The perfect time to set yourself goals or rethink your goals and prepare a proper plan for your future is right NOW.
There is no better time than right NOW to remind yourself that if you want to build a successful and sustainable real estate development business then you will need to set solid foundations.
The four key areas successful real estate developers use to set solid foundations, are:
o developing the right mindset
o setting realistic goals
o preparing a proper plan
o making better use of time
Rich Mindset Secrets
We cannot stress enough the importance of creating the right mindset because having worked with many property developers, we noticed that the successful ones had a “Millionaire Mindset’ – their achievements were not sabotaged by their previous mental conditioning.
We’ve spent a lot of time researching the Rich plus the common characteristics and habits we identified that collectively formed their mindset and contributed towards their success.
As soon as we adopted some of these ourselves we were able to accelerate our learning curve and we saw a marked improvement in our own ability to make larger profits in a much shorter amount of time.
Internationally renowned Personal Development coach Paul Blackburn of Beyond Success also helped us with a lot of the emotional stuff and we made some of our biggest breakthroughs during Paul and Mary’s ‘Mental Toolbox’ 3-day workshop where we learnt how to identify and eliminate our emotional blockages to success.
Learning and implementing the mechanics of Real Estate Development may allow you some level of initial success; however newcomers who don’t alter their way of thinking and create the right mindset aren’t able to preserve when needed and a lot simply give up after their first attempt at Property Development.
Successful Goal Setting
When you set your goals you need to think of your goals as drawing a map. If you know where you are and know where you want to go, even if you do get lost, you will find your ultimate destination, namely your destiny.
In the beginning when we were setting our goals we looked at the big picture and began with the end in mind. We knew we wanted to build a sustainable property portfolio that was large enough for us to one day live off both the rental income and the increased equity.
We decided to work out step-by-step, how we were going to achieve our financial goals as well as set an appropriate timeframe and we knew that we could reach our goals much faster using Real Estate Development as our investment vehicle.
Once we had set our goals the next thing for us to do, was to prepare a proper plan. Remember, “A goal without a plan is just a wish”.
Planning is recognised as one of the most essential and indispensable elements in wealth creation and critical in today’s world.
If a plan is not simple, specific and complete then it’s going to be hard for anyone to implement it. Even if your plan is all these things, a good plan is going to need someone to check it and follow up on it.
Here are a few real estate development planning tips to help you get started:
o make sure you are practical
o ensure you set solid goals, responsibilities and deadlines
o assign tasks, milestones and deadlines to people for tracking and implementation
o regularly review and keep track
o meet changing circumstances by always updating your plan
o to be sure you cover everything use planning templates and tools
o use your action plan as though it was a living guide. In our ‘Essential Planning’ guide we discuss how to plan and stay focused so goals can be achieved much faster
Time Management Mastery
One thing that made a huge impact on us achieving our goals faster was adopting the ‘Pareto Principle’ (more commonly known as the 80/20 rule).
This helped us to stay focused on the “20 percent of things that mattered” and saved us from wasting an enormous amount of time and energy on things that just weren’t necessary.
In fact, applying this principle can change your life, as it allows you to achieve 80 percent of targets in 20 percent of the time, by reminding you to focus your time, energy and resources on the 20% of the job that really matters.
If necessary, the remaining 80 percent can be outsourced, delegated, streamlined or pruned, taking up only 20 percent of your time and resources.
Therefore, if you focus your energy and time on the important 20% of activities, you will not only be ‘working smarter instead of working harder’, but, more importantly, ‘working smart on the hard things’.