Not all of us are good at setting goals but when it comes to property investment, they are crucial.
Even though time is flying and already we’ve written off the first month of a new Financial Year, there’s no time like the present to set some goals for this year and beyond.
Here are some tips for property investment goal setting, to help you stretch yourself and reach new heights.
Take stock of your portfolio and position
It is vital to know where you stand with your finances and service providers.
If you have clarity on your level of debt, income and savings, you will be able to set more realistic goals.
It is also worthwhile touching base with your loan providers and insurers to negotiate better rates; you’d be surprised what is possible.
Surveying the landscape
There is a reason that knowledge is considered power; awareness of trends and access to data can help you make great decisions and save you from disastrous ones.
Reading property investment magazines and industry commentators and talking to property investors you meet, can give you a wealth of insights and provide some short cuts in your learning curve.
There are numerous Bloggers on this subject so do your best to locate an “expert” that makes sense to you on Twitter or other forms of Social Media.
Goals need to be written and SMART
Any leader in the field of goal setting and strategy will tell you that goals not written down are goals that will rarely be realised.
Whether you use a notepad, book, spreadsheet or smart phone, committing your goals to print will help you be more accountable.
And there’s wisdom in being SMART about your goal setting
SMART goals are:
- Specific, you outline you objectives – asset growth, income, consilidation, etc – being as specific as possible regarding numbers, regions, etc.
- Measurable, by being specific, you can set actual benchmarks that help you monitor your progress
- Actionable, this means breaking big goals down to smaller steps that can be plotted on calendars and planners so you can physically mark your progress
- Realistic, part of the reason for taking stock, see above, is to make sure your goals are actually achievable with your current restraints on resources and time
- Timely, setting actual deadlines will help you maintain momentum, even if they are not met and need moving, having deadlines will keep you on track
An example of something realistic and measurable might be the goal of acquiring a property or properties by a certain time within a certain budget. By breaking that down to basic steps like the number of too-good-to-let-go offers you make, you gain control over weekly habits and actions.
If you get an offer accepted, you will be on track.
But even if your offers are not accepted, you will still be exposed to new learning and new opportunities on your way towards your goal.
Property investment is a marathon and not a sprint
The final piece of advice for this article is to break your goals down into manageable time frames.
I have found it has been very effective to divide your goals, objectives and actions into three time frames:
Each of these cycles work naturally with our existing patterns of work and life and give you a great sense of knowing where you are on your journey.
I look forward to having our team support you as you reach the phase of seeking property and putting in offers, so you can do so with confidence that someone is guarding your interests and able to guide transfers smoothly.
Please note: The suggestions above are of a general nature and should not be taken as direct advice. Always consult your trusted advisors before embarking on investments.