5 Golden Rules of Property Management

In today’s challenging real estate market many more of my clients are faced with renting out their home rather than selling it when relocating out of the area.  Owning investment property for someone who never intended to become a landlord can be a scary prospect, but it doesn’t need to be.  The success or failure of any investment property depends on the effectiveness of your property management skills.  There are many books on this subject but here are five golden rules that we discovered after my husband and I personally managed 75 of our rental units at one time. 

 

 

Rule#1- Organization Is A Virtue

I love Adobe PDF writer!  This program allows me to use my scanner and create an electronic copy in my computer.  I scanned all my bills and any important documents in this format.  Since I owned property in two states, this allowed me access to a “virtual” file cabinet with my laptop.  I can quickly send eviction or late notices from wherever my location.  One example was during an eviction the lawyer processing the case needed copies of the lease, the late notices and breakdown of expenses owed to me.  Since I scanned every document and use QuickBooks to organize my accounting, I was able to quickly send a package to my Lawyer and he was able to file with no delay.  We filed with the court and I was able to gain a judgment against the tenant.  But more importantly, I got possession of my property in an expeditious manner.  You can purchase Adobe PDF at www.adobe.comor download free simple Adobe writer called CutePDF.

 

 

Rule#2- Treat Every Tenant Like They Have A Law Degree

I assume that all my tenants know as much about property law as an attorney would know.  As a result, all notices are in writing and on the standard forms provided by the non-profit organization the California Association of Realtors.  There is an excellent program provided by the California Association of Realtors called WINForms (www.winforms.com).  This program has all the property and lease forms provided by the association.  This includes lease agreements, lead disclosure, check-in, and even a rental application.  If you are a Realtor, the program is included as part of your annual dues.  Otherwise the program is only available to attorneys or real estate licensees for a hefty annual price of $499.00.  Lastly, any verbal discussions that may have some legal consequences are written down and sent to the tenant.   If the subject is too small for a written letter, I then enter a log in my ACT contact program with a date and time stamp of the event.

 

Rule#3- Take The Time To Become Informed On Rental Laws

If you follow Rule#2, then it is critical you become knowledgeable on the current rental laws.  An example was a recent change to month-to-month termination notification.  California law requires the Landlord to give a tenant 60 days notice of termination of month-to-month lease, regardless of the 30 day notice agreed upon in the original lease.  Fortunately for the tenant, they still can give the Landlord 30 days notice.  This major change became effective the beginning of this year.  Sources to keep up to date with rental laws are apartment associations and the web site of the Department of Real Estate or like kind governing board.

 

Rule#4- Include Automatic Rental Increases

This rule I learned the hard way.  I noticed that it was a difficult process to increase rent on my tenants.  The tenants didn’t like the increases and depending on the timing of the notice or size they may get upset and leave to find another place to rent.  So the effort to increase rent a few dollars would potentially cost me thousands of dollars to update and advertise a vacant unit.  What I discovered is that you can include an automatic increase in rent at the beginning of the tenancy.  This way the tenant is aware of the increase and can budget accordingly.  You as a Landlord still have to provide 30 day written notice of the increase, but at least the tenant is expecting the notice. 

 

Rule#5- Be Fair And Direct

After dealing with 75 rental units a pattern started to appear regarding payment of rent.  Some tenants were excellent and would pay before or on the first of the month.  Others would wait for the last hour of the final day before a late charge could be added.  And the remaining tenants would always be late and pay the late fee every month.  Unforeseen events in a tenant’s life would happen and I would get that call or letter asking for extra time to pay the rent.  My response would be a respectful inquiry regarding when payment would be rendered and to remind the tenant that a late fee would be added as described in the lease agreement.  I also informed the tenant that unless payment is sent to my office by the 12^th, then a 3 day pay rent or quit notice would be served.  Honestly if a tenant in late three consecutive months, I would serve a lease termination notice.  I never try to sympathize with the tenant about my need to pay the mortgage and all the bills, because most tenants don’t care.  They see me as a rich Landlord that has endless pockets of wealth… HA!  

 

Of course there are other rules, but that will have to come another day.  I enjoy sharing my experiences so if you have a question or story you want to share send me an email or vist us online at www.investbig.com

 

Should I Buy Now or Wait?

