Top Tips for Setting and Crushing Your 2020 Real Estate Goals

Top Tips for Setting and Crushing Your 2020 Real Estate Goals

 

Planning to crush your 2020 real estate goals? In addition to being clearly identified, you’ll want to leverage the S-M-A-R-T acronym, ensuring your goals are specific, measurable, attainable, relevant and timely. Then, increase your chances of success by using the goal-busting tips listed below.

 

Identify Your Why

Driving many goals is usually an underlying motivator. Sure, money is nice (if that’s your goal), but what does it afford you?  Want to earn $500,000 this year? Does that mean you’ll have a new car, get some time away, or expedite your retirement plans?

 

Ask yourself why until you reveal the underlying value.  Here’s an example.

 

Goal: I want to earn $250,000 this year.

 

Why?

 

I want to buy an investment property.

 

Why?

 

I want to secure my retirement.

 

Why?

 

I want financial freedom.

 

Why?

 

I want to pursue my hobbies while spending more time with my family.

 

Create a Vision

A vision is a mental picture of what you want to achieve. Crafting a vision of what it would be like when you achieve your goal(s) (whether in your mind or using a vision board) is crucial for the following reasons:

 

** A vision inspires action.

** A vision helps to keep focus.

** A vision acts as a guide for planning and decision making.

 

Do Some Reverse Engineering

Let’s imagine your goal is monetary (though it may be transaction-based or otherwise).

To achieve a certain amount of money, you’ll need to know how many transactions you’ll need to complete to reach your goal, which then means, you’ll need to know how many leads you’ll need to acquire, and finally, how much prospecting you’ll need to do.

 

Once you know how much you need to do to achieve your goal(s), chunk up the workload into months, then weeks.

 

Use your weekly to-dos as a checklist each week.  

 

To achieve $250,000 per year, you might need to close 20 transactions this year. And, to close 20 transactions, you’ll need 100 leads (2 per week).  And, to acquire 100 leads, you’ll need to have one face-to-face meeting each week, and follow-up with 1000 online inquiries (20 per week).

 

Celebrate the Milestones Along the Way

When outlining your goals, be sure to identify important benchmarks along the way.  If your goal is monetary, consider rewarding yourself once you’re 25% of the way there, and again, and the half-way mark.  

 

Consider a nice dinner out with a friend, a weekend get-away, some new clothes, etc.

 

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