Put Down the Avocado Toast and Pick Up a Strategic Plan: Turn Your Real Estate Goals Into Reality
It's officially 2019! *I’m not panicking, you’re panicking.* But really, we all know that a new year is the best time to not only take stock in what you accomplished last year, but also to start creating your goals for the year- especially if you want to take the plunge into real estate. But is just jotting down a list of anything and everything that pops into your head, only to be lost under a stack of papers two weeks from now really the most productive way to go into the new year? Probably not. Having a list of goals is great. It’s the first step. But then you’ve got to take those goals and make them a reality. You’ve got to do it with purpose. Because, how else are you going to get to where you want to go if you don’t know the steps on the path?
So, you take those goals and you turn them into a Strategic Plan. It’s a great tool that some of the most successful, goal oriented companies and people swear by. And we’ll show you exactly how to do it.
Basically, a Strategic Plan is a way of taking your giant dreams, turning them into a-little-bit-less-giant goals, and strategizing and breaking down each of these goals into bite-sized pieces that you can work toward regularly to actually accomplish those dreams. It’s not something you can do in a morning. It isn’t something someone can do for you. It requires certain essential elements to keep it honest, personal, motivating and achievable. You’ll need to devote several hours over the course of at least two days to do this properly. And ideally in a venue where you feel inspired.
One critical, but often overlooked element is sleep (Yes, we’re advocating sleep as a way to achieve your goals). We won’t go into the neurochemicals that are released during the strategic planning process, but you can learn all about it here. The goals you set via the Strategic Plan need to be processed by your brain and accepted internally. In order to get you from where you are now to where you possibly could be, your subconscious needs to buy into the concepts and changes. Allowing 24 hours and a good night’s rest will help solidify your plan. You’ll toss out some ideas and embrace others. You’ll feel exuberant, exhausted, exuberant again, then finally excited and committed to start the year.
For the purpose of this post, we’re focusing on becoming a real estate investor. And, it’s something you can begin today without quitting your job or having to go back to school, spending tons of money or gaining new certifications or licenses. Whether you want to be the next Barbara Corcoran or you just want to buy your first home, the best way to make that happen is to start with a Strategic Plan. Here’s how it works:
Step 1: Blue Sky Dreaming
Ask yourself, “If I were wildly successful, what would it look like?”
Blue Sky Dreams are the things you’d want to accomplish if you could imagine your best self, living your best life. If you were wildly successful (like, even more successful than being able to afford both avocado toast and a house.) Do you want to run a real estate empire in 10 years? Put that on there. Do you want to own vacation rentals across the globe? Yep, that goes on the list too. Nothing is too big for this list. Because, like we said earlier, you’ve got to know where you want to go in order to start taking the steps to get there.
Then break that down to one year. If I were wildly successful, what would that look like on December 31, 2019?
What does my bank account look like? Where am I vacationing? How am I helping others? What am I wearing, driving? Where am I living?
Step 2: Name Your BHAGs
Or, your Big Hairy Audacious Goals. Once you’ve got your Blue Sky Dreams and have asked yourself how you envision your wildly successful life, then you create your BHAGs as the answers to those questions.
The way you answer those questions is totally up to you: jot them down, make a bullet journal, create a vision board—whatever works best for you.
Remember, specificity is the key here and will be important later in the year. It will let you know if you’re on course to achieving the BHAG or if you have fallen off course. (The Strategic Plan is like a Flight Plan; the BHAG is your destination location. If you set a flight plan for a tropical island, but suddenly find yourself over swamps and craggy mountains, you know it’s time to make corrections.)
Example for a new Real Estate Investor: “It’s December 31, 2019, and as a wildly successful real estate investor, I see myself in my newly updated, open-concept bungalow with my new car parked in the drive. I had a $20,000.00 down payment and I have another $20,000.00 to furnish my new house. I’m surrounded by my family and friends at the open house holiday party I’m hosting. For the New Year, me and my college roommates are meeting up in Costa Rica to help build schools in remote villages with a non-profit organization I’ve been supporting this year. “
Now that can definitely seem like a big hairy audacious goal. It can even seem like a total pipe dream as you’re writing it down. But it’s beautiful and worthy, and motivating. And that’s what you’ll need to make it achievable. And then, when you couple putting those goals to paper with actually taking the steps to make them happen, that’s how they materialize.
Step 3: Eat The Elephant
You know that saying, “How do you eat an elephant? One bite at a time.” Do that. Start taking bites out of those audacious goals. Break them down into smaller pieces: quarterly goals, monthly goals and objectives, weekly objectives, and daily tasks.
Go to the local Real Estate Investor’s Association (REIA) meeting monthly. Listen to a real estate investing podcast every day.
You may find people who say it’s impossible to achieve these in 12 months. But it isn’t. You just need to equip yourself with the tools and knowledge of today’s real estate market.
It can seem like a lot, but we’re here to help you. Send us your Blue Sky Dreams or your BHAGs and let us walk you through how to turn those into the perfect strategic plan to make your real estate dreams come true.
The Three Tall Girls