4 Ways To Set Your New Year Goals
What are your big goals for the next year?
If you are tired of cliche new year’s resolutions, that is understandable. Yet, this is still one of the best times of the year to invest in goal setting and planning for your finances, investments and real estate business.
You’ve got to have goals. If you are going to have goals you might as well set big ones. At a minimum we should all be shooting to beat our current personal best, and last year’s results.
However, there is more than one way to set your goals. Here are four of them to consider…
By Deal Volume
One way to set your goal for this year, and to build on your success so far, is to set it by deal volume, or transaction count. So, if you recently started in real estate investing, and did 10 wholesale houses last year, and want to 10x it, and go full time this year, you would set a goal of 100 over the next 12 months. That’s about 8.5 per month, or a little over 2 per week.
By Gross Revenue
When people say “I want to make $X this year.” they are often or typically talking about the topline, or gross revenue.
Depending on what stage you are at, that may be $1M, $10M, $1B or $1T over the next year.
Some count the dollar volume of real estate value they trade. So, 10 $100,000 would be $1M in volume. Though of course, you don’t get to touch all of that money. So, the gross income to your business or investment account would be a better metric. If you made an average of 10% per deal, then that would only be $100k in this scenario.
By Net Profit
It is probably far more meaningful to count the net profit you actually make in real estate. That’s the money you can actually use, spend, and reinvest in your real estate business.
This is important, because it is entirely possible to break your record for deal volume, and still actually lose money at the end of the year. Just ask Zillow. The same goes for gross revenue. Zillow was bringing in billions of dollars each year when it went bust.
Watching your net profit, including taxes, will make sure you are not caught by surprise in a similar situation. It will also help you focus your time, dollars and energy on the deals which are most profitable, versus just being busy and putting up vanity metrics to impress others.
By Desired Giving Or Impact
Giving and impact are often after-thoughts for many individuals and organizations. Even those that say they will give 10% to charity. Often there may be nothing left to give when they calculate their net.
If helping others or a certain cause is what you are really most passionate about, consider talking this another way with your goal setting.
You could make your main goal to give $X to a certain cause, or to house 100 families this year. Make it big, and you will be well compensated for achieving your mission.
Remember that achieving these goals will largely be driven by your marketing. Take this time of the year to back out the numbers on how much marketing you need to do to hit your goals. Hire the best help you can, and get ahead of the game.
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