Wondering how to reach your real estate goals in the upcoming year? You can do it. It may not be easy, but it really is pretty simple. As with any other major financial/investment undertaking, reaching your real estate goals is just a matter of having the right ingredients in the mix: defining your goals, formulating and implementing a plan, and avoiding the common costly mistakes. Let’s take a look, then, at how to reach your New Jersey real estate goals in 2022.
Understand Motives, Set Goals, and Have a Plan
Achieving yourNew Jersey real estate goals in 2022 begins, of course, with doing the necessary groundwork and laying a solid foundation. This includes . ..
IDENTIFYING MOTIVES AND GOALS
“Every productive [real estate investor] keeps one thing in mind: a strong, clear why behind everything they do. When you’re constantly working towards something greater than yourself, it’s exciting to get out of bed every day and accomplish your real estate goals. Without this strong why, your drive and positivity can fade, and your success can decline.”
What you have to figure out, then, is exactly what you’re working toward and why. And then you also need to determine what you want to avoid and why.
DETERMINING YOUR PILLARS
In a real estate business (as in any other), reaching your goals depends in large part on not tackling too much all at once. And this means primarily determining the basic pillars of your business and sticking to them.
Industry experts advise “finding three or four pillars of business to focus on. Determining your pillars of business will help you discover what works best for your individual business needs. Plus, you’ll be able to fully master a few specific lead-gen methods rather than trying to do everything at once and falling behind.”
FORMULATING A PLAN
If you truly want to reach your New Jersey real estate goals in 2022, you absolutely must have a plan – a roadmap of how you want and intend to get there. After determining motives, goals, and business pillars, it’s time to work on the plan.
Begin by breaking down goals “into quarterly, monthly, weekly, and daily goals” and the tasks required to achieve them. Then, “[k]eep breaking it down into smaller, more achievable goals to help you stay focused on your day-to-day” tasks.
MEASURING AND TRACKING PROGRESS
Realizing your New Jersey real estate goals in 2022 should also involve assessing your progress toward those goals – and then making necessary adjustments when required.
“Setting goals won’t do anything for your business if you don’t keep track of them. Tracking your numbers and goals not only helps you determine if you have solid pillars of business, but it allows you to see where your plans could use some fine-tuning. If you track your goals and daily objectives every day, you’ll know exactly what works for your business and what doesn’t. Plus, if you fall short of your goals, you’ll be able to go back and diagnose exactly what went wrong and how to fix it.”
And, of course, you have to stay consistent if you want to achieve your real estate goals in 2022. That means keeping at it when the excitement of and motivation for trying new things wears off. Basically, you just have to make a conscious choice to follow through with your plan, as well as always being ready and willing to make course adjustments when your tracking indicates the need for them.
Avoid Common Real Estate Mistakes
The other important element of reaching your New Jersey real estate goals in 2022 is to avoid some common mistakes, for example…
NOT KNOWING THE LOCAL MARKET
Local markets vary, sometimes widely, so you simply must have in-depth knowledge of your local market and the conditions that obtain there. And the need for local market knowledge is only amplified by the fact that real estate encompasses multiple niches, as well as sub-categories within those niches.
“Without in-depth knowledge of the [local market], it would be virtually impossible to find a niche that suits your investment goals (or map out a plan for success into that various niche). To acquire the necessary knowledge, you must be adept at accessing and consuming both structured and unstructured market data irrespective of the format (video, text, or image).”
You can also call on your New Jersey agent’s knowledge of the local market and expertise therein. To discover more about this, just call 855-966-DEALS.
HAVING UNREALISTIC GOALS
It’s good and motivating to aim high, to have lofty goals – it can be a good source of motivation. But unrealistic goals can be counterproductive.
“Lofty real estate objectives are great, but setting unrealistic real estate goals can often do more harm than good to your investing career. Though overnight successes do happen, the housing market is unpredictable. Harboring hopes of earning increasingly higher returns every month is an unrealistic expectation that can not only hinder motivation, when you don’t reach your goals but adversely affect your bottom line. A better approach is to focus more on process goals.”
So instead of focusing on earning goals (which are only partially within your control) focus on goals that involve things within your control and that are easily measurable. Ask yourself, rather, what precise actions you need to take and what specific results you need to achieve “in order for those financial goals to occur. Then turn those process-oriented actions into goals. Approaching your real estate goals this way will not only boost your success rate but make achieving goals a whole lot more fun (a key element to achieving your goals).”
BEING AFRAID OF FAILURE
The old advice for entrepreneurs is to fail fast and fail often. That way, you can find what does and doesn’t work and achieve success sooner. Fearing failure, then, can hold you back from real estate success – or even getting started.
“One of the biggest reasons investors don’t achieve their real estate goals is the fear to get started: The worry that all that time, effort and money might not lead to the exact result they want. But if your methodology is sound, your strategy solid . . . and you’ve educated yourself in the field of real estate investing, then it might be time to take the plunge and pursue your real estate goals. As long as you’re tracking your progress, and constantly tweaking your approach until you hit upon a formula that works, you’ll be moving ever closer to the attainment of your real estate goals (even when it doesn’t feel like you are).”
And Have a Good Local Real Estate Agent in Your Corner
Maybe the most important step you can take toward realizing your 2022 real estate goals is to have an experienced New Jersey agent in your corner. A good local agent with investing experience and who thoroughly understands the local market can make all the difference. So if you want to reach your New Jersey real estate goals in 2022, be sure to contact us today at 855-966-DEALS.