Goals, Expectations, Aspirations: Why You Need Them in Real Estate

Goals, expectations, aspirations...whatever you call them, they all have the same meaning. They’re what you strive for, what you set out to achieve. Goals are important in any career or field, but in real estate, I believe they deserve extra emphasis. In fact, I would argue that it goes beyond this, and that you MUST set expectations for the future, or you will not succeed.

How’s that for some real talk?

Let me explain.

When I first got started in real estate, I envisioned how I wanted my life to look like in the future. I saw myself owning a large and diverse portfolio of properties, and using them to generate enough income to live comfortably and securely.

I realize it’s not the most specific dream there is, but it’s what I started with. Along the way, I added more expectations for myself...little (and big) milestones that I would work toward as I climbed toward the ultimate dream.

I’m fortunate in that I’ve been able to realize that dream, and I don’t take what I have for granted. I also recognize that without that initial goal, I probably wouldn’t be where I am today. That dream is what propelled me to success, motivated me to work hard, and served as a guiding light during good and bad times.

Why are goals important?

In the simplest terms, this is why you develop goals. You need that guidance and direction, because without it, you’ll quickly become lost. In addition to that all-important guidance, setting expectations for yourself has a number of other benefits:

• Motivates you to succeed
• Helps you stay focused
• Allows you to measure your success
• Serves as stepping stones toward reaching the Big Dream
• Shows others your dedication

Setting effective expectations

So how does one come up with goals? Sure, you can say, “I want to be a millionaire by the time I’m 40,” or “I want to own 20 properties by 2025.” These are great goals, actually. But there’s a bit more thinking that needs to be done. Namely, how the heck are you going to accomplish those things?

This is where you have to really get into the goal-setting process. And yes, it is a process. Anyone can say they want to be a millionaire, but most people don’t have a clue as to how to achieve it in a realistic and practical way. When you’re thinking of your future, the “how” matters more than the “what.” This is the basis of your goals. How will you make the money? How will you buy the property? Once you can answer these questions, you’ll find other little milestones that you’ll want to plug in, too.

The key lies in effective goal-setting. I like to start with a “big picture” goal, and then branch out from there. Ask yourself where you see yourself, ideally, in a certain amount of time. Write down whatever comes to mind. While this may be centered around money or net worth, go beyond that. Go big, and then start narrowing it down to more specific details. Maybe you want to start taking a tropical vacation every year, or plan monthly weekend trips with your spouse.

Once you’ve figured out what you want out of life, now you can start formulating a plan for getting it. You need a step-by-step process that is practical and attainable. Some of the things you do in the beginning may seem trivial, but they’re all part of the larger picture of success that you’ve envisioned. Keep your plans flexible because you never know what curveballs life will throw at you, and revisit your goals/milestones often to make sure you’re on track and to see if anything needs to be updated.

Whether you call them goals, expectations, aspirations, dreams, ambitions or anything else the thesaurus says is a synonym, it’s important that you develop them early on in the investment process. Think about them every day, and get creative in your methods of achieving them. With your dreams as your guide, you can accomplish what you want in life.