To ensure property investment success, the first thing you need to do is set clear and measurable goals. If you’re new to this, you can begin by answering these questions: How much income do you want from your investments and by when? Why? What will this money enable you to do?
Als consider long term goals, such as building a property portfolio. In this stage, you’ll want to speak to your financial advisor to make sure your decisions are financially sound.
Document your goals by following the SMART framework:
- Specific – Provide a timeline, state a particular end result.
- Measurable – How high of return do you want? Why? Keep this simple so you can check if you’re on track. If a goal isn’t measurable, it can’t be met.
- Attainable – What would you want to achieve that’s within your control?
- Realistic – Be aware of not just your limitations, but also your opportunities.
- Time-bound – Link a goal to a time period. Every six months, you should be asking yourself, “Is this plan going to deliver what I want? Am I on track to achieving my goals?”
There are a few ways to stick to your plan. One is by having an “accountability buddy” or another property investor who checks in on you every few months to see if you’re on track with feedback and constructive criticism. You can also develop a detailed checklist and once you’ve ticked off items, you can celebrate achievements. Positive reinforcement is a good habit to have when you’ve made significant progress.