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10 Costly Mistakes to Avoid as a New Real Estate Investor Success in real estate cannot be achieved without proper goal setting and planning. Goals aim to provide a clear understanding of what you’re striving to achieve. In real estate, investors need to not only comprehend their objectives before getting started, but also determine the steps — including their real estate goals — to achieve them. That said, there are several things to keep in mind before putting your real estate goals on paper. For investors, the importance of establishing real estate goals is second to none. Without goals, investors will lack focus and direction. Rather than wasting time and energy working aimlessly, creating real estate goals will help you zero in on your target while simultaneously carving out the optimal path to achieve it. Although there are many paths to curating goals, one proven technique is known as S.M.A.R.T. (Specific, Measurable, Attainable, Realistic, Timed). This methodology, which is attributed to Peter Drucker’s Management by Objectives concept, is commonly used by businesses to identify and define goals, as well as understand the why for each of them. The following breaks down the S.M.A.R.T. framework and how it works: Specific: What do you want to accomplish? Goals that are vague and unrealistic are simply useless. Instead, jot down what your goal is in very specific terms. Measurable: How will you measure your success? Set exact amounts and dates to hold yourself accountable, as well as provide a way to measure your success. 34 10 Costly Mistakes to Avoid as a New Real Estate Investor
10 Costly Mistakes to Avoid as a New Real Estate Investor Attainable: How achievable are your goals? There is nothing wrong with shooting for the stars, but when setting goals, it’s critical to make them attainable. Outlandish goals will accomplish nothing, so it’s important to stay grounded and aim for goals you can reach. Realistic: Given your available resources, what results can you realistically accomplish? This includes clarifying the output needed to achieve the results, as well as defining the effort needed to deliver the output. Timed: When do you intend to achieve your goals? Assigning deadlines for your goals, including specifying when results can be achieved, will better assist investors in developing a tentative plan for everything they do. From an investor’s standpoint, the appeal of S.M.A.R.T. is easy to see: It not only clarifies your ideas and focuses your efforts, but leverages your resources and time more productively to achieve what it is you want. Although there are a number of variations, S.M.A.R.T. can be used by real estate investors to curate a more comprehensive definition of your goals. 7 Things to Consider Before Making Real Estate Goals The hallmark of a successful real estate investor is their ability to not only accurately plan and set goals, but rather accomplish them. However, those goals can only be achieved with proper goal setting and planning. Here are seven factors to consider before curating your real estate goals: 35 10 Costly Mistakes to Avoid as a New Real Estate Investor
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