Key Takeaways
- It is important for new investors to realize that their goals are just as important as established entrepreneurs — if not more so.
- The sooner new investors optimize their small business systems, the sooner they can realize their dreams of becoming successful.
- Networking to simply add names to a notebook isn’t going to get you anywhere; you need to network with purpose.
Real estate business goals are pivotal for every investor, from the savvy veteran to the up-and-coming rookie. When all is said and done, it’s our goals that give us something to aim at on our ascent up the real estate investing ladder; the North Star that gives us direction. Real estate business goals also enable us to measure success — something that comes in a lot more handy than many may realize. Consequently, it’s those without goals that wander aimlessly and find themselves getting lost at every turn. With the page set to turn on 2017, now is as good of a time as any for new real estate investors to set some goals of their own — resolutions, if you will. Those that are able to set the right goals now could find the going a lot easier in 2018.
It is worth noting that not all goals are created equal. There are those specifically designed to bolster the performance of professionals that have been in the industry for decades, and there are those meant to get a new investor’s feet off the ground. For what it’s worth, there are also goals that are irrefutably invaluable, and those that are utterly worthless. Case in point: there are countless goals for investors to choose from. It is those, however, that choose the right goals that will find 2018 to be a great year.
Setting The Right Business Goals In 2018
If you are a new investor looking for the best real estate business goals, come up with a few that you know will move the needle forward, but don’t forget to add the following to your list:
1. Optimize Existing Systems
Systems, as their names suggest, are nothing more than a blueprint for the most efficient way of completing a task successfully. As their names would lead you to believe, systems represent a step-by-step process; one that can be completed by anyone, and with the same results, nonetheless.
In my professional opinion, systems are the one thing that can make success habitual — that is, if they are optimized. Consequently, it’s those without systems that will find themselves working harder to realize the same results. At the very least, those with systems won’t waste time trying to figure out what to do; they will already know how to do it the best way possible.
It’s worth noting, however, that the best way to do something isn’t static; it’s constantly changing and evolving. Your systems should be designed in a way that allows them to change and progress. What may have been efficient yesterday could be obsolete by tomorrow. It is, therefore, in your best interest to optimize your systems for 2018, and beyond. Take an unbiased look at all of the systems you currently have in place and identify areas that can be improved upon. Is there a faster way to order office supplies? Is there an easier way to organize contacts? Is there a cheaper service provider that offers the same quality of service? No matter what the system may be, dig deep and look for ways to improve it. Each change may not be groundbreaking, or even paradigm shifting, but a lot of changes could turn into huge results in the coming year.
I want to make it abundantly clear: there’s always room for improvement, whether we realize it or not. The real danger is in assuming your systems are perfect, because it’s at that point that you neglect to optimize.
2. Network For Quality, Not Quantity
Real estate is a people business; it always has been and always will be. There’s no reason to believe the relationships investors create aren’t their greatest asset. It is the people you work with, after all, that can make all the difference. If for nothing else, it’s the people you work with that provide you with funding, opportunities, help, resources and anything else you may need over the course of your investing career. There’s quite literally no doubt about it: the people you surround yourself with are integral to your success.
Having said that, not all contacts are created equal. There are those that will prove invaluable to your progression as a real estate entrepreneur, and there are those that — quite frankly — won’t help you at all. It doesn’t take a rocket scientist to know which type of content you should work with.
No list of real estate business goals is complete without the idea of attracting more quality contacts. Whether you are new to the game or a savvy veteran, there’s no investor that couldn’t benefit from a truly great contact. That said, I want to encourage everyone to start networking for quality, not quantity; for it’s the great contacts that will drive your business forward, not those that are barely interested in helping.
As an investor, do your best to make more contacts this year. However, place an emphasis on finding truly great contacts. Remember this: a list of 100 poor contacts could be worth less than a list of just one great contact. It really isn’t about the size of your network, but the quality of people it has in it.
I am not suggesting you don’t try to network with as many as possible. I am merely suggesting that you put more effort into the relationships you believe will play an integral role to your success in future endeavors. One thing is for certain: great contacts aren’t simply discovered; they are created. So feel free to network more, but don’t forget to put in a lot of work to progress said relationships.
3. Find Your “Why”
Why; it’s a powerful word with implications few can even begin to fathom. However, those that understand their own “why” may have already unlocked the secret to entrepreneurial success, and there is no reason you can’t do the same. Learn from those successful investors that have come before you, and understand how important it is to know why you want to become a successful investor in 2018. Once you do, you will find that there aren’t any real estate business goals out of your reach.
To be clear, not everyone’s “why” is the same, nor is it as obvious as you may assume. I thought I wanted the fame and fortune, but what I really wanted was something I had yet to discover for myself: personal time to allocate to those I love, or my “why” as I have grown accustomed to calling it. It didn’t happen overnight, but I eventually realized that the reason I wanted to become an investor wasn’t to make money, but rather have more time to do the things I enjoy most.
It’s worth noting, however, that the correlation between what I enjoy and my business endeavors is closer than I could have ever realized. If for nothing else, the reason I became a real estate investor (spending time with those closest to me) motivates me to realize my true potential in the housing market, and my success as an investor awards me the opportunity to live the life I desire — how convenient.
Your why should serve as the driving force in which you run a successful business, and your business is the vehicle in which you are able to realize your respective why; the two go hand-in-hand. The stronger your reason for being in business, the more integral it will be to your success. For what it’s worth, my why is invaluable and nothing less than a force to be reckoned with. Nothing motivates me more to succeed as a real estate investor more than the prospect of being able to spend more time with the people I love.
If you can identify your own reason for investing, you will quickly find that each your real estate business goals are more than achievable.
Have you set any real estate business goals of your own for 2018? If so, do they include the three I hit on above? Please feel free to let us know your own goals for the upcoming year in the comments bellow, and perhaps we can motivate more people together.
