If you’re going to succeed in the world of property investment, you need to have a plan. Whatever your goals, you’ll be committing significant time and money to them, so treat them with the respect they deserve.
- Be specific.
What’s your real estate dream? Whether you want a single investment in a REIT or a portfolio of apartment complexes, write down your end goal and then work backwards, detailing each step you need to take in order to get there.
- Create measurable goals.
You need to make sure you know exactly when you hit each goal – if you can’t measure it, you can’t manage it. Is it when your savings account hits $15,000? Or that moment when you’re handed the keys to your first property?
- Are your goals attainable?
If a goal is too far out of reach, it’s really hard to stay committed. If a goal seems too much, break it down into smaller steps so you can keep feeling good about the progress you’re making.
- Be realistic.
Investing is a time for rational thinking – don’t let emotions influence your decisions. It also helps to seek professional advice, so get to know your local agents and vendors. You’ll learn about current market conditions, the types of property that are a good investment – and which areas to steer clear of.
- Set time limits.
Finally, set a timeframe for each step. Deadlines give your project momentum – and real estate investments are one of the biggest projects you’ll undertake.
Investing in property can produce much higher returns than banks currently offer – and by using a SMART plan you’re way more likely to reach your real estate goal.