How to set personal goals in Managing a property.
he next step in your journey to becoming a successful income property manager is to determine your personal goals and your financial goals. Your personal goals may include how many and what types of properties that you want to manage, how much time you will be involved in this effort, and where the properties will be located. Financial goals should include income and expense objectives, return on investment (ROI), short term (3 to 5 years), and long term (10 to 30 years) net worth calculations. The goals that you set should be firm but flexible; they will become a map for you to follow, but changing circumstances may force you to alter your goals occasionally.
To ensure that your goals as a property management professional are solid, they should follow the well known acronym S.M.A.R.T.
Specific. Use actual dates, dollar figures, locations, resources, and other criteria that will make up your goals. Specific goals provide focus and clearly define your efforts as you proceed with this endeavor. If you simply indicate general objectives such as, "You would like to earn more money." your goals will be difficult to manage and to measure.
Measurable. To track your progress, use measurements (such as dollar amounts) that can be easily compared and analyzed. Establish monthly, quarterly, and annual figures for each of your objectives. Concrete data allow you to stay on track, push to reach target dates, and feel a sense of achievement when the goals are reached.
Attainable (Achievable). Establish goals that can be reached by effort, by committing yourself to improving skills, attitude, financial capacity, abilities, and knowledge. As you achieve and experience more, your goals will seem closer and opportunities that you once ignored may be realized.
Realistic. Determine what you want to achieve by setting reasonable benchmarks. Goals are not dreams; they should be rational, given your financial status, education, experience, attitudes, and abilities. If you want to stretch yourself, establish two sets of goals, one set that can easily be reached with appropriate work and another set that might be possible with a lot of hard work.
Timely (Time Sensitive). When setting goals, connect achievement with a timetable. By establishing goal dates, you will create a sense of urgency. This sense of urgency can drive you to achieving your goals; without it, you may not push yourself enough and you may become disappointed or lose focus. (T can also stand for tangible.) Have goal achievement affect your senses. By rewarding yourself with a sensory experience, such as an expensive meal or new clothing, you "feel" goal achievement through a direct physical connection.
Experts suggest that you document your goals in writing. While you may be able to determine and set goals simply through a thought process (and perhaps repeating them to yourself), written goals are the most effective way of managing and achieving each objective. By writing goals down, you create a record to follow, you can visually share your goals with another person, and you will establish the significance of setting each goal.