Setting Powerful Goals For Your Real Estate Investment Business
Most people only set a personal goal just one time per year, usually at the end of the year or at the beginning of the new year. It’s no wonder that most people abandon their goals within weeks or even days of setting them mainly because they don’t set clear objectives on how they are going to achieve these goals.
So to be successful with your goal-setting it’s important to know that it’s not just about setting goals. It’s about creating action items around those goals with a clear strategy, and a timeline for achieving both long-term goals and short-term goals. So, how do you determine specific goals, a clear plan, and a system to support the execution of these daily actions that are going to move the needle on your goals?
Let’s say that financial freedom through real estate investing is your main goal, how would you go about achieving that specific objective?
Well, I’m glad you’re here to learn how!
The First Step in Setting Powerful Goals Begins With Asking Better Questions
Think through your financial goals. Ask yourself better questions so that you can get better answers. By that I mean, when you are setting your business goals or personal goals, it’s important to fully understand what it is that you want to achieve and by when you would like to achieve it so that you can set achievable goals.
If you have been unsuccessful in setting big, audacious goals in the past, then you may not have been asking yourself the right questions.
When you’re going over your investment goals, ask yourself the following questions:
#1 – What has worked out well for me over the past year? For example, Were you able to increase your real estate investments to improve your net worth? Were you able to gain more passive income from real estate investing over the past year?
#2 – What investing goals have not worked out well for me within the past year? Maybe you wanted to start a real estate portfolio and you might have fallen short on purchasing your first investment property. Or maybe your investment portfolio of stocks, bonds, and mutual funds is worth less today than it was a year ago.
#3 – What previous goals did I not accomplish this year that I would have liked to have accomplished? For example, when you had set goals for the year, what did you not accomplish, and more importantly, why not? Was it perhaps because the goals were not measurable goals or you might not have accomplished what you wanted simply because it was not an attainable goal for some other reason?
#4 – What are some things I need to do differently going forward? Maybe you want to increase the number of properties you are invested in and you need a real estate business plan with a mission statement so you are laser-focused on achieving your real estate strategy.
#5 – What type of goals and desired outcomes do I want to accomplish this coming year that will move the needle in achieving financial independence? So you might make a set of goals this coming year around earning a certain amount of cash flow, for example. Then you create a goal system in the short term around daily goals, weekly, monthly, and quarterly goals that revolve around the most important thing you need to achieve that day, week, month, or quarter to propel you forward.
#6 – What is the vision and the ultimate goal for my real estate investing business long term – beyond this year? How much positive cash flow do you want in the long term? How much money can you invest each year to help you reach your goals? If you knew you couldn’t fail, and there is no such thing as unrealistic goals, what would your life look like? Think big!
You always want to start with the end in mind. This helps you to reverse engineer your goals, breaking your goals down into smaller goals and constantly measuring and monitoring how much progress you’re making along the way. This makes goal-setting much more manageable and achievable.
So, if you want to crush your goals in the coming year, read on.
Celebrate Your Progress
Successful real estate investors tend to create habits, and the habit of celebrating wins is a great way to help you keep your momentum going. Whether these wins are in your personal life or your real estate business, small wins or big wins, all wins need to be celebrated. An easy way to do this is to keep a journal and keep track of the progress you have made and what accomplishments (big or small) have moved the needle on your goals.
Everyone needs to feel like their efforts are worthwhile and that progress is being made. There is a sense of satisfaction and happiness that comes with accomplishments. Because celebrating your accomplishments provides positive reinforcement on the journey to your ultimate goal, then you’ll be more inclined to stick with the plan and achieve the life you’re seeking.
Re-Write Your Story
Mindset is one of the most powerful assets successful investors can possess. In fact, most expert real estate investors will teach us that the stories we tell ourselves, for better or for worse, will determine our outcomes. So, if you are sabotaging your success because you have a mindset that revolves around lack – for example: “I’m not smart enough”, “I don’t have enough money”, “I don’t have enough time”, etc., then you need to figure out ways to change your belief system.
You may have a fear of success. When you have a fear of success, it is often because you’re stuck in your comfort zone. This is where you have to re-write your story to break out of your comfort zone. To do this, I recommend each week at the beginning of your week when you are setting your weekly goals, write down at least one thing you will do that week that brings you out of your comfort zone.
