Tips on How to Set Achievable Rental Property Goals | Weston Property Management

Whether you’re planning a new strategy for your real estate investments or fine-tuning a successful program that you already have in place, a good investment experience starts with achievable goals. 

The word achievable is critical here. Anyone can set a lofty goal, but you’re setting yourself up for disappointment and failure if that goal isn’t measurable and achievable. For example, a real estate goal that depends on increased rents can only be achieved if the Weston rental market cooperates. 

We have some tips on how to set achievable rental property goals that will help you feel successful and prepared. 

Put Your Goals in Writing

A written goal carries more power than a goal that you’re carrying around in your head. Why? Writing something down creates an emotional connection in your brain. It also holds you accountable to the plans you’re making for your rental properties. 

Create a list of goals that are specific. Avoid loose and vague terminology and set concrete desires with fixed outcomes. Saying “I want to buy multi-family properties this year” is not a helpful goal. Instead, write down a goal like this: “I want to invest in three multi-family units in the next six months.” This is specific and when you write it down, you are putting some psychological power behind it.

Achievable versus Attainable Goals 

Dreaming big is great, but don’t let your ambition derail your real estate investment plans. The Weston rental market is strong, and there are numerous opportunities for smart investors. However, your goals have to match what you’re actually able to do. Focus not only on what’s possible, but also on what’s probable. Instead of setting a goal to earn $100,000 in profits this year, maybe set a goal that says you want to increase what you earned last year by 10 percent. That’s still a huge goal, and it’s also more realistic.

Grow Your Professional Network 

Every real estate investor is different, and we all have different ways of accomplishing our goals. Don’t go it alone. If you want to achieve all the goals you set, surround yourselves with experts who can help you get there. Network with property managers, real estate agents, mortgage brokers, and smart, innovative companies that do good work in property management technology and rental systems. 

Upgrade your technology if you can. This will help you achieve those goals you’re setting. Work with a mentor or offer to mentor someone who is newer than you are to rental real estate. These collaborative relationships can help you succeed faster. 

Rental Property Goals You Can Achieve