This is the question on everyone’s mind.  I find in my business that people are looking for a guarantee.  While I can’t guarantee the future I can say after 21 years in real estate sales that market will go up and the market will go down.  We have definitely been on the down side for a while now and I believe it may even go a down some more before it goes up but don’t listen to me, this is what some of the “experts” are predicting:

 

June 2008, “It will get worse before it gets better.  It will get better, because the demographics are compelling.  We have more people living in homes, we have the population growing from 300 to 350 million people, immigration, baby boomers, the eco-generation, and all those are driving demand.  So long-term the value of your house will increase, but in the short-term the value of your house will probably decrease.” This is according to Henry Silverman, Realogy Corp

 

Aug. 14, 2008, “Foreclosure Activity Increases 8% in July”; “Activity Up 55% From July 2007”; “Nevada, California, Florida post top state foreclosure rates”, According to RealtyTrac(R)

 

August 25, 2008, “Sales of existing homes rose 3.1% in July, about double what economists had expected”; “Despite the increase, the inventory of unsold homes reached an 11.2-month supply matching the all-time high”, according to the National Association of Realtors®.

 

August 26, 2008, Jim Cramer, host of CNBC’s Mad Money called the bottom of the  housing boom, “The economy will never recover if housing doesn’t find its footing first.” when does he expect that will happen? Jim Cramer said he expects a bottom by the third quarter of 2009.

 

What does this mean, buy now or wait?  The housing market is one of the nation’s top concerns, its right up there with gas prices and the Presidential election. Each day brings more and sometimes conflicting news but I believe now is a great time to buy.  You’re probably thinking well of course she says that she’s a Realtor and wants people to buy homes – true.  However, the reality is that we can’t put a date and time on the bottom of the market or when it will turn around.  But everyone needs to live somewhere so why not live in the home and/or area that you want to live in and if you’re renting wouldn’t you like to own a home of your own? 

 

In addition, real estate is extremely localized so the answer to the question, “should I buy now or wait?” depends on what you want to buy.  My area, the South Bay of Los Angels, is small geographically yet we have every type of housing available from beach condos to high end single family homes, townhomes and investment property.  So answering that question depends on many factors.  The best way to get it answered is to talk with your local Realtor.  In my experience, most people want to wait and see what everyone else is doing before they make a move.  The smart buyers are out there right now getting deals.  I guarantee that by the time the majority gets off the sidelines and starts buying, it’s too late.  So if you buy now, yes prices may go down further, but that won’t last forever, eventually things will turn around.  The key is to buy a home you want, that suits your needs in an area you like with payment you can afford. 

 

Louis Wilson’s POCEM

Hi Everyone,

 

I wanted to share this, Meredith Caliman gave this presentation last week and I thought it was wonderful.  She gave me permission to add it to my blog.

 

FAN Member Presentation 4/25/08

 

 

            “Think Differently.”  That was the slogan of Apple Computers in the 1980s and 1990s.  But how many of us can truly think differently, and even more, how many of us can go against the conventional wisdom believed by their community?

 

            I want to tell you about someone from my youth and childhood who thought differently, and acted upon his beliefs.  While perhaps not so rare in the larger community of middle class America, he thought very differently from every other adult in the neighborhood where I grew up.

 

            The neighborhood where I grew up in the 1960s and 70s was composed of middle class people who called themselves “colored people” and later called themselves “Black people.”  The civil rights era had brought them a measure of empowerment because now we could go to school wherever we wanted, live wherever we could afford, shop and eat wherever our green money could be spent.  Women’s liberation did not mean much to the women, most of whom worked outside the home just as their mothers, grandmothers and great-grandmothers had done.  Government jobs and some union jobs were now available to these people and they sincerely believed that the way to get ahead was to get an education, get a government job or a steady job that somehow had ties to the government (like in the aerospace industry that was so prevalent in the South Bay at that time), a job with permanence and a pension that would allow you to retire.

