GPS: What is it?

We've all heard of GPS, but what is it really? Well, the dictionary says GPS stands for Global Positioning System and is a tool that provides guidance on how to get where we're going. In real estate, and here at Keller Williams, we have a different definition for GPS.

In real estate and in life GPS is a tool to help you get where you're going. The difference is how we define it. A GPS in my world stands for: Goal - Priorities - Strategies. I use this in business and in life. The "G" is one big GOAL. This goal has to be a SMART goal. This means that your goal must be Specific, Measurable, Attainable, Realistic, and Timely. The "P' are 3 priorities you should focus on to achieve that 1 goal. And the "S" are the 5 strategies you will use to execute each of those priorities.

Let's break this down with an example.

For the goal let's say the ONE BIG GOAL is to purchase an investment property in 2021. This goal is specific and measurable. Is it attainable and realistic? For the sake of this exercise let's say yes. And, we have established a timeline for it.

Now what do we need to focus on to achieve this goal? What are the three priorities? ONE - find a realtor. I know it sounds cliche coming from a realtor, but it is imperative to have a professional help you through this process especially if it's your first investment purchase. TWO - Save money for a down payment. THREE - find a tenant for your investment property. 

And finally, what strategies or actions will you need to take to make sure you execute each of your priorities? For the purpose of saving time we'll focus on priority ONE - Find a realtor. In searching for a realtor you will want to ONE - find a realtor that you trust. TWO - Ask your friends for references. THREE - Interview multiple realtors and find the best fit for you and what you need. FOUR - Establish expectations with your realtor specifically what and how information will be communicated. FIVE - Utilize your realtor to help you navigate and negotiate through the process.

So that's what a GPS is in my world. 2020 has been a new kind of year for us all. As we move forward to 2021 I would like to challenge each of you to bypass coming up with a New Year's Resolution and instead create your GPS for 2021.

If you like this article and it was helpful for you please give me a thumbs up. And if you have more questions about creating your own personal GPS let me know. I would be happy to help you through it.