Goals can be tricky things. They can motivate you to try a little harder, stay in the office a little longer and make that extra phone call.
Shared goals can lead to mostly-friendly competition between peers, and opportunities for celebration when you reach them – since everyone needs reasons to party! In the real estate world, goals are especially helpful to keep things organized, keep on schedule and assess growth from month to month or year to year.
They’re also good ways to assess the local real estate market as well as your performance.
On the investment side of real estate, goals are also useful to track how much you’re spending and encourage you to try harder for more revenue as well as different types of property.
For those seeking different goals to set and reach, consider the following options:
- When do you want to retire? Putting more emphasis on certain aspects of real estate – treating it like a job rather than a hobby – can eventually create conditions where you can step away from your day job and focus on your investments more.
- What part of real estate do you enjoy? Some people like the acquisition of property, such as looking for or creating deals. They might want to get into development. Others like the actual hands-on aspect of renovations, which could be fun for ‘flippers.’ Others may enjoy the money only and hire property management companies for their day-to-day duties. Once you find an area you like it’s much easier to set goals to learn to do better.
- How much time do you want to spend? You can assess how much you spend per day and per week on investment-related duties vs. other duties. Finding this value can help you figure out ways to use your time better. Are you spending time doing the things you enjoy or spending too much time on less enjoyable tasks like paperwork or paying bills? If you want to eventually transition toward more of this, look for more ways focus on the fun stuff.
For more real estate strategies visit Affinity Capital Funding.