to be a successful real estate investor you need to set goals in order. In order to have a greater chance of achieving your goals you need to set SMART goals. Now, not the definition of Webster-wise, but instead SMART as an adjective of Specific, Measurable, Attainable, Realistic, and Timely. I want you to write these five words on a piece of paper because all of your goals should be checked to make sure they meet a reasonable standard.
So let’s first look at the S in the smart, representing the specifics. Your goals need to be clear and specific. Clarity helps you to use your efforts effectively and clearly what you are going to do. The details of your intentions are what, why, and how. Ask yourself this question, what will you do? Answer this question with action words such as reading, shopping, creating, and so on. Why do you want to achieve this goal and why do you want to achieve it now rather than later, and finally, how. How are u doing? You need to make sure that each goal you set is clear. Instead of setting a vague goal such as wanting to invest in real estate, set a specific goal that I want to have 2 rental properties each flowing $ 250 / mo after all costs. See how being more specific allows your editing to be more focused.
Okay, now switch to M to smart, this should be measured. Bigger goals are harder to control and if you can’t manage your goals you won’t reach them so easily. The measurable goals of setting goals focus on short-term goals and when built on you allow you to achieve your long-term goals. Let’s take for example our previous goal of owning 2 properties for rent each flowing $ 250 / mo after all costs. To achieve this goal you need to set measurable short-term goals such as earning money, acquiring property, renovating if they are concerned, you may also need to learn how to analyze rental property to know if it flows money. Note that even though our goal has been defined, there are still short-term goals that are needed to increase your chances of achieving the goal. The last thing I want to touch on about measurable objectives is that you should have a measuring gauge on them. Set up concrete ways to measure progress. Not only will this keep you on track but as you reach these short-term goals there is more joy in knowing that you are close to your single goal.
Now A is smart, this means discovery. If you set goals that are too big or too far to reach, you will not be committing yourself to trying to reach them. For example, setting a goal to buy 100 rental properties in the next 12 months, or to create $ 250,000 in rental income over the next 12 months is beyond our reach. Setting goals like these can make you happy and ready to go, but sooner or later, your experience will remind you that this is a big goal and you will be less focused on achieving your goal and will soon stop trying. The goal is to be hard enough to work for but not so hard you don’t have the courage to achieve it. When you achieve a goal it is fun and you throw your own to achieve the next one. This is the attitude you need to have, not a continuous list of unattainable goals. Building momentum with achievable goals is a surefire way to achieve long-term difficult goals.
The next letter R stands for truth. Now, being realistic doesn’t mean it’s easy but it does mean it’s possible. If you have $ 500 in your name and your goal is to buy 30 properties next week this is probably not a very realistic goal. Is it possible that this goal has been achieved, perhaps but it is far more absurd than true, yes. Set goals that will require effort, but if they are too difficult you simply set the stage for failure. On the other hand, setting realistic goals is not just a matter of being confident and confident. Set the bar high enough that accessing it sounds accomplished.
Finally, we have reached T waiting to arrive on time. This explains it well. When setting goals they should have an end point or a target date. Whether next week, next month, two days from now, whatever the case, there must be a set time with the goal. If you do not set a deadline you are not truly committed to achieving your goal. Without a timetable there is no urgency to take action now.