Setting Goals for Real Estate Success

Setting Goals for Real Estate Success

July 27th, 2010

The effects of targeting is well documented and communicated So before you skip this step because you have heard all I want you to consider how well you do. I am convinced believer that you can not really understand something until you do.

If you’re an avid goal setter you want to read this to learn some specific to the investment property. If you are not a frequent goal setter you read and consider that setting goals really is a powerful tool that it has some magic, and are fundamental to your investment success.

Consider the following example. In 1953, researchers interviewed examination class at Harvard University about their career goals for the future. It was found that only 3% had written goals and concrete plans to achieve them. Twenty years later the researchers re-interviewed the class of ’53. They found that while all students had shared the best education money can buy, 3% with written plans for the future were worth more financially than the other 97% combined. Whilst this only examined financial or career goals I think that shows true power of written goals.

I’m tempted to offer some objective reference and here, but for brevity, I will say is that the objectives must be: specific, measurable, realistic and writing Have a deadline. Also, they know it will evolve over time, so you will not need them perfect, starting with something!

As for real estate, you must first find out what your primary investment objectives are:

i) quick cash / equity

ii) cash flow

iii) capital increase

Note: There is a discussion on the role that these different objectives in the handbook Property Investing Secrets of the Masters Revealed.

Let’s say for the sake of an example that you want to focus on the properties of cash flow. Consider the difference in statements following objective:

I invest in an area that will supplement my income and help me retire faster.

or

I need to buy property in the next 12 months to produce an average of $ 4,000 per year of additional income.

And ‘much better, because it certainly is certainly measurable and has a deadline. It ‘also realistic and in writing. But when you are going to see a realtor or other people who will help you acquire the property and asked things like, “in which area?” And “what kind of property?” So you learn more you must add this information.

This is another very important point about setting goals for your investment property. Once you have these clear goals, people such as agents to treat stroke much more seriously. Even if you do not have all the answers, imagine walking into an estate agent office and beat them with these two goal statements. Which will take you further? Even if you do not know which area or what type of property that will treat you like a tire kicker. They ask these important questions and you can learn from them and go away and do your goal even clearer before returning in contact with them. And the next time you visit an estate agent, you will not even know that I never thought of. They just want to see someone who knows exactly what they want and be able and willing to help.