 

            Louis Wilson did not think that getting that government job was the way to be secure.  When everyone else was praising the blessings of civil rights, affirmative action and other government-backed programs, Mr. Wilson said that Black people had actually lost ground with these government gains.  You can imagine that this argument went over extremely well (it is still not a popular argument).  Mr Wilson talked to everyone who would listen about the need to be self-sufficient and own our own businesses – this was reminiscent of the pre-civil rights condition where we had to own our own businesses because the majority had the right not to allow us in their stores.  His speeches fell on deaf ears throughout the neighborhood.  Unlike my own father, he thought that women could and should be pushed to their greatest potential.  He liked talking to me because I was willing to study hard and work hard and loved to argue with him, challenging his ideas.

 

            Louis Wilson was an engineer by training.   He was the first person I knew of who had a graduate degree.  In his garage workshop, he invented some mechanical part that is used in taxi meters that allows for the meters to calculate the distance of the trip and keep track of the costs of the trip.  He sold his idea to a company and made the seed money of his fortune.  Even after making money, he stayed in the same neighborhood and his family never lived much larger than everyone else.  Mr. Wilson took his seed money and quietly invested in real estate.  The only thing that was visibly different was that Mr. Wilson retired from his day job long before the other men in the neighborhood.  What Mr. Wilson then devoted himself full time to a non-profit that he had founded called “Impact” whose purpose was to teach poor and illiterate people how to pull themselves out of poverty by owning their own businesses.

 

            Mr. Wilson had his theories about owning your own business, how to get there and how to remain successful.  He called his theory “The POCEM.”  POCEM was based on the first letters of the five pillars of being a business owner; the letters are P-O-C-E-M.  The pronunciation is like “possum” because Mr. Wilson wanted the people to think of a possum, a fat cat, so they could remember his theory and imagine themselves as fat cats.

 

            P stands for Plan.  Before starting out, the business person must have a plan in place to describe the objective.  Each plan must state how much and by when.  This is not unlike the “Game” that FAN members have been discussing.

 

            O stands for Organize.  This is the action behind your plan.  The business person must organize people, money and material for the sake of accomplishing a goal or a profit.

 

            C stands for Control.  The business person must establish controls not only within his business but also controls against any forces keeping her from accomplishing the Plan.

 

            E stands for Evaluate.  It is necessary to periodically evaluate the situation to see if the Plan is on track.

 

            M stands for Modify.  This is the most critical part of the Plan.  As the business person is rarely the master of the universe, it is rare that the Plan performs precisely according to expectation because of the many things that affect us on a personal basis or in the wider world.  Therefore, it is necessary to Modify the Plan by making changes necessary to push one back to accomplishing the Plan.

 

            Mr Wilson could talk for hours about his “POCEM” and go into great details about each letter.  I won’t go into those details here.

 

            What I will tell you is that five and a half years ago when I was suddenly faced with joblessness, in the six weeks I had before my once secure job would end forever, I began to put I Mr Wilson’s POCEM theories into practice.  It was unconsciously done and it was only later that I realized how those long ago words had stayed in my brain.  I have never taken any business or management courses, yet I seemed to know instinctively what to do.  It was Mr. Wilson’s words coming into realization because he had taught me to see possibilities and not to be afraid to seize opportunities.

 

            These days, clients pay me to help them make business choices.  Without directly preaching the POCEM, I try to get clients to focus on those points, especially Controls and Modification issues which are often overlooked.  

            Many of the parents from my old neighborhood are gone now, Mr. Wilson included.  Alone among those parents, Mr. Wilson left his family with millions of dollars worth of assets. But more so than leaving those assets, I believe Mr Wilson would be pleased that he left a legacy of teaching at least one other person to think differently.

 

Why Did We Join Nouveau Riche?

We’ve been getting this question a lot lately.  Since we’ve already been successful in real estate, Courtney as an agent, both of us as investors many people ask why we would want or need Nouveau Riche (NR).  Our main reasons for joining were the education as well as the networking opportunities.  We’ve been searching for a way to bring our investing to the next level and we the NR education can do that for us, in fact it already has.   We’ve met numerous people who have taken what they’ve learned and have created enormous success as investors.

As for the networking, you might be surprised how difficult it can be to find other serious real estate investors with whom you can share ideas and experiences. The Nouveau Riche Community offers many networking opportunities.  At their events we have met fellow real estate investors (new & seasoned) as well as other entrepreneurial people.  We finally have a forum to share ideas, opportunities, brainstorm & learn from each other.   

