As with any other business, your REI business will be much more successful, much more quickly, when you put systems in place that help you accomplish necessary tasks without constant thought and planning on your part.
For instance, taking the time to set regular goals, automate your follow-up and lead generation efforts, and create time management strategies early on can help free your mind for more creative thinking down the road. Let’s look at one of the most important, yet easiest systems to implement up front: setting goals.
Goal setting has been called the road map of business, and life, planning. Knowing where you want to go will help you reach your destination on time, every time, with less effort and expense. While setting goals may sound like a waste of time, there is truly something within the process itself that will help you accomplish more when you make the effort.
Setting goals for your REI business doesn’t have to be a full day event. Sit down with a pen and a piece of paper and write down what you hope to accomplish with your business and when. Do you want to buy your first property within the next six months? Write it down. Do you want to own three duplexes by the end of next year? Write it down. Do you want to have a lead generation system in the works so that you’re continually finding new homeowners and tenants? Write it down.
Whatever it is you want to accomplish in your business over the next month, three months, six months, one year, three years, etc. — you’ve got it — write it down! By writing down your goals, your mind can better grasp what you need to do to reach those goals. When you take the time to set goals in advance, you’re setting your subconscious free to work on the details of making those desires a reality.
What do you want to accomplish as a real estate investor? Is your goal to own more property only? Do you want to be able to offer affordable rentals to your community and still make a living? Do you hope to purchase properties at a bargain price then resell them for a good profit? All of these are worthy goals, but which one is yours?
Knowing in advance what you want to accomplish as an REI professional can help you fulfill your dreams, and do so much more quickly than you ever would without taking the time to determine what your goals are in advance.
