As the holidays start to wrap up, thoughts begin to form on New Year’s resolutions.
90% of resolutions fail by February and they fail for two reasons. They are unrealistic, I want to buy a ferrari but I flip burgers at McDonalds. Or they are made but not planned. There is no system for implementing them. You don’t focus on them and you do not track your progress.
Today we will discuss building your goals around a system that you can plug them into and attain them.
As you plan your goals you must remember that goals help you grow and to grow you MUST be uncomfortable. If you are uncomfortable you are growing. Get comfortable being uncomfortable. Think about that for a moment.
Some out there just want the answer. So here is the short of it.
Create a big picture goal that you break down into smaller goals that are attainable in short time periods and that you can measure or track your progression.. As you accomplish these smaller goals they build upon each other and you attain the bigger one. It’s almost magical in its implementation.
S.M.A.R.T is the acronym for setting goals.
T ime bound
You want to be as specific as possible here. This is where you get real clear on what it is you want to achieve.
Being clear allows you to focus your efforts and stay motivated. In the drafting stage you should ask yourself:
Who – Consider who needs to be involved to achieve the goal (this is especially important when you’re working on a group project).
What – Think about exactly what you are trying to accomplish and don’t be afraid to get very detailed.
When – You’ll get more specific about this question under the “time-bound” section of defining S.M.A.R.T. goals, but you should at least set a time frame.
Where – This question may not always apply, especially if you’re setting personal goals, but if there’s a location or relevant event, identify it here.
Which – Determine any related obstacles or requirements. This question can be beneficial in deciding if your goal is realistic. For example, if the goal is to buy a MF complex, but you know nothing about MF, that might be an issue. As a result, you may refine the specifics of the goal to be “Learn about MF properties” or “Learn how to analyze MF properties”
Why – What is the reason for the goal?
You should be able to measure your progress. Break down the goal into measurable pieces.
If you can track your progress you are more able to stay motivated. Things like I need to make 5 phone calls to brokers per day. I need to send 4 emails a day. Each day I need to check the MLS. I need to read X amount of pages or X amount of minutes per day. You can measure this. What you can not measure is I will reach out to brokers, or I will read about real estate.
By tracking your progress you stay motivated and you become invested in the process. If you are 150 pages into a 200 page book you will feel that if you already have all that time invested in getting to 150 than what’s another 30 minutes to finish the book.
Failure to plan is planning to fail. I will say it again Failure to plan is planning to fail!!!
This is the planning part of your goal. What will be the milestones along my journey? If I am traveling to Cali from New York then I would track my progress by saying by 1 pm I need to be in Ohio. By end of day one I need to be in Colorado. Then I can assess how I am doing and make any changes that may be warranted. I have a plan and I will stick to it or adjust as needed but I will make Cali in my allotted time.
You are setting goals so that you grow. Thinking big is a great thing. When you say you want to own 10,000 units by year end and that’s only 27 units per day or 833 per month is fine but do you have the resources to make that happen. Yes you need to think big. You need to think I’m invincible. I can accomplish anything. Which you can. You also have to be realistic. Ten Thousand units may be a 10 year or even a 5 year goal. A more realistic goal would be to build the infrastructure to enable me to obtain 10000 units by year end 2025. To control 1 Billion in real estate is noble and admirable. Is it obtainable? Why not say 1 Million by June 30th, 5 Million by year end and build it up. When you make your goal attainable and you hit that goal.
In keeping with our trip to Cali if your goal is to travel to Cali from NY in a week and you are walking how attainable is that? What if your driving? Now how about flying?
Is the goal relevant to you? Does it fit with your big picture? Will it help you move forward?
Does the goal allow you to grow? After you attain the goal will it add to or contribute in a positive way to you?
Every goal needs an end date. Goals without end dates just keep getting push off for more “important” stuff. This is why there is always a due date on reports for work, or school. You can have a goal to own 100 units. But without a date by when the goal should be accomplished you are diminishing the your chance of success. If you are already a syndicator then having a time frame of 3 months to acquire 100 units may be good. When you are just starting out maybe a time frame of 12 months or even 24 months is more practical. Make sure when setting time frames they are realistic. I want to run a mile in under 6 minutes is not very realistic if you haven’t ran at all in the passed year.
Plugging your goals into a system will allow you to plan them out and focus on them. If you focus on them and take all of those small steps before you know it you have arrived at your goal attained it and moved onto bigger ones. Like pushing a car it takes a lot of energy, strength, and determination to get it rolling. Once it is, it takes minimal exertion to keep it going. Kinda like what we are doing here. It is hard work to start this system, it’s hard work to break everything down and to address it on a daily basis but once you are doing it, it becomes “easier” and “easier”.
Does this really work?
That was my question so I did a small quick test.
Goal: To read a book on Multifamily Investing by February 14th, 2018.
Is it SMART?
S……No, remember to get as specific as possible. It will lead to a higher success rate. (revise it to state Read Emerging Markets by February 14th, 2018)
M….Yes 12pgs. Per day and I will have a better understanding of market cycles.
A…..Yes 240 pages in 21 days is very attainable
R…..Yes learning about market cycles is extremely relevant to MF investing
T……Yes The goal has a deadline. February 14th.
Now that I plugged my goal into the system how did I do?
I chose David Lindahls Emerging Markets. It is a 240 page book. So I broke it down into measurable attainable pieces. I had 3 weeks so I created mini goals of 12 pages per day, so that I had a way to track my progression. This kept me focused and was extremely attainable. As it turned out I didn’t read every day and when I read, I read more than 12 pages at a time. But I did attain my goal in the allotted time and I did stay focused. It was a win. The system worked. I am now using it to keep me focused on writing an article a week. I am using it for my 2019 goal of owning 112 doors by September 11, 2019 in the Greenville, SC MSA.
Successful people are driven. Driven people have a road map. Maps get you to where you are going. Smart goals is the map to keep you driven. To make you successful. Smart goals keep you focused. They let you look into the future and tell you how to get where you want to go.
Success is just a bunch of small steps in the same direction. Take those steps.
What goal will you attain this week/month/quarter/year?