Was 2014 as successful as you hoped?
This year is winding down to a close, and with that being said, I hope you have accomplished all of your real estate goals that you initially set out to conquer for the year. If you aren’t where you thought you would be, or if you are looking for tips to plan out an even more successful 2015, then keep reading!
Download Your FREE guide to evicting a tenant!
We hope you never have to evict a tenant, but know it’s always wise to prepare for the worst. Navigating the legal and financial considerations of an eviction can be tricky, even for the most experienced landlords. Lucky for you, the experts at BiggerPockets have put together a FREE Guide to Evicting Tenants so you can protect your property and investments.
Time to Reflect
Let’s take a step back and a look in the mirror. Have an honest evaluation with yourself, and ask yourself if you accomplished the goals you initially set for the year. Where did you fall short, and how can you improve it?
Unfortunately, the vast majority of people fail to achieve their goals; one study that tracked over 3,000 people who set goals for various things (losing weight, working out, stop smoking) found that at the end of the year, 88% had failed to reach their goals. I am not telling you this to discourage or scare you, but rather to set the stage for how important goal setting is and the mindset that comes with it.
I would wager what separates those who look back on the year with a sense of pride and accomplishment from those with a bit of regret and sadness boils down to a three step process.
Ask Yourself These 3 Questions
1. Did you have a clear plan to pave the way for success?
2. Did you execute this plan?
The best battle plan executed by a master strategist will do you no good if there is no willpower, hard work and passion put in to execute it. Did you have a clear plan, and did you put every ounce of passion and energy into that plan to execute it?
3. And lastly, did you have any habits or behaviors that held you back from pursing your goals?
These don’t have to be incredibly obvious. A common one that I see is we as people tend to confine ourselves to our own imagined limitations. This is a bit of an aside, but it leads me to a story that helped to open my eyes and continues to help motivate me. So hear it goes…
The Elephant and the Rope
I don’t think I can say it any better than this image right here, so please take a moment to read it and take it all in. And think to yourself if there has been any “rope” in your past that is holding you back.
Establish a Success Mindset
It’s what I refer to as the rule of the universe: we tend to get the results we expect. So expect success!
Sometimes it can be really hard to get momentum going. It can feel like you’re pushing a boulder up a steep incline. Keep pushing through because you eventually will start to build momentum. And once you have that momentum, bottle it, feed off it and use that to inspire you and keep you going and push harder to build even more momentum.
Devising a Plan
I am a big believer in setting goals, but you must plan to execute them. When we as people are confronted with large, daunting problems, we have a tendency to freeze and become overwhelmed. Instead, try and take a look at the problem from a 40,000 ft view first. What are the major objectives that you are trying to accomplish? Then, start to break the project down into small, manageable pieces.
Related: Quit Making New Year’s Resolutions
This can be applied to anything, whether you’re trying to acquire your first rental property or you are looking to flip 50 homes next year. Whatever it is, think logically and analytically, and try to break everything down into modular pieces that, when executed in succession, will lead to the achievement of your goals in the New Year.
What is Your “Why”?
Above all, have a strong “why.” What is it that keeps you motivated? Are you trying to improve your quality of life or provide better for your family? The stronger your “why” is, the less likely you are to be set back when you run into roadblocks. Think of what that is for you, harness it and use that to break through any obstacles you will face in 2015.
Setting the Stage for the New Year
You can set goals and fall short; that’s ok — the important thing is you keep going. Keep pushing yourself and continue to operate out of your comfort zone, find your “why” and the burning desire for success within you, and have a successful 2015!
Whatever your evaluation was of this year, think big for next year. If you accomplished your goals this year, great! Set some new goals and think bigger. If you are struggling, hang in there and keep at it — make 2015 the year you accomplish your goals. Keep your head down and push through it. One day sooner than you will realize, you will look up and the reality around you will have changed for the better.
What steps are you taking for a successful real estate year in 2015?
Let me know in the comments below!