Making a plan is one of the steps to get started in real estate investing. In drafting a business plan, you need to have your goals in mind and start putting your ideas into writing.
A real estate business plan serves as the blueprint of all the objectives you want to achieve. For this reason, you must create a method that is realistic enough to be attained. Here are some quick guides on how you can make a S.M.A.R.T real estate business plan.
1 – Set S.M.A.R.T goals
A S.M.A.R.T goal refers to the set of objectives you aim to achieve in a particular time. The word “ S.M.A.R.T” is an acronym that describes the characteristics of the goal you must set:
Specific
A goal must be specific enough; otherwise, you may have difficulty figuring out the bullet points of the target you want to hit. To make a particular goal, you may reflect on the “whatness” and “criteria” of the objectives in your mind.
Measurable
A measurable goal means that your objectives must be quantified, or it must have some matrix that you can use as a reference for your progress. If you set a measurable target, you can better identify if you achieve it or not. Furthermore, your matrix can help you assess your progress in accomplishing your tasks.
Attainable
The goal must be within your means of achieving, considering the time and resources you have to attain. Setting an attainable goal means you need to consider the feasibility and the attending circumstances in creating your plan.
Realistic and relevant
A realistic goal is a must-have in creating your business plan; otherwise, you may end up getting disappointed when you set an impossible goal for yourself. The goal must also be relevant and timely, so you must also consider the latest trends and events in society.
Time-bound
A targeted schedule or a specific date will help you stay on track of your progress. You may have a long-term goal, then set a quarterly, monthly, and weekly target date until you reach your objectives in the long run.
2 – Be consistent
Business enthusiasts are commonly excited during the first phase of their career. However, this eagerness may fade when you experience a series of obstacles and challenges in business. Consistency in passion and enthusiasm is necessary for making and enforcing your real estate business plan. You may begin with the end goal in mind, reverse engineer how to achieve, list down the actions to take, and consistently make this pattern.
3 – Invest in automation tools
Technology helps real estate investors to accomplish tasks in more efficient ways. When you leverage your real estate business using automation technology, you can better manage your time as a tool to assist you in doing some business tasks. In Real Estate IQ, we want to empower your journey through freedom and success. In this line, we offer you automation tools that can help you accomplish your real estate business goals into reality! Click HERE to learn more!
Success cannot be achieved in a snap of a finger. You need to overcome a challenging journey where trials and obstacles are inevitable to achieve a desirable result. With a SMART business plan, you can have a strong starting point, which will be your foundation towards your path to success.
Credits:
Luke Watkins is a real estate investor with mastery of fix-and-flip and wholesale deals. His experiences include working with some of the biggest residential flipping companies in the country with a monthly average of closing 20 to 30 deals. He also has a background in construction and property management; and has invested in Salt Lake City, Utah, Indianapolis, Indiana, Albuquerque, New Mexico, and now Dallas, Texas.
Disclaimer: The blog articles are intended for educational and informational purposes only. Nothing in the content is intended as legal or financial advice.
Source:
https://hbr.org/2018/05/when-should-entrepreneurs-write-their-business-plans
