The best way to property investment success, is to set yourself some clear and easily measurable goals. It doesn’t matter if you’re new to the scene, or a seasoned investor – these top 8 tips will help you achieve investment property success.
1) Make SMART Goals
One useful way of setting goals is through the SMART acronym. It stands for Specific, Measurable, Attainable, Relevant and Time-Bound.
An example of a SMART goal is something along the lines of “adding one property to my portfolio by (insert date), where I will invest at least 10% below the fair market price of the property.
When you set a SMART goal, you’ll want to have a clear idea of why you’re doing it, as this will ensure the outcome is quantifiable and a valuable use of time.
2) Use Positive Statements
Keeping positive about your property investment goals will help to keep you motivated towards achieving them. Ideas might be to set a goal that optimises your portfolio by a certain date, reviewing rents with tenants, or meeting with lenders to discuss interest rates.
3) Writing Down The Goals
Recording your goals is a key facet of success when it comes to goal-setting. Research suggests that we like the satisfying feeling when we tick off a goal from a list. This will also force you to be clear and motivated about what you want to achieve.
Put these written goals somewhere where you can easily view them, as this will ensure they stick in your mind.
4) Track Your Progress
Once you have a checklist, you’ll need to get into the habit of checking your progress. You can do this by regularly ticking off completed tasks that contribute to your goals. You can do this in steps to make sure that the goal is achieved in a clear and concise manner.
You can up the effectiveness of progress tracking by adding a completion date to the list item where possible.
5) Change Your Habits
One of the main reasons that people fail to achieve goals, is because they refuse to change some ingrained habits that can potentially sabotage their progress. A good example would be failing to use current analysis tools to help work out long-term cash flow on a property.
Let’s face it though, even experienced property investors won’t have a totally smooth run to success. Make sure you welcome each setback and take a lesson from it, as this will help you to make progress on your goals.
6) Discuss Goals With Family And Friends
Telling people about your goals and regularly updating them, will enable you to keep focused. Giving them a weekly update will keep you committed and increase the feeling of accountability if you don’t make progress.
7) Celebrate Those Achievements
Using a bit of positive reinforcement to boost your self-esteem is always a good plan. It’s a great habit to get into, because a reward can help to ingrain the need to stay on top of your goals.
You may want to ask yourself questions such as “did I achieve that goal too easily?” or “do I have gaps in my knowledge and skills?”.
8) Take Advantage Of Resources
There is a whole heap of data in the real estate world that can help you to fulfil your property investment goals. Books, websites, podcasts and evening classes can help you to learn the tricks of the trade.
There are also countless tools online that can give you accurate data pertaining to property investment. Such tools can be powerful allies for a lone real estate investor – and can help you to complete your investment goals more easily.