It is no longer enough to simply set goals for yourself. Without a sound strategy to see to it that those goals are met, success will be much harder to realize. For those of you looking to ignite your real estate business, or even just get it off the ground, resolutions can make a big difference in the direction things head. However, turning your New Year’s resolutions into reality will require a little work. That’s why my partners over at CT Homes and I have compiled a list of the things you must do to make sure you meet your real estate resolutions in 2016.
While far from revolutionary, the following suggestions can serve you well in your pursuit of a more lucrative career. Whether you are a seasoned investor or are new to the game, we can all use a little reminder that our goals are obtainable, at least if you are willing to put in a little work. Below you will find a few of the tricks I intend to use to make sure my real estate goals are met in 2016:
1. Physically Write Down Your Goals
At the risk of sounding redundant, you must physically write down each and every goal you hope to achieve in 2016. By no means should you relegate goals and aspirations to the imagination – or worse, your short-term memory. As I am sure you are aware, most people forget about their New Year’s resolutions by the time the calendar turns to February. Don’t let this happen to you. When I say you must physically write down what you hope to achieve in the coming year, I mean it. Putting your thoughts on paper, as obscure as it may seem, actually provides you with a tangible asset of sorts. It is a relatively small gesture with welcomed repercussions. The physical representation of your goals has a way of holding you accountable – and, at the very least, will serve as a constant reminder.
Over the course of 12 months, unforeseen circumstances are all but expected in today’s business landscape. Real estate investors, in particular, will be better off the sooner they are comfortable expecting the unexpected. Point being; a lot will come your way this year. It will be easy to forget what goals you set in January when August comes around and you are juggling three deals at once. Don’t let ignorance be the reason you fail to meet your goals. Write down what it is you want to accomplish by year’s end, and make it happen.
2. Tackle One Goal At A Time
Investing in real estate, not unlike any other entrepreneurial endeavor, can become a bit overwhelming at times. New investors, and even seasoned ones for that matter, are susceptible to biting off more than they can chew. However, I can assure you that by taking on as much as possible, your goals included, you are only serving to stretch yourself too thin. In fact, refusing to refine your focus can be more counterproductive than beneficial. Sure; starting a new project before the previous one is brought to a close may instill a feeling of momentum, but I can assure you it is a false sense.
Now that is not to say that there aren’t those that are capable of multi-tasking with an elite degree of success, but the average investor will encounter problems the minute they get involved in too many things. Don’t let this happen to you. Identify your most important goal, and aim to bring it to completion. Only then do I recommend moving on to the next goal.
3. Prioritize Your Goals
In line with my previous suggestion, prioritizing your goals allows you to get the most important things on your list done first. If nothing else, you will know exactly what needs to be done, and in what order. Having said that, prioritizing your tasks has become synonymous with the most successful investors in the country, if not the world. As an investor, your time is best spent on the things that matter the most. Not surprisingly, your time is worth more than what you would expend on the menial tasks some consider to be busy work.
Assuming you followed my first suggestion and wrote down your goals, take a minute to prioritize them. If you only have one, don’t hesitate to break it down and prioritize the resulting steps you must take to reach said goal. Placing a priority on specific steps or goals will see to it that they are accomplished. Provided you prioritized to the best of your ability, you will notice you are checking the most important things off on your list.
4. Adhere To Your Plan
It may go without saying, but this is where things typically go awry for those that have set lofty New Year’s resolutions for themselves. The hard part is not implementing a strategy to work towards a goal, but rather seeing it through to the end. Anyone can say they wont to flip 10 deals a year, but only those with the appropriate drive and determination will have the mental fortitude to adhere to their respective plans.
I honestly wish there was a magical solution to this rather antiquated problem. However, sticking with your plan is really more about your mental capacity to deal with adversity than it is about any tangible process I could teach you. To that end, you must remain resilient.
I encourage you to think long and hard about why you are investing in real estate; or what I like to call the “why” factor. Why is it that you broke into the industry? What do you hope to accomplish? Is it to provide a better life for your family? Regardless of what your reason is, use it as motivation. There is perhaps no stronger motivation that will hold you accountable for sticking to your plan.
Again, there is no secret recipe that will help you reach your goals. Your success or failure is entirely dependent on you, and you alone. I can merely offer advice that has helped me get to where I am today. And I can assure you that nothing else keeps me on track more than my “why.” Understanding the importance of what it is you are working towards will make any obstacle appear surmountable. Find out what your “why” is, and let it guide you towards your goals in 2016.