. If you allow yourself to have setbacks (because you will), it’ll be that much easier to get back in the saddle. Anticipate that everything will take longer and use more resources than you think it will.
At the same time, as little setbacks occur, if your mindset is correct they will not slow you down. So having a little grace built-in gives you the ability to view all of your goals with some levity. Goals are hugely important, which is why we are writing this article! But, a great real estate investor is always planning for and prepared for the time they miss their goals.
3. Constantly Assess Your Systems
Self-assessment is necessary to achieving your goals. Get in the habit of stepping back and re-aligning yourself. Look at your processes and systems. Fine-tune them and constantly look to see how you can work more efficiently. Otherwise, you may be stuck working with an ineffective model that isn’t moving you towards the right end result.
Now, for real estate investors who are passive and use other companies to provide most of their "systems" do not think that you get a pass on #3. Passive investors cannot afford to be passive about their investments! We say this all the time. It is imperative that as a passive investor you continue to asses your own processes. Maybe it is a process for evaluating deals and you find yourself saying "no" to everything. Or maybe you are already a passive landlord and you are now in the habit of simply checking the bank account for the auto-deposit from your management company. No matter your scenario, always be active in your investments and check statements for errors and evaluate your processes to see if you are making mistakes. You always need to assess where you are in order to know if you can get where you want to go!
4. Surround Yourself with Inspiration
Inspiration is important. Who do you surround yourself with? What do you listen to? In order to meet your goals, it’s best to surround yourself with encouraging individuals who not only pursue and achieve their goals, but inspire and challenge you to meet yours. Find a role model in your field. Listen to podcasts, read articles, and talk to people who will push you forward. Having a support system in place will help you achieve all that you set out to do.
It is imperative that you surround yourself with great people. You will absolutely become the six people you surround yourself with, so always choose carefully! We usually have something at the end of our articles for you to download. A free video or a free e-book or just some sort of educational material. Not today - and there is a reason for that. I really want you to focus on the article. You can find all kinds of educational info. from us on this website. We are happy to share. But, for this exact moment, just concentrate on setting and attaining great goal for 2015!
What do you think is most important in effective goal setting? Share your opinion in the comments.