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SMART Goals Needs

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  • 1. Smart Goals NeedsSo you want to be a success real estate investor? Well, you need to have your goal setting in-line. In order to have the greatest chance of achieving your goals you need to be setting SMARTgoals. Now, not the Webster definition of smart, but rather SMART as an acronym for Specific,Measurable, Attainable, Realistic, and Timely. I want you to write these five words on a pieceof paper because all your goals should be evaluated to ensure they meet the smart standard. So let’s first look at the S in smart, which stands for specific. Your goals need to be precise and say exactly what you want to happen. Being specific helps you apply your efforts effectively and clearly define what you are going to do. The specifics of your goals are the what, why, and how. Ask yourself this question, what are you going to do? Answer this question with action words such as learn, buy, create, and so on. The why is why do you want to accomplish this goal and why do you want to accomplish it now rather than later, and finally, the how. How are you going to do it? You must ensure each goal you set is specific. Rather than setting a vague goal such as I want to invest in real estate, set aspecific goal such as I want to own 2 rental properties each cash flowing $250/mo after allexpenses. See how being more specific allows your planning to be much more focused.Okay, now on to the M in smart, this stands for measurable. Goals that are too large are hardto manage and if you cannot manage your goals you will not achieve them it is that simple. Themeasurable aspects of goal setting focuses mostly on short-term goals that when built uponallow you to achieve your larger long-term goals. Let’s take for example our previous specificgoal of owning 2 rental properties each cash flowing $250/mo after all expense. To achieve thisgoal you need to set more measurable short-term goals such as obtaining financing, locatingproperties, rehabbing them if they are distressed, heck you may even need to learn how toanalyze a rental property to even know if it cash flows. See how even though our goal wasspecific there is still more specific short term goals needed to increase your chances ofachieving the goal. The last item I want to touch on about measurable goals is that you must
  • 2. have a gauge to measure them against. Set concrete criteria for measuring progress. Not onlywill this keep you on track but as you reach these short-term goals there is excitement inknowing you are one step closer to your overall goal.Now the A in smart, this stands for attainable. If you set goals that are too large or too far outof your reach, you won’t truly commit to trying to achieve them. For example, setting a goal ofbuying 100 rental properties in the next 12 months, or generating $250,000 in rental income inthe next 12 months for most of us is not attainable. Setting goals such as this you may start outexcited and be ready to go get them, but before long your subconscious will remind youthat this goal is just too much to achieve and you will become less and less focused onachieving your goal and before long you will quit trying at all. The goal needs to be hardenough that you have to work for it but not so hard you have no shot of achieving it. When youachieve a goal it is exciting and has your pumped to achieve the next one. This is the attitudeyou need to have, not a continued list of unaccomplished goals. Building momentum withattainable goals is a sure fire way of achieving more difficult long-term goals.The next to last letter which is R stands for realistic. Now, realistic does not mean easy butdoes mean doable. If you have $500 dollars to your name and your goal is to buy 30 propertiesnext week this is probably not a very realistic goal. Could this goal be achieved, possiblybut is it more unrealistic than realistic, yes. Set goals that will require effort, but if they are toodifficult you are just setting the stage for failure. On the other hand setting goals that are tooeasy is just showing yourself you have no confidence and that you are not very capable. Set thebar high enough that achieving it feels like an accomplishment.Finally, we have reached the T which stands for timely. This one is pretty self-explanatory.When setting goals they must have an end point or target date. Is it next week, next month,two days from now, no matter what the case there must be a timeframe associated with thegoal. When you do not set a timeframe you are not truly committing to accomplishing yourgoal. Without a timeframe there is no urgency to start taking action now.Here at PA Deals we assist every one of our clients by creating a custom blueprint that isformulated on the basis of SMART goal setting. So, the next time you are setting a goal, nomatter what it is for, make sure it is SMART. Have a great day and until next time be SMART!
  • 3. Author Zack WiestEmail social@realestateseminar2011.comKeyword: PA Deals LLC Real Estate InvestorsResource Box Resource BoxZack Wiest is owner of PA Deals, LLC. They are a residential real estate investment firm locatedin Harrisburg, PA. Though founded in 2006, the principals of the company have been investingin real estate since the year 2000. You can find out more about us athttp://budurl.com/padealsbmpartCategory: Successful Real Estate InvestingSummary: So you want to be a success real estate investor? Well, you need to have your goalsetting in-line. In order to have the greatest chance of achieving your goals you need to besetting SMART goals.