In addition, to expanding our own education we have been counseling others how get into real estate investing for years through our books, workshops & seminars. But that could only take people as far as our own experiences.  The NR education is outstanding! Their real estate investment education system is taught by successful full time real estate investors who practice what they preach.  Plus, you have choices on the classes that interest you instead of a one size fits all seminar.  We’ve taken classes on buying apartment buildings, property management, tax strategies for investors, and buying and selling notes.  They also offer classes on foreclosures, short sales, or if you are a beginning investor and don’t know where to start they have a class for that too!  There are too many classes to mention and there really is a class for everyone.  They continue to add to their curriculum.

Finally, we were interested in the income aspect of Nouveau Riche.  Yes, it’s network marketing.  But when you really like something you’re going to recommend it to your friends and family anyway.  We’ve met several people that have even left their careers because they have experienced so much success with Nouveau Riche both as network marketers.  One more thing I almost forgot to mention, Properties.  NR offers investment properties and the process is easy which is great for first time investors. 

That in a nutshell is why we joined Nouveau Riche, contact us with any questions.

Anthony & CourtneySelf

 

 

Finding and Working With a REALTOR®

For many reasons buying or selling a home is one of the most stress-filled situations you will endure in your life.  First of all, it’s usually your largest single investment.  Second, the process is disruptive and time-consuming, not to mention expensive. 

 

 

The stress of buying or selling is generally compounded by other reasons.  For example, people frequently move due to changes in their life that may or may have been planned e.g. a growing family, a death, a divorce, a job loss or relocation.  And, most people dislike change, so the very act of packing up all your personal possessions, moving the kid’s schools, worrying about how the dog will react to the move all adds to the stress.  

 

 

Hiring an Experienced Realtor is the easiest way to reduce the stress.  But why use a REALTOR® at all?  Can’t I do it myself?  You could, but why?  Hiring an experienced real estate agent to representing you, whether buying or selling a home will usually give you smoother, less stressful transaction.  

 

The Problem:  How do you find the REALTOR® who’s right for you?  There are so many choices.  In my area, the South Bay of Los Angeles, there are a couple thousand real estate agents and the State of California has almost 200,000 Realtors.  Almost half of those are newer agents, so choose wisely. 

 

Finding the right agent who is right for you will take a little time and commitment on your part.                       

1.      Get referrals – Ask friends, family members, neighbors or co-workers.

·        If you want a particular geographic area and can’t get a good referral visit area open houses, drive the neighborhood.  Many realtors specialize in certain areas or types of property.

2.      Interview 2-3 agents

·        If possible visit them or interview them at their office.  Visiting their office can tell you a lot about the agent as well as the company they work with.

3.      Prepare a list of questions to ask potential agents. 

·        Ask about their Experience, how they work, etc…

·        Ask agent to explain the sales process with you so that you’re comfortable and know what to expect.   This will also tell you if they understand it themselves.

·        Ask him/her to explain the contracts & disclosures? You’d be surprised how many agents do not understand these important legal documents.

4.      For sellers, does the agent have a firm opinion of your price & can they justify it?  Or, are they just going to list it at whatever price you want.  Some agents will tell a seller any price just to get the listing.  Their goal is to install a sign, collect buyers, and then go back to you for price reduction.

 

There are many other things to look for but if you start by following these simple steps, finding the right agent for you will be easy!

 

Get Referrals…Find agent who works your area

Interview 2-3 real estate agents

Prepare a list of questions

For sellers, ask agent to justify price

 

 

 

Courtney & Anthony Have Great Time At Home Buyers Fair

Hi All,

We finished the Home Buyers Fair yesterday and it was great.  Visit www.CourtneySelf.com to download class material, podcasts and FREE real estate information for consumers, real estate professionals & investors! 

“How to save for a home of your own” & “Finding and working with a REALTOR®”   

 

 

Southern California Homebuyers Fair
Your Key to Buying a Home  

 

Saturday, April 12, 2008, from 9 a.m. to 6 p.m. & Sunday, April 13, 2008, from 9 a.m. to 6 p.m

 The Southern California Homebuyer’s Fair, sponsored by the Los Angeles Times and the CALIFORNIA ASSOCIATION OF REALTORS®.

