Almost a full week into the New Year, people all over the world are anxious to see what 2016 has to offer. However, most are not content sitting back and waiting to see how things unfold. They have set personal expectations for themselves in the form of resolutions. Some are perfectly fine with saving a little extra money, but others have likely set lofty goals for the New Year. As a business owner, I hope you are more inclined to lean towards the latter. That’s not to say you should set unobtainable resolutions, but now is not the time to sell yourself short.
Truth be told, everyone’s resolutions will be different, and they should be. The only resolutions you should be making are those that benefit your company directly, and it should stay that way no matter what anybody else tells you. Nobody knows the needs of your business more than you do.
However, there are some resolutions my partners over at CT Homes and I believe can help anyone, regardless of their investing background. For a little guidance on what you should be looking to accomplish this year, or perhaps even just a reminder, here are some of the most important resolutions investors can make for 2016:
1. Set Deadlines
The first resolution isn’t so much a goal you had in mind, but rather a way to make sure your goals are met. I recommend making things a little easier by setting deadlines on the resolutions you decide to pursue. That way, you will have something to aim for. The dates you decide to go with, however, are critical to the progression of your respective resolutions. Don’t give yourself too much time, as you will be more inclined to procrastinate. On the other hand, giving yourself too little time to accomplish a task can be equally detrimental. The key is to find a balance that works for you and your career objectives. Set a timetable that coincides with some urgency, yet gives you enough time to get things done. I have found that this self-imposed system of checks and balances holds me accountable, and thus inspires me to achieve more.
2. Attend A Real Estate Networking Event
There are no two ways around it; real estate investing is a people business. In fact, I could argue that real estate entrepreneurs invest in people as much as they invest in properties, if not more so. It isn’t a coincidence that the most successful investors are those that have fostered healthy relationships with like-minded people. Having said that, now is the time for you to do the same. Make an effort to attend a real estate networking event or workshop and meet new people. There will certainly be a wealth of information available about your respective market, but there is typically a designated amount of time for networking with other attendees. This, in many ways, is much more valuable than the information you glean from speakers. Put yourself out there and you may be rewarded. At the very least, you should be able to make some valuable contacts.
3. Form An Accountability Group
Again, people are the foundation of any successful real estate business. However, there are more ways than one to benefit from working with other people in the industry. I encourage you to form an accountability group, or to at least surround yourself with those that will have a positive impact on your real estate career. Set aside some time to meet with people you are sure have your best interest at heart. Tell them what it is you want to accomplish, and make them hold you accountable. Something as simple as accountability is a very strong tool, and one few too many investors look to utilize.
4. Keep Your Pipeline Full
Whether you are a new investor or a seasoned veteran, there may be nothing more important than your incoming deals pipeline. Otherwise known as leads, these deals are what you will look to once the current deal you are working on comes to a close, or perhaps it will be the source of your very first deal. Either way, it is important to have a full pipeline with deals or prospective leads in the waiting. Set a goal for how many leads you want to add to your pipeline every month and do everything you can to meet it. Strengthen your marketing strategies, make new contacts, post bandit signs, even call bandit sings; whatever you do, don’t sit stagnant.
5. Kick Bad Habits To The Curb
I am a strong supporter of developing healthy habits, or at least those that allow you to progress; both as an individual and a business owner. However, not all habits are created equal. There are those that develop as a result of unfamiliar circumstances or nervousness and are, therefore, less than conducive to a prosperous career. These are the habits you should look to get rid of in 2016. Of course, you may not even realize that you have developed habits preventing you from realizing your full potential. You must first diagnose what it is holding you back, and move forward from there. Perhaps you got in the habit of turning your cell phone off when you don’t want to be disturbed. I can assure you that neglecting to pick up the phone is a bad habit. Whatever it is that may be holding you back, drop it. Replace said habits with those that can actually help you. The trick is to make a habit out of success.
6. Try An Alternative Marketing Strategy
Every real estate market has become synonymous with its own set of rules. What works in one, may be completely irrelevant in another. To that end, the New Year offers us a fresh start to try something different. Perhaps your current marketing strategy is going nowhere fast, or maybe you are just looking for another lead source. Either way, it can’t hurt to try something new. Don’t be afraid to test something that you haven’t done before. Never considered bandit signs? Perhaps they will lead you to your next deal. Maybe all you need is a well-devised direct mail marketing campaign. Truth be told, you will never know which marketing strategy will work best for you until you test them all. While I don’t recommend jumping into a specific strategy without doing a little research, be mindful of what might work best for you. Don’t allocate your entire marketing budget to an unproven marketing campaign. Test the waters first, and go form there. Your next deal may be waiting for you to call them.