How Do You Set Realistic Yet Ambitious Career Goals?
RealEstateAdvice.net
How Do You Set Realistic Yet Ambitious Career Goals?
Setting goals in real estate can be a delicate balance between ambition and practicality. We've gathered insights from Founders and Owners in the industry to share their strategies. From breaking big goals into smaller steps to reverse-engineering from a clear vision, explore these four pieces of advice to elevate your real estate career.
- Break Big Goals into Smaller Steps
- Benchmark Against Industry Averages
- Break Down Sales Goals by Time Frames
- Reverse-Engineer Steps from Clear Vision
Break Big Goals into Smaller Steps
When I was still working as a pharmacist, I wanted to earn enough from real estate investing that I could retire early. So, I broke that ambitious goal into smaller, more manageable steps, like working a second job to afford a larger down payment on my first investment property. Thanks to those smaller steps, I successfully reached my ambitious goal and retired in my early thirties. So, here's my advice: Set a big goal, and have smaller goals that will help you reach it.
Benchmark Against Industry Averages
In our real estate business at Missouri Valley Homes, we approach setting realistic yet ambitious goals by first benchmarking against industry averages. This helps us understand where we stand in comparison to the market and identify areas for growth. For example, if the average home sale cycle in our area is 90 days, we set a goal to reduce that by optimizing our processes, aiming for a 75-day cycle instead. This goal is ambitious but achievable with the right strategies, such as improving our listing techniques and enhancing client communications. By setting such targeted goals, we ensure they are challenging yet within reach, driving our team to excel while maintaining realistic expectations.
Break Down Sales Goals by Time Frames
When setting goals, I think it is important to break down time frames in order to stay hyper-focused on achieving those goals. Start with annual goals, break them down to quarterly goals, then to monthly. Some people may have more success breaking it all the way down to the daily level.
I have also found that it is important to remember that our industry has its natural ebbs and flows. If you've had a great month, don't take your foot off the gas and get comfortable. Likewise, don't get discouraged by a down month. Keep your eyes on the prize and work on getting back on pace to reach those annual goals.
Reverse-Engineer Steps from Clear Vision
To set realistic yet ambitious goals in my real estate career, I begin with a clear vision of the desired outcome. By defining this, I can reverse-engineer the necessary steps, breaking a large goal into smaller, actionable tasks that feel achievable while maintaining progress toward my objective.
For example, if my goal is to acquire five rental properties over the next ten years, I break it down into immediate targets—such as acquiring one property every two years. This approach keeps the long-term vision in focus while making it easier to manage short-term actions.
The first step is research and education. I dedicate three months to understanding my target market, identifying locations with high rental demand, studying property values, and learning about local landlord-tenant laws. I also network with experienced investors and join local investment groups to broaden my knowledge and refine my strategies.
With research complete, I focus on financial planning, including creating a savings plan for down payments and closing costs and improving my credit score to secure favorable loan terms. I consistently allocate a portion of my monthly income to an investment fund, ensuring I have the necessary capital for my first purchase. Having this financial foundation is critical to moving forward confidently.
Next, I focus on finding the right property. I aim to acquire my first property within six months, guided by criteria like location, size, condition, and cash flow potential. I schedule regular time to analyze deals, contact agents, and visit properties, staying attuned to market opportunities.
Once a suitable property is found, I act quickly to make an offer. After closing, I shift to effective property management, focusing on tasks like finding tenants, property maintenance, and managing legal responsibilities. This ensures the property becomes a profitable asset and aligns with my broader goals.
By breaking down each step, I maintain focus on immediate tasks while keeping the bigger picture in mind. Setting clear, measurable goals and dividing them into actionable steps keeps me motivated and adaptable. This approach blends strategic planning with flexibility, allowing me to take meaningful actions and adjust to changes as needed. Ultimately, starting with the end in mind and working backward allows me to achieve my real estate goals while making steady progress and enjoying the journey.