An example may be: you don’t like networking, so you get yourself out of your comfort zone and physically go to a real estate network event that you find on meetup or social media or wherever you find your local gatherings.
The general idea is that you want to be challenging yourself as much as possible and certainly each week. The best way to do that is to figure out what may be keeping you stuck in your comfort zone. Then take a small step each week to do something that makes you uncomfortable so that you are building your confidence and participating in the arena of life.
In order to grow, you have to stretch and become a better version of yourself with each new fear or challenge you overcome. Real estate goals work in the same way. Always be learning, always be growing, and always be challenging yourself.
The 5 Reasons Why Most People Fail to Scale
Here are the main reasons why many people fail to succeed in achieving their real estate investing goals:
#1 – They have a limiting belief system
#2 – They lack clarity, goals, and a strategic plan of action
#3 – They lack a good, solid support system
#4 – They have poor time management skills
#5 – They lack the ability to execute their plan
The 7 Simple Steps of Goal Setting
Using the Rapid Planning Method (RPM), developed by motivational speaker and business coach, Tony Robbins there is a foundation of seven simple steps to mastering powerful goal setting.
Step #1 – The Result
Clarity is the most important thing to establish first. Clarity is power. The more laser-focused and clear you are on what you want to achieve, the better the possibility that you will achieve it.
Step #2 – Your Purpose
You want to really drill down to understand your “why”. Why do you want this goal you are setting for yourself? What is the outcome you are looking for in achieving this goal? Understanding the why will help you to stay on track to accomplish that goal. A great book to help you with this exercise is: “Start with Why” by Simon Sinek.
Step #3 – Create A Massive Action Plan
You’ll want to sit down with your partner or your team and mind-dump all of the things you can do to move your goals forward. Then organize those tasks in a comprehensive structure and make them a part of your daily, weekly, monthly, and quarterly goal plans.
Step #4 – Set Your Priorities
Decide which of those tasks would need to be done first in order to accomplish the goals that you have determined.
Step #5 – Must Have Timelines
Deadlines are important for you to have so that you can plan your goals accordingly and hold yourself and any other team members and partners accountable. Always put these deadlines and timelines in your calendar. What gets scheduled, gets done.
Step #6 – Leverage To Meet Your Needs
What do you need to be successful in achieving your goals? Do you need to hire someone that could help you? Maybe you need to get a piece of technology to help you conduct your business better. Or maybe you need a team like PCRP Group to help you with your passive investing goals. This is when you should be focusing on identifying your strengths and hiring or teaming up with people to help you with your weaknesses.
Step #7 – Execution & Measure Progress
The last step is to take massive action daily. Be sure to measure your targets and progress along the way and make sure you are correcting your course when needed to keep you on track for success.
4 Daily Habits That Will Keep You On Track
These four S-words are crucial in keeping yourself on track and monitoring your progress.
Always keep your state of mind in check. If you find yourself in an unproductive state of mind, then stop, recalibrate, and refocus toward your “why” and your ultimate goals.
The next step is to be aware of the narrative you are telling yourself. Be sure your old stories of lack or loss or fear aren’t creeping in.
Stay committed to your goals and the strategy you develop for yourself. Persistence, perseverance, and focus will be necessary for you to stay the course.
Get out of your comfort zone and make a commitment that you will do that daily or weekly to make sure you are always growing, learning, advancing, and thriving.
Thinking Big And Charting Your Path
Tony Robbins always says that people will generally overestimate what they can do in a year and underestimate what they can do in a decade.
These goal-setting strategies create a solid foundation that helps you attain whatever you set your mind to achieving. Just remember to think big, set an actionable daily plan with timelines and deadlines, and correct course when and where needed.
Just like real estate investing, your efforts compound with each decision you make to move forward toward your dreams. Celebrate each of your many wins along the way and soon enough you will be having the life that you have been dreaming about.
If you want to learn more about passive investing to help you achieve your dreams, please sign up below for our PCRP Passive Investor Club. You can learn more below.
Until next time….Earn Passively & Live Abundantly!
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