How to set goals as a real estate investor

It’s that time of year again, and like everyone else, you are probably taking long, hard looks at the past and defining what you hope to see ahead. How exactly do happy investors set themselves up for success? The answer, of course, is goal-setting. In the article below, we’ll look at how setting specific goals can be a game-changer for real estate investors that propels them into what they want to be doing more of … specifically, making money.

You can feel it in your bones— that deep, nagging sense that there is still something untapped within that you can achieve. The restless longing for more out of life. Something bordering on exhaustion when your worries spring to mind. Get ready to do something with that sensation as we explore a system for real estate investors by real estate investors to create and work towards achieving goals. If you want a little help along the way, try a consultation with a seasoned investor’s agent. Sometimes clarity is the best kickstart.

Productive dreaming

Let’s start by setting actual goals. One of the most common mistakes investors make is to limit themselves and their dreams. It is incredible what a human being can achieve when properly motivated! Never limit yourself out of fear.

Before we start, you may need some cautioning: belief can make or break your experience as an investor. When you define your goals, state them as if they had already been achieved. This action creates and nurtures a belief in your brain, which cements the goal and its purpose.

Another useful tip is to set goals, not expectations. Many people expect their goal and then find themselves distraught when their goal becomes hard to achieve. Instead, make it your aim to learn along the journey to achieving, and to make peace with the challenges you’ll face along the way. Expect challenges, but believe you can achieve what you are after…. as long as your goal setting was smart, to begin with (see below.)

Lastly, speak positively to yourself and others about your specific goals. Many investors swear by praying about their goals, writing them as daily affirmations, and even meditating on them. Some are borderline superstitious about how they verbalize them. Aside from belief in a Higher Power, the more we make goal-setting a part of our spirituality, the more the goal becomes cemented in our minds. We develop focus, and focus— along with a higher power if we believe there is one— is what gets the job done.

Tips for setting goals

Ever heard the acronym SMART when referred to goal setting? SMART goals are:

Specific. Measurable. Attainable. Realistic. Time-sensitive. Be specific about your goal. Investors can’t just say: “I want to be an investor and make my first deal.” Instead, ask yourself: “what kind of property best suits my vision?” “How much cash flow do I need?” “Will I start with a fix and flip?” “How much profit exactly do I want to see?” “Do I want to do this without using my own money?” Make sure your goal is measurable. Set guideposts or marks along the journey so you can see yourself get there. A good goal is attainable. Is this goal possible, even if it will be hard to get there? Although a dream should scare you a little bit, is this goal realistic? Also, keep in mind that a SMART goal is time-based. Don’t just set a goal, but set a time by which you intend to achieve it. One additional tip is to remember your “WHY.” Why is this a goal? Remembering your “why” will help you push through challenges to achieve what you have set out to do.

Put first things first

Two important tools on the way to goal-setting used by thousands of successful investors are the mission statement and the vision board. Your primary mission statement (or other variations people use like writing a letter to themselves) is a summation of your primary objective as an investor. Some people choose to make their company mission statement their own, while others keep separate missions for work and their personal lives. Whatever you choose to do, remember to keep your identity and purpose as an investor at the front of your mind and find a way to cement it there, whether it be by framing a one-sentence mission statement above your office door, writing yourself a letter to read the following year, or by creating an affirmation which speaks to you about your personal mission.

Goal setting, ideally, should begin with a 1-year, 5-year, and 10-year “plan.” What do you hope to achieve as an investor? Incorporate that into your mission statement and then break it down into 1, 5, and 10-year objectives.

Your vision board is the tool that helps you nail down your 1-year objectives… an annual tradition that brings your hopes to fruition. There are many methods of making vision boards and tutorials can be found all over the internet. Some are digital and others are physical boards with images and words pasted on. One typical method is to sit down and write 1-3 goals for some variation on each of the following areas:

1. -Family
2. -Spiritual
3. -Health
4. -Business
5. -Personal

For investors, obviously, your business focus needs to be strong. Place these goals on a piece of poster paper in a visually appealing manner and place the board somewhere you will see it often. This is your dream for the year. Now get to work!

Set your calendar

First, look at your vision board or your yearly overview. Next, break these particular goals down into quarterly goals, break those down into monthly goals, and those even further into weekly and daily goals. Now you have a plan. Take your plan to your calendar. Schedule deadlines, action items that will help you achieve, and a weekly, monthly, and yearly “goal review” time. We’ll get to that in a moment.

Most importantly, perhaps, is to schedule in some downtime. Do something that makes you happy each week. Recharge. Me-time and family time cannot be underestimated and is sometimes the most important thing you can put on your calendar since it reminds you of your “why”…. why you chose investing.

Review periods

Once weekly, once monthly, and once yearly, sit down to review your goals. Some investors do this Monday mornings, others Sunday night. Whenever you choose, ask yourself how you’re doing. Focus on your wins— staying positive will get you through the hard stuff. Write a list of what you are really having a hard time with and see what can be outsourced, what can be delegated, and what can be done differently.

Look over your general mission statement. Then adjust your daily, weekly, and monthly goals accordingly. Successful investors all agree on one thing: Pity parties never work.

If you find yourself asking: “Why does this always happen to me?” when you review your achievements and progress, try changing your thinking. Ask: “What can I do differently?”

Then get to work on your next goal.

While the process is similar for successful investors, goal setting and review is a personal adventure each investor will conduct slightly differently. What we all discover is that sometimes, it’s what we learn on the journey that makes our choices worth it.
Happy goal-setting! If you’re still looking for some help, schedule a free consultation today.