Some of the most successful people in the world set and follow strict goals. With all that is going on in everyones’ life, it is easy to get sidetracked if things don’t go according to plan. It is also human nature to become less motivated if you are not having the success you thought you would. By setting goals, it gives you something to strive for and work towards – regardless of what else is going on. Once you start seeing yourself have some success and start attaining your real estate goals, it will drive you to do more and more. Your goals can be anything you like, but you need to have some goals as a reference point.
What do you want out of the real estate investing business? While a simple question; most investors will hesitate before answering. If you ask this question to ten investors, you may get ten different answers. One investor may be strictly motivated by money while others just want to get enough deals to leave their full-time job. If you don’t know what your end goal is, you will have a tough time determining which deals to pursue. A common mistake that many investors make is thinking that closing deals and being active is the goal. Nothing will make you more frustrated than working six months on a deal that only offers minimal return. Every deal you pursue should be done with an eye on your goals. If you don’t set goals, you will go from deal to deal and end up right back where you started.
You need to have some kind of action plan. Anyone can say that they want to close a million dollars in deals in the next twelve months, but without a plan they probably won’t get there. If your goal is to close one deal every month and bring in ten new leads, you need to map out how you will achieve it. The more detailed you are with your action plan, the more likely you will hit your goals. You should leave no stone unturned and carry out your plan to completion. If you want to attract ten new leads, you probably need to target between 100-200 people. You can do this through direct mail marketing, email campaigns or dozens of other lead generation tactics. Once you know your source, you should then determine how you are going to reach out to them, and when. There is often a lot more that goes into getting leads than you may think. Map out what you are going to do to achieve your goals every hour of every day for the next thirty days. If you commit to this, you will be surprised on just what you can achieve.
Your catalyst should be the finances you have. Not every investor will be blessed with an unlimited bankroll when they are just starting out. You will have to work with whatever budget you have available. Fortunately, there are currently many ways to stretch your dollar and grow your business. Before you do anything and set any goals, you need to make sure they are realistic with your budget. Many investors will get started and think that deals will just fall on their lap and they can retire in six months. It is much more likely that you will ease into the business by closing a few deals. The more clearly you can see yourself in the business for the long term, the more motivated you will be and the harder you will work. Your goals have to be in line with your budget and you need to consider the costs of everything you want to do.
Every investor will go through a lull at some point in their career. When this happens, it is easy to start looking at deals that they would have never thought of otherwise. If you don’t have clearly defined goals, you will entertain these deals – some of which are too risky and time consuming. It is always far better to take small steps forward than giant steps backwards. Before you purchase a deal that you really don’t feel comfortable on, you should revert to your goals and ask yourself if they are in line with the big picture. If the answer is no: you need to wait until a deal comes along that you are comfortable with. You never know when you will find the next deal, but if you keep plugging away and following your goals it will be here before you know it.
Your goals will adjust over time. You can always change them, but you need to have some goals in place to stay driven. Investors that don’t have goals and an action plan will find themselves all over the place, investing in areas and properties that don’t really appeal to them. They can have months when they close multiple deals followed by months where they are searching for leads. The real estate business is full of opportunity. You can make your goals anything you want them to be, but you need to start somewhere.