Goal planning is an essential part of starting the new year off on the right foot. In order to set the trajectory for your company’s yearly, quarterly and monthly benchmarks, planning your real estate goals is key. This holds especially true as the real estate market continues to shift, and what may have worked last year may no longer be as effective this year.
So, what methods of planning the year’s goals in real estate are most effective and why? What are the key things to remember when making plans? To shed some light on the matter, nine members of Forbes Real Estate Council,explain their top tips to remember when planning yearly real estate goals. Here’s what they advise:
1. Mind The Shifting Economy
The economy is shifting. The stock market is in its first down cycle in 10 years. The hottest housing cities have cooled off. Bidding wars are down. In a prime market that means expectations should be adjusted, longer vacancy and lower rent increases planned. In a tertiary market, it means demand will drop. – Kristin Geenty.
2. Evaluate Based On Cycles
As a family-owned firm for more than 70 years, we believe it is important to always maintain a long-term outlook when investing in real estate. Commercial real estate is a non-liquid asset class and investors should evaluate opportunities to invest based on how they will likely perform through cycles, not within the current cycle. For us, this means a focus on properties or development opportunities in top-tier sub-markets with no functional obsolescence and strong demographic tailwinds. – Aaron Mesmer.
3. Plan, Act And Review
I think of goal setting in three steps: planning, action and review. Large goals are made up of small tasks and accomplishments. Create a plan with measurable items you will complete to reach your larger goals. Stay agile and redefine the items if needed to stay on path. Tasks are completed with actions, not ideas. Therefore, get an understanding of what needs to be done and take action. The best way to discover what needs to be done it to find an expert or specialist. Review your completed tasks and make sure that you are continually moving toward the bigger goal. – Trang Dunlap.
4. Create A Daily Schedule
As a real estate agent, slowing down to take the time and plan out your entire year is key to being successful. Plan it down to the day! In this business we just go! We work and work and work, and then before you know it, six months have gone by! Creating a daily schedule will help you implement your ideas and systems. – Mackenzie Record.
5. Don’t Follow The Pack
Like any other year, following the trend may not always be the winning strategy. There is lots of literature and case studies supporting the strategy of the contrarian investor. Impressive returns are rarely made by following the entire pack. – Aaron Popowsky
6. Keep Learning
I think the key thing to remember is to keep learning and evolving, and a key part of that is to listen, discern and adapt. I am constantly looking for ways to improve the process for both my buyers and sellers. – Gianna Cerullo,
7. Watch Job Growth
If the nation and your metro area are still creating jobs month-over-month and year-over-year, the real estate markets, in general, will have enough demand to keep things moving in a positive direction. – Geoff Koski.
8. Break Down The Overall Target
Planning out how to achieve goals in real estate requires breaking it down from the overall target to all the various sub-steps necessary to make the target. Completing each sub-step should lead you closer and closer to the overall goal. Designing your production to align with this makes for a more viable and productive roadway that you and your team can follow. – Brian Andrus.
9. Analyze 2018’s Successes
The key thing to remember as you begin planning your 2019 goals is to review what worked in 2018 and what did not work in 2018. Take those marketing initiatives, satisfied and happy clients, and your workable budget that brought you business and sit down for a day, uninterrupted and put these back into play for your 2019 business plan. In addition to the above, think about what you have seen your competitors use to grow their business and incorporate a few of those ideas into your 2019 business plan. – Kimberly Dydalewicz.