It’s time to start thinking about your 2017 New Year’s resolutions. In addition to setting personal goals, I encourage you to also set a few goals for your real estate investment business. Small business owners and entrepreneurs know the importance of defining goals. Why should your house buying business be any different? I recommend spending time now to develop your top priorities for the upcoming year. Once you have your goals in mind, it’s time to create an action plan for achieving success. Here are some of my tips for setting yourself up for a year of goal achievement.
Analyze your current situation
The only way to know how to move forward is to assess where you are right now. This means taking a close look at your real estate investment business – what you accomplished this past year, where you missed the mark, and where there are opportunities for growth. I recommend a top to bottom analysis that encompasses your business processes, current strategies, financial situation, and your satisfaction with how things are running.
It can be difficult to set aside the time to sit and think about your business, but it is so incredibly valuable. Ask yourself about times during the past year when you felt stressed or overwhelmed? When did you feel calm, collected, and in charge? Your answers can help you figure out your business strengths, weaknesses, opportunities, and threats (a S.W.O.T. analysis). As real estate investors, we also need to look at our local real estate market. What is the current climate? What is on the horizon?
Set a clear and measurable goals
Setting your goals is the most obvious part of your real estate investment New Year’s resolution! Once you have laid the groundwork with your analysis, you are ready to look ahead and define your goals. Start by asking yourself, “What is my best case scenario?” Do you want more flexibility? Are you ready to start setting yourself up for retirement? Would you like your business to bring in more cash? These are just a few examples of things to consider.
Your real estate investment goals are unique to you, but here are some examples to guide your process:
- Number of house you want to sell
- Number of houses you want to buy
- How much will I invest in my marketing to buy/sell those houses?
- Target monthly income
- Target retirement date and ideal monthly income
- What kind of buying or selling process you want
- Where you want to invest
For each goal you set, determine how you are going to achieve the goal. For example, you could say, “I am going to buy and rehab 5 houses this year by attending relevant real estate investment events where I know wholesale deals are presented.” Another goal could be, “I am going to retire at age 60 by building my rental portfolio at a rate of 10 properties per year.” Once you have your big picture goals in mind, drill down to how your daily, weekly, and monthly actions can help you achieve your annual benchmarks.
For every goal, you also need to determine how you will measure the success or achievement of the goal. These metrics should be monitored weekly or monthly to help keep you on track throughout the year. If you find yourself off-course, don’t panic, simply recommit yourself to your goals and work to reach them.
Choose your real estate investing strategy(ies)
Depending on the goals you set, you will choose the real estate investing strategy that can help you reach them. If you are looking for more information, I have discussed each of the top real estate investing strategies: wholesale, rehab, and rental. Many of the investors I work with start out with a wholesale strategy. This enables them to learn real estate investing basics and cut their teeth on the house buying process.
The real estate investing strategies that you employ will depend on your financial goals and your business preferences. Rehabbing and renting are much more hands-on than wholesaling. Charlotte, NC franchisee Kip Roth discusses how he is using his rental property strategy to build his financial portfolio for retirement. Greensboro, NC franchisees John and Corrine Tesh love rehabbing and make a dynamic team for renovating and selling homes.
Put a strong team in place
Once you have your goals and your strategy in mind, it is time to build your real estate investment team. Your team can help you manage day to day operations of your business and work efficiently towards your goals. The greatest benefit of a team, in my opinion, is that each individual brings their own set of strengths to the table. This allows you to build a team that fills gaps in your skill set and knowledge base.
In the real estate investment industry, a team also allows you to crowdsource solutions to obstacles that arise in your work. I work with real estate investors at all levels of experience and with different expertise. My collective network can help me solve just about any real estate problem. For new investors, a well-rounded team is essential. Your team can encompass a variety of roles, including: administrative assistant, a buyer, an accountant, a mentor, and a real estate investment coach.
Implement a proven system
My final recommendation for meeting your real estate investment goals is to implement a proven system. Using a system increases your productivity, streamlines your business processes, and sets you up for success. HomeVestors® franchisees enjoy access to a proven system that has contributed to over 70,000 houses bought since 1996. The system was developed by experienced real estate investors and has grown into a nationwide network of franchisees.
The HomeVestors® system includes access to proprietary software, nationwide advertising, brand visibility and recognition, proven strategy tactics, a network of experienced real estate investors, personal coaching in the form of a Development Agent, and two annual conventions.
Call me today at 828-989-3785 to discuss your HomeVestors® real estate investment franchise opportunities.
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