Do You Have Realistic Goals in Commercial Real Estate?
In order to accomplish any endeavor, it is absolutely necessary to set goals that are realistic and true to your wants and needs. Many people do not understand the purpose of goals, and frequently find themselves unable to accomplish even the smallest of goals, or worse, not being able to advance, despite their many (guideless) efforts.
In commercial real estate, setting solid goals for yourself will guide your entire real estate business! Let's look at what determines how goals are made, and the overall affect they can have on your short and long term accomplishments in commercial real estate.
When first setting goals, you need to understand exactly what it is you want to accomplish from your involvement with commercial real estate. Perhaps it is to do commercial real estate part time, and then eventually leave your current job. Or, you may have a set amount of money you wish to make before you retire. It could be as simple as having enough money to be financially secure, or more complex like leaving a family legacy for generations to come.
Your goals may change as you advance in the business, so be flexible. However, always identify your ultimate position in this business, and visualize yourself there to keep your efforts moving forward.
So what is a realistic goal?
A realistic goal is focused around your capabilities. It may not be your current capabilities, but what do you know? What are you interested in? Examine your feelings toward certain areas and see what perks your interest. These areas are areas for expansion and growth, and will help form the goals you have for yourself.
The last thing you want to do is chose a goal that simply does not interest you because it will not be a rewarding, passionate venture, and will eventually lead to failure. I've seen it many times.
Your realistic goal must also be task oriented, meaning you must create action plans that you will take in order to accomplish the goal. If your goal is to renovate and rent out apartment complexes, you may have an action plan of evaluating five apartment complexes a month in order to find the best investments. The goals and tasks must be specific. The more clearly you can define the tasks and goals, the better success you will have at accomplishing the goals.
This brings up another important point, specificity. Specificity allows goals to be measurable, which is a key point in success. In the evaluating five apartment complexes a month example, you have a way to measure whether or not you are working toward the goal. If you only evaluated three apartment complexes, and are not renovating and renting out apartments, then you are not accomplishing your goal. It is simple and clear.
Continuing with this example, there is a time element present. You are evaluating five apartment complexes in how long? One month.
When you tie a time period to the goal, it helps you stay motivated to actually accomplish the goal within that amount of time. If you do not set a time period, then the goal will be outstanding for one month, two months, three months, and so on. The goal you once had has a good chance of becoming wishful thinking rather than a definable goal. This is exactly what you don't want to happen.
As you set these realistic goals for yourself, be sure to look beyond the monetary value that will come about with these accomplishments. One of your goals is to make three million in two years. Fantastic! If you have an action plan created for this goal, then you are well on your way, but don't inore other benefits available to you.
Perhaps you will be out of debt and be able to build the dream home you always wanted. Or perhaps you can send all your children and grandchildren to college. When you have an emotional investment in your work, it makes it that more valuable to you and those around you. It can be the main ingredient in making or breaking a goal.
Commercial real estate may be your ultimate goal, or just a step to what it is you really want to accomplish. Start small, but then dream big.
Once you get a few accomplishments under your belt, your confidence grows, your expertise and experience is more valuable, and new opportunities present themselves that you never knew existed.
What goals do have currently? Based on these guidelines presented to you, are they realistic? Are they measurable and specific? What are the emotional ramifications of accomplishing these goals?
If you can master this process of goal making, you are on your way to becoming a successful commercial real estate insider.
About the Author
Tony Seruga, Yolanda Seruga and Yolanda Bishop of http://www.maverickrei.com specialize in commercial and investment real estate. As of May, 2006, they and their partners are managing over $600 million dollars worth of new projects.
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