The new year is a time for refreshing, recommitting and refocusing. A time when we look inward and reflect on how we want to be better in the coming year. For many, that means committing to a platitude like “going to the gym more.” That’s great, but your real estate investing career could also benefit from some new year’s resolutions.
Table of Contents - Your New Year’s Resolutions for Real Estate Investing
- Create a vision for your future
- Be more intentional with your properties
- Set SMART goals
- Improve your profit margins
- Try a new home-buying strategy
- Network with other real estate professionals more often
- Focus on continuing education
- Invest in help
- Commit to giving back
- Goal Setting for Real Estate Investors
Crafting intentional, conscious goals about what you want to see in the coming year will help you to make the right decisions to achieve your vision. If you haven’t thought about your new year’s resolutions for real estate investing yet, consider the suggestions below to get started.
Create a vision for your future
Take some time to write down what you want your real estate investment business to look like one year from now. It doesn’t have to be a fancy business plan or a well-written essay. It could be a word map, or if you’re feeling creative, a vision board. The purpose of the exercise is to be intentional about what you want to manifest in the coming year. Keep it somewhere where you can easily refer back to it to remind yourself throughout the year what your ultimate goal is. Make it a regular habit to review and refine your vision.
Be more intentional with your properties
When you first start investing, you’re eager to grow your portfolio. If you have a few properties under your belt, use the new year as an opportunity to comb your portfolio to see what’s working and what’s not. If you’re doing well renting out multiplexes near campus, you may consider selling the retail space in the suburbs so you can focus on your niche. Or, if you want more diversity in your portfolio, you can identify areas for expansion. Run the numbers to see if an investment isn’t performing well in returns. Your goal is to articulate why each property deserves to be in your portfolio.
Set SMART goals
Use the SMART goal method to create realistic goals that you can achieve in the next year. SMART goals are specific, measurable, achievable, realistic and time-bound. “Earn more money” or “buy more properties” are not good goals. “Add one new residential property by June” is a better goal because it meets the SMART criteria. Making goals realistic and achievable helps you to feel good about accomplishing the goal while being measurable and time-bound makes your goal specific.
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Improve your profit margins
While you’re setting your SMART goals, make one increase your profit margin this year, say by 10 percent. To do that, you’ll likely need to try something new. Perhaps it’s a new investment strategy, like home hacking or flipping. Maybe you select a different property type to see if it earns you a better return on investment. Or, you commit to improving your marketing to find a tenant willing to pay more rent for your property. Whatever it is, dedicate your time to making real estate investing work for you.
Try a new home-buying strategy
Are you not finding the kinds of properties you desire? The new year might be time for a new technique. There are more ways to find a home for sale than scouring online listings. Commit to regularly walking the area where you would like to buy a property. Scout open houses for potential leads on attendees who are looking to sell. Expand your network to include realtors and contractors who are well-versed in the area’s real estate. Your most successful investment may never even be listed.
Network with other real estate professionals more often
Successful real estate investing requires a team of experts helping you to make the right decisions. Without networking, it’ll be hard to meet professionals who can best support your goals – or who have the perfect opportunity at the right time. This year commit to networking. Join a local investor club. Attend a workshop or networking event. Offer to take someone you admire out to coffee. You never know what opportunities are just around the corner, but you won’t find out unless you connect with others.
Focus on continuing education
The real estate market changes rapidly. To be successful, you need to have a good understanding of the economy and the market, and how they affect your return on investment. Additionally, there are many different investment strategies that you may find work better for you. Whether it's subscribing to an email digest of the top real estate news or signing up for an investing course, make continuing education a priority in your investing career.
Invest in help
If real estate investing is your side hustle, you need help managing your day job and your landlord duties. If you’re a full-time investor but have properties all over town (or all over the globe), you’ll benefit from the extra help as well. Consider outsourcing your responsibilities to someone else. A virtual assistant can help you keep track of showings and appointments. A property manager can handle your tenants. A bookkeeper will keep your business’ finances straight. You don’t have to do it alone. Outsourcing your work is a solid investment to help your business grow.
Commit to giving back
Whether your career is just starting or you’re a successful investor, there’s always a chance to give back to your community. Earmark money in your budget to donate to a cause you support. Use the skills you’ve developed as a real estate professional to donate your time to projects like Habitat for Humanity Canada. Real estate investing is about generating passive income so that you have more time to do the things you love. Make your work mean something by giving back to others.
The most important part of making new year’s resolutions is being intentional. Taking time to reflect on what you want in the new year will help you to make better-informed decisions about your career path.
Goal Setting for Real Estate Investors
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