LOCATION: The Los Angeles Convention Center in downtown Los Angeles; 1201 S. Figueroa St., Los Angeles, CA 90015.

LOCATION: The Los Angeles Convention Center in downtown Los Angeles; 1201 S. Figueroa St., Los Angeles, CA 90015.

DATE & TIME: Saturday, April 12, 2008, from 9 a.m. to 6 p.m. & Sunday, April 13, 2008, from 9 a.m. to 6 p.m.

COST: Free to the public

EVENTS: More than two dozen educational “how-to” seminars designed to help home buyers navigate today’s real estate market with confidence and peace of mind.

EXHIBITORS: The Southern California Home Buyer’s Fair also will feature more than 75 exhibit booths where visitors can obtain information from industry experts about a vast range of programs pertaining to homeownership and the home-buying process.

SPECIAL PROMOTIONS: Free “green” giveaways; first 200 attendees to present an entrance coupon on each day will receive a free movie ticket (one ticket per person). 

 

 

LOCATION: The Los Angeles Convention Center in downtown Los Angeles; 1201 S. Figueroa St., Los Angeles, CA 90015.

 

Success is a Journey Not a Destination

I recently did this speech at my Toastmasters club. Some of the information contained was found in various articles on the internet.

A positive attitude is the key to success in all areas of your life
“Ability is what you’re capable of doing.
Motivation determines what you do.
Attitude determines how well you do it.” Lou Holtz

My great attitude has been the driving force that has helped me move forward successfully in my business and more importantly in my relationships with my husband, our children and with other family and friends. As a real estate professional I have failed many more times than I have succeeded.

Your great attitude has many benefits beyond helping you achieve success. Studies have shown that a positive attitude, positive thinking, and optimism also have health benefits. People with a positive attitude live longer, they’re healthier and happier.

Harvard Business School conducted a study which reported the 4 key elements for success.
1. Experience
2. Knowledge
3. Intelligence
4. Attitude
Experience, knowledge and intelligence comprised only 6% of the elements of success while attitude was found to be 93%. “Mental attitude is more important than mental capacity.” Walter Dill Scott

To be successful you will have setbacks but you will never succeed unless you try and fail many times. Your positive attitude will be the motivator that keeps you going. A truly successful person is one who can keep getting back up and trying again and again. 

Understand that success is progress, not perfection and your success is a journey, not a destination.

Even if you have been a pessimistic, negative thinker for many years, it’s not too late to change. You are in control of your thoughts. A pessimistic way of thinking is habit; habits can be changed.

Here are some tips to help you stay positive in a sometimes negative world:
1. Expect to win and expect the best. When starting any plan or action, visualize clearly in your mind its successful outcome. Your expectation of an outcome can have a tremendous impact on the outcome itself.

2. Commit to learning for life. Read, take classes, listen to books on tape but never stop learning.

3. Don’t go looking for bad news. Minimize watching the evening news, especially right before you go to bed or get up in the morning. It will affect your dreams or set the tone for your day. Instead, before you go to sleep and when you wake up in the morning meditate, read something informational or inspirational. I like to get up before everyone else in my house in the morning, walk around my garden and prune my roses. It’s peaceful and I always have fresh flowers in my home so it’s a great way to start my day. Before going to bed I read to my children, I love the time spent together and it always improves my attitude.

4. Remove the negative influences from your life. This included people and circumstances. I spent years getting upset over one negative family member in particular (who shall remain nameless) and I finally realized this negative person would never change no matter how much I tried to please him/her so I eliminated that person. Since it’s a family member I still see that person from time to time but that person is no longer a dominate source of aggravation in my life.

5. Associate yourself with people who think positively. Aside from my friends and immediate family, I find most of these people in my networking groups and clubs like Toastmasters.

6. Change your language to reflect your positive attitude. Think of the little engine that could, I think I can…

7. Enjoy physical activity, go for a walk, and go to the gym. Even moderate activity helps to develop a more positive attitude.

Positive thinking is contagious. People around you pick up on your positive attitude and most will be affected accordingly. When you wake up in the morning and all throughout the day you only have 2 ways to think: 1.) Positive OR 2.) Negative. You will never be: Happy, Successful, A Good Spouse, A Good Parent, you will never be The Person You Want to Be Unless you develop a positive attitude. Period.

