The time has come to both set and keep your New Year’s resolutions. In particular, real estate investors should set a variety of goals they intend to follow through with. The big question, however, is whether or not real estate investors can be more effective in setting their resolutions. More importantly, how can they increase the odds of achieving their goals?
This time of the year is perfect for evaluating progress and reaffirming targets for the upcoming months. This is incredibly beneficial, regardless of your particular investing strategy.
Sadly, statistics show that barely 8 to 12% of individuals stick to their resolutions and see their objectives realized. This is even more disturbing when half of the population doesn’t even bother to set resolutions and make any type of effort.
Fortunately, the following tips can help all real estate investors become more effective in setting and keeping resolutions. This applies to those thinking about getting into real estate investing as well as the veterans and heads of giant international real estate related companies. These tactics and strategies may also be applied to anything from weight loss to money management.
The following tips are intended to help you make and keep your 2014 New Year’s resolutions:
1. Make Them
While the concept of setting a New Year’s resolution is relatively simple, it is easier said than done. You need to set aside a designated time-frame to actually make a resolution. Doing so will hold you accountable and help you establish an obtainable goal. However, do not just set a goal. You need to outline a specific trajectory you will take to achieve it. The more specific you are the better it is. This is critical for both making and achieving the goals you set for yourself.
2. Share Them
Many real estate investors are shy about sharing their resolutions and goals. There can be some reasonable arguments for this. However, science and hard data has shown the most intelligent minds and wealthiest individuals benefit from sharing their goals and establishing a sense of accountability. This may be limited to your unofficial board, could be posted publicly on your real estate blog, or for the trend savvy geek – with an online community on Facebook or Google+.
3. Create an Action Plan
Don’t be the Grinch when it comes time to letting loose your New Year’s resolutions. Dream as big as you possibly can. Set the path to get there by working backwards in an action plan. Consider how many closing it will require to reach a target financial goal. How many leads will it take to achieve? What types of real estate marketing are going to yield those leads? Similar thinking will make it much easier to create a system to achieve your resolution.
4. Don’t be too Hard on Yourself
One of the primary reasons New Year’s resolutions fail is that individuals slip up once and then give up. They fold and pick up a cigarette or are rushed and cave into cravings for fast food. However, a slip-up is not the end of the world. You’ve only failed if you give up. Recognize slips and resolve to do better. Conversely, try rewarding yourself for great milestones and accomplishments (just not with a super-sized portion of what you are supposed to be avoiding). Little things like this go a long way in helping investors achieve their goals.
5. Think Long Term
Many doom their resolutions from the start by demanding too much too soon. They set ambitious goals that mean going cold turkey on everything they love. This is in addition to taking on new and unfamiliar tasks at the same time. This shock to the subconscious can be traumatizing and makes it easy to give up. So think long term; make daily changes in habits that will stick.
6. Learn to Self-Motivate
Real estate investing can be a fun, smooth ride, but it also has its share of challenges. These are the days when leaders are born, and the rest fall back into the herd. Win by learning to master motivation. Look for practical ways to change your perception and re-frame perceived obstacles. You can be your own best friend or worst enemy. Make sure you are keeping yourself properly motivated.