Goals for Success in Kona Real Estate for Sale
The advent of the New Year always inspires change. With the coming of 2018, people will be redecorating their homes, hitting the gym, eating healthier, and starting new projects. For those of us in Kona real estate for sale, the New Year means new business strategies and objectives. In order to meet your financial goals and expand your investment operation, it is important to evaluate all aspects of your business and create a definitive strategy for achieving your goals.
According to the Huffington Post, only 8% of people who make New Years’ resolutions actually follow through on them. Most peoples’ resolutions collapse under the weight of lofty goals, unrealistic expectations, and an inclination to abandon ship when faced with minor setbacks. Good real estate investors set goals effectively to ensure that they are part of that 8%.
The “Don’ts” of Goal-Setting
Setting goals for investing in Kona real estate for sale is simple. Following through on them, however, can be incredibly difficult.
There are a few common mistakes that real estate investors make when setting annual goals. Some set goals that are too drastic— for example, doubling their annual profits or establishing dominance in a new market. Others set too many goals at once, spreading their financial resources and energy too thin. Some set goals that are very broad or general, such as “growing their business” or “buying more apartment units” without specifying definitive processes and outcomes.
When outlining your investment goals for 2018, don’t get too high off the ground. Establishing multiple broad, grand objectives might be exciting in the beginning. You may envision yourself busy, energized, productive, and flourishing, and charge head-on into the market for Kona real estate for sale. However, once you are in the thick of pursuing your goals, you will likely realize how grueling the process is and give up pre-emptively.
Imagine a day in the life of 2018. Considering the goals you have set, what would your day look like? How would it differ from your current work routine? Now imagine that today—not tomorrow, or next week, but right this moment—you have to get off your couch and live through that day. Is the prospect exciting? Or is it daunting? If the thought of living a life in pursuit of your goals for 2018 exhausts you, your goals are probably too lofty.
SMART Goals for Investing in Kona Real Estate for Sale
How, then, do you set goals effectively?
Using SMART goals, Craft Realty has successfully broken into the market for Kona real estate for sale. SMART is an acronym for “specific, measurable, attainable, relevant, and time-bound” goals.
Specific: Your investment goals should be specific. “Growing your business” is not a specific objective. Define exactly what it is that you want to accomplish. “Growth” could translate to increasing your profits, delving into new markets, closing on more deals, or multiplying your business contacts.
Measurable: Your investment goals should be quantifiable so you can track your progress. If your specific goal is to generate new leads, for example, you should establish how many new leads you want to generate.
Attainable: It is important that your investment goals are not too lofty. If you set a goal that is too far out of your reach, you are likely to become exasperated and abandon it early on. If you are looking to increase your profits, for example, by what measure can you realistically increase them each month? Look at growth in past years, or the growth of other investment companies, to determine a reasonable objective.
Relevant: Your goals should generate a clear benefit for your company. You may set a specific, measurable, attainable goal that is not relevant to your cause. For example, you may specify that you wish to generate 10 leads in a new market, but if doing so undermines your current dominance in another housing market, your goal is not relevant.
Time-Bound: Setting deadlines is a great way to preserve momentum toward your goals. When you establish deadlines, you can also assess the pace of your progress. For example, if you want to close on 15 deals in 6 months, you know you must close 2.5 deals a month.
Visual Tools
What SMART goals do not take into account is that many goals require the completion of other, smaller goals and processes along the way. You may establish a solid SMART goal, but without an intricate plan for meeting that goal, you are likely to flounder.
Visual tools can be a helpful way to the plan the necessary steps toward achieving your goal. We have found the “Goal Pyramid” particularly useful. At the top of your pyramid is your ultimate objective. At the bottom reside the initial, menial steps you must take in order to meet your goal. In between lie the various intermediary steps required to reach your ultimate goal.
For example: If your top-tier goal is to close on Kona real estate for sale 30 times in 2018, your bottom tier will consist of completing mailing lists and driving around your market area. Your middle tier will involve the many facets of completing a deal—effectively negotiating with buyers and sellers, flipping properties, and staying up on market conditions. Each goal in the middle and lower tiers should be a SMART goal, with their own measures and deadlines.
Journaling
Whether you are working with a visual tool or have another method of outlining your process, you might want to consider making a “Goal Journal.” A study conducted at Dominican University in California’s psychology department found that, if you record your goals and objectives in writing, you are 42% more likely to achieve them.
A Goal Journal is also a safe space for reflection upon your business processes. Maybe you run into a setback—failing to complete one of your steps, dealing with unexpected financial setbacks, or losing stamina over time. Instead of abandoning your goal, reflect in your journal. Identify the origin of your obstacle. How could you have addressed it better? What alterations can you make in your strategy that will allow you to meet your goal? Does your goal need revising? Recording your thoughts and feelings can help you work through your anxieties, recalibrate your plan, and continue moving forward.
Financial Goals
Of course, as a real estate investor, many of your goals will be financial. However, before setting financial goals, it is essential that you reflect upon past performance. What were your objectives for 2017, and did you meet them? Why or why not? Were the obstacles that you faced internal (mental/financial) or external (market conditions, difficult sellers)? Understanding past obstacles and mistakes will help you make sounder SMART goals and buy more Kona real estate for sale.
You must also keep up with market conditions to make your financial dreams a reality. Zillow projects that inventory shortages will continue to create competition that will drive up housing prices in 2018; that demand for suburban housing will increase as rising rent in urban centers drives millennials into suburban commuter areas; and that the projected rate of increase in housing prices is 4.1%, down from 2017’s 6.9%. You should take into account these projections and trends when outlining your goals, but keep in mind that markets can be unpredictable.
Other Important Goals
There are several other steps you can take to grow your business that don’t directly involve financing. For example, broadening your web presence can help you extend your reach and strengthen your credibility. In the realm of social media, Facebook and Instagram show promise in benefitting real estate investors in 2018. Blogs, vlogs, and online articles are particularly useful if you’re looking to demonstrate expertise in your industry.
De-cluttering and systematizing your office space will also inadvertently strengthen your business. Those who work in front of electronic screens or in a messy office space are less concentrated and efficient than those who work in clean, quiet spaces.
Most importantly, establish self-assessment and self-care goals. Eating healthy, exercising, and maintaining healthy relationships will help you maintain the positive attitude, stability, and mental clarity necessary for running a business. It’s also important to reflect upon the parts of yourself that you would like to improve for the sake of your business. Is there a gap in your skill set? Do you struggle with time management? Do you struggle with face-to-face negotiation? Your happiness, health, and productivity are the foundation upon which your business rests and should be cultivated appropriately.