SMART Goals Explained: Why Now Is the Best Time for Real Estate Investors to Create Them

It's sometimes tempting to look around at others who you consider to be successful and try to model your goals after theirs.  But setting goals that are dialed in with your life's journey is vital to your success. Having a clear plan and a focused strategy is essential for success.

Whether you’re a seasoned investor or just starting, setting SMART goals (Specific, Measurable, Achievable, Relevant, and Time-bound) provides a framework for navigating the challenges and opportunities that arise.

Why SMART Goals? Because they Work!
They’ve been around forever because they’ve stood the test of time…. Using SMART goals assures there is little ambiguity about what is to be accomplished. They have huge benefits over more vague goals by keeping you focused.  They also help guide your action plan, making it easier to prioritize and revisit your goals. SMART is an acronym that stands for:

Specific: A specific goal answers the questions of what, why, and how. Instead of saying, "I want to be a successful real estate investor," a specific goal would be, "I want to acquire three rental properties in a growing market by the end of the year." 

Measurable: This aspect involves having a way to track your progress and evaluate whether you’ve accomplished what you set out to do. If your goal is to acquire three properties, you can measure your progress by the number of properties you purchase, the rental income they generate, and how close you are to achieving your acquisition
target.

Achievable: Setting realistic goals is key. If you set a goal that’s too far out of reach, you may become discouraged. Only you can assess whether you have the tools and support system to create an achievable goal.

Relevant: Your goals should align with your overall investment strategy and personal aspirations – your vision.

Time-bound: Every goal should have a deadline. A deadline creates urgency and pushes you to take consistent action toward achieving your goal. Goals may be targeted for completion in a month, in a quarter or in a year.  Many people find it useful to have a big annual goal that can be broken into quarterly goals. 

Why Now Is the Best Time to Set SMART Goals
Now, more than ever, is the time for real estate investors to establish SMART goals. Not only is it ideal to write your goals and a plan in the 4th quarter of the year for the following year, but the recent lowered rates will provide new opportunities. New and shifting approaches for investing offer so many choices, that it’s easy for investors to get side-tracked with too many “squirrels.”

Having a set of clearly defined goals is crucial for staying focused in order to make real progress.

Crucial Steps to Accomplish Your Goals
Setting goals requires a number of things up front before you start to develop them.  They also require steps after they are written to make sure you follow through.

1. Begin with your vision and your “why.”   If you haven't asked yourself why reaching a certain financial goal, or attaining a certain number of properties is important to you, it';s hard to write clear goals.  This is the “R” part of SMART goals. Ask yourself if the goal is relevant to your vision.

2. Involve Others:  Ask yourself  if there are others who need to be involved in discussing and identifying each goal.

3. Create an Action Plan to Carry Out Your Goals
As Antoine de Saint-Exupéry said, "A goal without a plan is just a wish." Sometimes we take the initiative to set goals and even write them down (a key to achieving them).  However, we don't take the crucial steps to drive them home.  An action plan doesn't need to be overly complicated, but it needs to be, "Simply figure out the strategies you'll use to accomplish your goal, then the specific actions to add to your calendar to keep your action plan living and real.

4. FINALLY, AND MOST IMPORTANTLY...We can write goals and action plans "'til the cows come home,” but if they go on a shelf, they have no worth.  In the process of creating your plan, ask yourself how you will stay on track.  Few people can fully implement their goals without the key ingredient of being accountable to at least one other person.  A small group to mastermind ideas and share resources is even better. The power of promising others that we will take specific actions to accomplish our goals is immeasurable!

Join the ICOR/INC Mastermind Program
The ICOR Mastermind Program is a collaboration with the Investors Network Community (INC) Mastermind Program. It is a structured and facilitated meeting with a consistent group of colleagues who honor one another’s values and who share a commitment to each other's success. Think of it as meeting for coffee with a small group of colleagues, but with a focused agenda led by a facilitator.

Each member gets dedicated time to discuss their goals, plans, and challenges, receiving valuable input and accountability from the group. The structure ensures that discussions remain productive, contributing to each member’s growth and success.

The ICOR Mastermind is affordable for every level of investor and utilizes the INC Program’s facilitator to run the group. The facilitator is responsible for organizing and managing the sessions, ensuring they stay focused and productive, and following up with procedures to keep members accountable to their commitments. The goal is not just camaraderie but specific, goal-oriented discussions and processes that propel your real estate career forward.

To learn more and to schedule a call where you can ask questions and find out if a Mastermind is right for you, go to https://www.icorockies.com/mastermind-groups.