Practice some of the positive thinking tips and start enjoying a happier, healthier and more successful life!

 

Jumpstart Your Real Estate Business

Hi Everyone,

 Here are my class notes from a class I recently taught to new real estate agents.  If you’d like clarity or more of an explanation on any of the bullet points, post your question(s) or email me, courtney@self.cc

Business Philosophy
 Balance
 Align business goals with life goals
 Use technology wisely
 Be an expert = immediate credibility
 Work on not in your business
 Create systems & delegate

Goals
 Written
 Specific, Measurable, Unreasonable & Timely
 Personal: Vacations & family time come first
 Business: Income & sales, advertising
 Overall Business Plan with Budget
 Marketing Plan & Budget

Ways to Develop Business
 Networking
 Circle of Influence
 Seminars
 Doorknocking – Igor
 Mailing – Gary Fortune
 Print Advertising
 Floor time
 Open Houses
 Farming
How Do I Get My Business?
97% of my business is
repeat & referred clients.

COI – Circle of Influence
Networking
Seminars
Working Your COI Effectively
 Database management software: Top Producer, ACT, Outlook , Agent 2000 or Spreadsheet
 Create your COI database: friends, family, colleagues, past clients, service providers, power partners, other agents.
 Adding to your COI: Open Houses, networking & business groups, chamber events, special interest clubs, etc…
 Obtain permission to email or call
 Rate each: A, B or C client/prospect
I Have A Database, Now What?
 Send a letter of introduction: 2 cards
 Follow-up with a phone call or visit
 Schedule an Open House and invite your COI
 Host a client party or office open house
Top 10 Marketing Ideas
 Create your brand image: brochure, logo
 Design a postcard & letter campaign: Buffini, By Referral, Homes newspaper, newsletters (RE/Max), USPS.com
 Design an email marketing campaign: RE/Max member benefit – email marketing center or constant contact
 Website: Superlative, Pullan Communications
 Lead Street: Internet Leads, Free Webinars
 Toll Free #’s – free offers, 24/7 – good listing tool
 Voice blasts: FreedomVoice.com
 Inserts: Newspaper – expensive, Newsletters, utility bills
 Craig’s List – Free classified ads
 Create Your Team: partner with another agent, lender, insurance broker, financial planner, title rep, etc…
Partnerships
 Various partnership arrangements: per deal, specified period of time, 50/50, groups, partners, teams
 Have a trial period
 Have your agreement in writing
 Have an exit strategy: How will you divide clients, business assets, web addresses, phone numbers or logos
72 Hour Checklist
 Purchase database software
 Put together your COI
 Send your introduction letter
 Join networking group or club
 Identify 3 Power Partners
 Schedule 1st Open House

 

Live Your Dream Life

Fast forward to the end of your life (a long time from now), you’re on your deathbed looking back at the life you created. Are you happy with the life you led, was it rich and fulfilling, did you live with purpose, was it full of love, did you achieve everything you ever wanted?

Now you’re back in the present…ask yourself is your life today one that will totally satisfy you on your deathbed? Are you living the life of your dreams?

The difference between the people who live a life of their dreams and those who don’t is goal setting. Study after study has shown how important clear goals & objectives are to the success of any business, and this is no less true of success and balance in your personal life.

Many people mistakenly believe they have goals. They say to themselves I’d like to: “make more money”, “build a business”, or in my case ”lose weight”.  These examples are not goals.  A goal is a specific, clearly defined and measurable. 

When your goals are NOT clearly defined your future is unclear because you have no destination, let alone a plan to get there. That means you’ll never maximize your potential because you have no clear direction.  Imagine planning a road trip, but you’re not even sure where you’re going which means you certainly don’t know how to get there. Do you start driving around and hope you make it to a nice destination? Of course not, yet this is how many people live their lives. When you plan a road trip you know where you’re going and how you’re going to get there before you even get in your car. Then once you start driving, if you hit roadblocks along the way you simply take a detour and later get back on your planned route and ultimately make it to your destination. This is the same approach you should take with goal setting.

