Turn Real Estate Goals into Reality with an Action Plan

In last month’s article, I described SMART goals, why it’s so important to write them, and the crucial steps to take before developing them.  After all, just because you figured out a goal doesn’t mean it will accomplish itself.  To achieve your goals, you need a clear, actionable plan that you review regularly, and accountability mechanisms in place to follow through and make sure you’re on the right track.

Turning SMART Goals into Action

Once you’ve written down your SMART goals, it’s time to break them down into manageable, actionable steps. A real estate investor’s action plan doesn’t need to be complicated. The simpler it is, the more likely you'll stick to it. Focus on these key elements to keep it streamlined:

1. Start with Your Vision
   What does success look like for you as a real estate investor (and for your life as a whole)? Defining this vision will help guide your decisions and shape your goals. Whether it's building a portfolio of rental properties, flipping homes for profit, or achieving financial independence and a balanced, fulfilling life,, keep your end vision clear.  Write a vision statement and create a visual representation of that statement (a vision board) that elicits strong emotions, and that you keep in a spot where you see it every day.  Mine is my screen saver on my computer – it’s the first thing I see in the morning as I start my day.
2. Write SMART Goals
   Creating an action plan based on SMART goals (Specific, Measurable, Achievable, Relevant, Time-bound) is key to ensuring success in real estate investing.
3. Break Goals into Milestones
   Big goals can seem overwhelming, but when you break them down into smaller, more digestible milestones, the path becomes clearer. For example, if your goal is to acquire two properties in the next 12 months, you might set a six-month milestone of securing financing for the first property and identifying target markets.
4. Strategies
   These are the broad approaches you'll take to achieve your goals. If your goal is to acquire more properties, your strategies might include networking in two events per month, contacting real estate agents and wholesalers, attending property auctions, or pursuing off-market deals. 
5. Map Out Weekly and Monthly Actions
   Your milestones and strategies should lead to specific actions that you can track weekly or monthly. If your strategy is to contact agents and wholesalers, tasks on your calendar might include making a certain number of calls per week, and visiting potential properties. Keeping track of these smaller actions will help you maintain focus and momentum.
6. Prioritize Tasks Based on Urgency and Importance
   Not all tasks are created equal. Identify which actions are urgent and crucial to achieving your next milestone and tackle those first. Some things may be important but not urgent,while others may be urgent but less important.
7. Resources and Budget
   List the resources you’ll need—financial, human, and informational—and set a clear budget. Whether it’s access to capital, a property manager, or market analysis tools, identifying your resources will ensure you're prepared.

Revisit, Adjust and Incorporate Accountability

A real estate action plan is not something you set, then put on a shelf.  It needs to be a living document that you revisit and revise regularly. Markets shift, strategies evolve, and new opportunities arise—your plan should be flexible enough to adapt.

Schedule time at least once a quarter to assess your progress. Are you hitting your milestones? Are your strategies still effective? What new challenges or opportunities are in front of you? Adjusting your plan ensures you stay agile and responsive to the ever-changing real estate landscape.

An action plan is only as strong as your ability to stick to it. And this is where many real estate investors struggle. The key to ensuring follow-through? Accountability. But it's not just about self-discipline—creating an accountability structure with others is one of the best ways to guarantee success, yet something few investors do.

1. Accountability Team
   One of the smartest things you can do as an investor is to surround yourself with a trusted accountability team. They’ll help you stay accountable for your strategies and actions, and make sure you don’t slip off the track.
2. Regular Check-Ins
   Set up regular check-ins with your accountability team. Whether it's weekly or monthly, these meetings provide the space to review your progress, adjust your plan, and stay aligned with your goals.
3. Brainstorming and Idea Generation
   Real estate investing is a dynamic field, and your plan will need to evolve. An accountability team can serve as a sounding board for new ideas, offering different perspectives that help you refine your strategy. They might suggest alternative approaches, uncover blind spots, or highlight resources you hadn’t considered.
4. Shared Resources
   Being part of an accountability team means you can also benefit from shared resources. Perhaps someone in your group has a great contractor they trust, or maybe they have access to market research tools. Pooling resources can save time and money while expanding your network.

 Consider joining the ICOR/INC Mastermind Program

One key ingredient the most successful investors share is being part of a Mastermind Team.  Being with a trusted, small and consistent group of colleagues who honor one another’s values and share a commitment to excellence simply gets you farther, faster.

Think of it as meeting for coffee with a small group of colleagues who have your back, 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 and safe, 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.  It empowers you to put the networking and education you’ve gained into action much faster than you would on your own.  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.