What is the primary reason for success most people have that seems to elude unsuccessful people? Goal setting is the primary reason for success. Lack of proper planning is the number one reason for failure. Proper goal setting involves setting a business plan in place for your life. Too many people this doesn't sound fun or sounds tedious. In practice though, goal setters have more time freedom, more money, and more success in all areas of their lives than those who don't. Well it's no different with real estate investing.
Real Estate Investing must be treated as a business and it requires planning that anyone can do. Much like an airplane pilot who goes through a pre-flight checklist, the real estate investor must go through many steps for every real estate deal. You must market to find the deal, do your research on the property to establish a value, have your contracts ready, make your offer, schedule a closing, have title work done, prepare your financing, get property insurance, etc. The reason the doers make money is because so many people aren't ready to make money. Real estate investing seems like pie in the sky until you put your plan down on paper and it starts to crystallize. The planning process itself should give you renewed energy.
Before I daily setup my plan I didn't want to get out of bed each day, but now I get up ready to work on knocking out my plan every day. Set your plan up into baby steps that you can review and knock out every single day. Your daily plan must include marketing to get motivated sellers to contact you. Regardless of the deals you have in the works, if your marketing stops, you will go through long dry spells. Even with consistent marketing you will have periods with few leads and periods where you are just swamped with sellers offering you great deals.
Constant daily review of your goals is critical. This is why so many suggest taping your goals on your bathroom mirror so you see it when you wake up and again before you go to bed. You can even buy giant poster sized post it notes that you can write your goals on and stick them on your wall. Reviewing your goals before going to sleep at night causes your brain to dream about your goals and program them into memory. So put your goals down on paper and start putting your real estate investing plan into action.
1. Know what you want
2. Create a plan to achieve what you want
3. Make a commitment
4. Track your progress
And while these 4 steps are the basics to "setting goals", most, if not all, of these books do not tell you about the pitfalls and traps associated with each step.
Let's take a look at each step, so I can lay out a road map for you without the pitfalls and traps - a road map for a smoother drive.
1. Know what you want
Most people set goals with their WHAT in mind - they know what they want. However, they blindly move into step two without a critical component.
Knowing WHY they want it.
It's great to know WHAT you want - you have to know that before getting anywhere. But, if you don't know WHY you want your goal, it's going to be hard to get it.
Knowing your WHY, or your reasons behind what you want, is critical.
The WHY drives you. The WHY pushes you. And the WHY keeps you going when you fall flat on your face.
You must know your WHY. You must know your reasons. And the more emotion you can put behind your reasons, the greater your chance for success.
So, don't fall for the trap of just knowing WHAT you want. Know WHY; and create a burning desire so strong you can't help but achieve your goal!
2. Create a plan to achieve what you want
Step 2 is all about creating a plan to achieve your goal. Now, this step is very important, but, again, there is a pitfall to avoid.
And that is: making your plan too elaborate.
I'm not saying complex plans are bad - they're not. It's what you do with these plans that determine if the complexity is good or bad.
Most people who set goals and make a plan create an elaborate scheme on multiple pages. They write everything down!
Now, it's good to have a "master plan". But if you want to achieve your goals, it's best to make your plans as simple as possible.
In this case, write out your elaborate scheme, but zero in on the important things to keep in front of you and put them all on ONE page.
This ONE page can now be your reference guide. It can be the plan you look at to make sure you're doing what needs done.
This one pager is pretty much your core plan. Keep your "master plan", but keep your core plan in front of you at all times.
Avoid this pitfall and make your plans easy to achieve.
3. Make a commitment
Making a commitment is a one-time occurrence, right?
WRONG!
That's the trap. Most people make their commitment a one-time occurrence. While commitments should be a one-time occurrence, we're human! We make mistakes. We slip up.
That's why your commitment needs to be reviewed and renewed EVERYDAY!
I know that seems like a lot of work, but it's vital to your success.
How many times have you "committed" yourself to a goal and not achieved it? If you're like me, it's happened more times than you'd like to admit.
How many times have you said, "I'm going to get this done," only to wake up 6 months done the road and realize you're not one step closer?
It's happened to all of us. The trick to avoid this trap is to review and renew your commitments everyday.
Commit everyday and nothing can stop you!
4. Track your progress
This is probably the most underused step. Even if I didn't give you the pitfall and you just started tracking your progress you'd be miles ahead of where you are now.
However, I won't leave you hanging. Here's the pitfall for this step:
NOT being aware
To make any change you have to become aware. More specifically, you have to become aware of what IS working and what IS NOT working.
You see most people who do track their progress just take a look at where they are and where they're going. That's important, but they don't look at what is and is not working.
This is a big faux pas.
If something IS working, do more of it! If something IS NOT working either stop doing it, or keep that in mind as you test it.
Either way, you MUST know what is and what is not working. This information is crucial if you want to achieve your goal.
Setting goals is important, but learning and avoiding traps and pitfalls is essential if you want to achieve those goals as fast as possible.
Now that you know the traps and pitfalls, head out on the road to success and get ready for a smoother drive!
Both David Neese & Weston Lyon are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
David Neese has sinced written about articles on various topics from Real Estate, Kitchen Home Improvement and Property Investment. David Neese is a real estate investing author who offers a free course for real estate investors delivered by email, audio and Tele-seminar which you can get for free at:http://www.FreeRealEstateInvestingCourses.com You can find more information about Dav. David Neese's top article generates over 1300 views. to your Favourites.
Weston Lyon has sinced written about articles on various topics from self improvement and motivation, Fat Loss and Fitness. Weston Lyon is recognized as one of the nation's leading experts on finding time for what's important in life. To grab a FREE copy of Weston's e-book, 7 Strategies to Create Time in Your Crazy Busy Life, go to. Weston Lyon's top article generates over 3600 views. to your Favourites.