This is the time of year I always start thinking about and working on my goals for the upcoming year, my kids have settled into their school routine, my real estate business slows down a bit and the holidays are coming so it’s a great time to plan. I schedule not only for my business but I also plan all of my family vacations, improvements I’d like to make to my home, investment properties I’d like to buy and rewards for my success.  In my case whenever I close an escrow I like to take spa day.

Additionally I work on a long-term plan. I know where I’d like my life to be 5, 10 and 20 years from now.  When I work with a plan for my life I have clarity. I can quickly and easily determine if the task or project I’m working on will further my goals or if they are simply filling my time. When you act without clarity, you are wasting your time working on other people’s goals often without even knowing it. You’ll be working each day to enrich your landlord, your boss or your company. In real estate as with many other businesses it’s easy to get caught up in meaningless activities because they keep us busy but beware because these are the activities that make us lose our clarity.

However, when you set clear goals you work with focus, you know precisely what you want, why you want it & how you’re going to achieve it. These clear goals will focus and guide you every day so that you’re not wasting time on the insignificant.  Most importantly your life will be lived with purpose and will therefore be more fulfilling.

Here are my 5 Tips for successful goal setting:
1. Don’t compare yourself with anyone. This is where the world really does revolve around you. These goals are all about you and what you want. You will never work hard towards a goal if it’s not what you really want.
2. Write your goals. You will need to invest time if you want be successful in your goal setting – this is an activity it’s not a passive act. Your goals will not happen automatically you should plan to invest a few hours of undisturbed time to write out a clear description of what you want to and how you want your life to look. A goal that is not committed to writing is simply a daydream.
3. Review and revise. Plan to review your goals periodically to keep yourself on track. You may also find that what was once an important goal no longer matters because your life or perspective has changed. For example I once wanted to own my own real estate company but as my life and my business changed I realized that was not something I really wanted. Another goal I had and attained for many years was to be one of the top agents in my company however, once I had children my priorities have changed and with that I reorganized my entire business so that I can still earn the money I want but I do it an far less time so I can hang out with my family.
4. Be Clear & Detailed. Instead of writing your goals as something that will happen to you or as a checklist of things to do, create a vivid vision of your future and write it in the present tense. Just pick a point in time, whether it’s 6 months from now or 6 years from now, and write a clear and detailed vision of your life at that time then work backwards. Athletes use this technique; they picture themselves performing their event over and over again in their minds until they perfect it. Make sure that each of your goals is measurable. Either you achieved it, or you didn’t. Clearly defining your goals will help guide you each day.
5. Celebrate Your Successes. “Plenty of people miss their share of happiness, not because they never found it, but because they didn’t stop to enjoy it.” You should celebrate all you successes. This will motivate you to continue moving forward plus its fun.

Unfortunately most people will never set goals because of their fear of failure. The best way to guarantee failure is to avoid making clear, committed decisions. Teddy Roosevelt once said, “In any moment of decision, the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing.” Setting virtually any goal at all is better than floating through life with no clear direction.

Start living the life of your dreams today…start writing your goals!

 

Shameless Self Promotion

Courtney Self
Broker, Investor, Author & Occasional Speaker

Why Invest in Real Estate? The answer is: FREEDOM!

“True individual freedom cannot exist without economic security and independence.” Franklin Delano Roosevelt

JUST RELEASED…Anthony Self’s Latest Book: “I Sold My Soul for $60K a Year and How I Took It Back”.  Anthony shares how he went from Zero to $6 Million, how he “Fired” his Boss and took back control of his business and his life through real estate investing. Anthony explains how you can do it too!

When I say it gives you freedom, I mean it. Read Anthony’s book if you are…

• Currently tied to a successful job or career path, as he was, and feel trapped.
• Wanting to stay home to raise your children rather than send them off to daycare for hours everyday.
• Living paycheck to paycheck.
• Successful but have capped out your income potential.
• Merely surviving instead of thriving and don’t know where to go to get ahead.
• Currently renting.
• A homeowner and want to increase your wealth.
Whatever your circumstances are currently, real estate investment will increase your wealth and give you more freedom to do the things you want to do, rather than the things you have to do. This is not a get rich quick plan; in fact, it’s the opposite. It’s a way to get out on your own and take some control over your life. It may take a little while to achieve your goals, but the process enables you to have more control choices in your own

For free investment analysis spreadsheet visit www.moneyfrog.com