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Getting Clear For a Great Next Year -- Why Goal-Setting Isn't Enough
By Sharon Teitelbaum
Incredible as it may seem, 2006 is just about over. Hopefully, you've
had a year filled with new friends, new deals, new insights, and of
course, new profits! If 2006 hasn't been one of your best, however,
don't despair. I've got five specific recommendations -
recommendations which go beyond simply setting goals, and which I've
helped others successfully apply in my ten years coaching real estate
professionals - to help you start or grow your real estate investing
business.
Whether you're new to the real estate industry or an old hand, there
are actions and strategies which you can begin now, to make sure 2007
is your best year yet.
- Eliminate the energy drains.
We've all got a finite supply of time and energy; I'm sure you're not
surprised to hear that. What you may not realize however, is how much
of that limited time and energy is stolen by small irritations we fail
to take care of. The car that needs an oil change; the appointment
with the dentist that keeps getting put off; the file cabinet that
needs organizing.
* Next 37 17 investors only!
None of these incompletions by themselves are significant, but add
them together and you've got a ton of distractions sitting on your
shoulder, nagging at you and tying up your focus. Like a computer
with too many programs open, these small annoyances slow down progress
in other important areas of your professional and personal life.
Eliminate energy drains by making a commitment to check one of these
items off your list each day. In a very short time, you'll feel a
surge of mental and physical energy that you can now put to good use.
- Clear enough space - both physical and mental.
Many real estate professionals work from home. The convenience and
flexibility is one of the industry's benefits, and it's hard to beat
the 30-second commute from the bedroom to the basement.
The danger in combining personal space with work space however, is
that it's easy to get overwhelmed with clutter and disorganization.
You can't run a business on scraps of paper, and although you may need
to "put your office away" periodically when guests come over for
dinner, for example, you need dedicated space and equipment to get
your work done. It doesn't have to be a "real" office and it need not
be fancy (I worked on the dining room table for years), but it needs
organization, along with materials and supplies that are worthy of the
enterprise and that will keep your emotional energy flowing.
Even more to the point is mental space. First time entrepreneurs in
particular, tend to underestimate the time and effort involved in
setting up shop. But working at it "here and there" won't get the job
done, and in preparation for making a go of your business, you'll need
to jump in with both feet. As a result, that will probably mean
letting go of some other commitments - things you'd just as soon not
do - so that you have the time and clearance needed to focus. Let
your friends and family know that your ability to head up the church
committee, host the next big event or plant the new garden may have to
temporarily be put on hold.
- Keep yourself nourished and hydrated for the long haul.
While you'll probably need to forego some of your less enjoyable
commitments as described in recommendation #2 above, take care not to
throw the baby out with the bath water. Building a business is a
marathon, rather than a sprint, and as any endurance athlete knows,
you can't work all the time - rest is essential.
Unfortunately, and particularly when things are not going as you'd
like, there's a tendency to work more, and to ignore those things
which keep our hearts fueled and our batteries charged. For you that
may mean running in the morning; for someone else it may be going
dancing once a week. Whatever it is that clears your head and gives
you joy, resist the temptation to put yourself on an austerity program
(i.e. "I can't enjoy myself until I'm successful") by cutting out your
favorite activities. These things are not simply rewards for your
hard work - they are part of the nourishment which helps you to
succeed in the future, and it's essential for your success that you
keep doing those things you love.
- Get help when you need it.
Working on your own doesn't have to mean working on an island. Many
people have come before you, and often - at little or no charge - you
can learn from them. Take courses, network with more experienced
investors, read books, etc.
Hire professionals when you need them. Engaging the services of a
competent attorney or accountant, for example, will keep you from
having to become an expert in everything, and will free you to focus
on what you want to become an expert in, that is, investing in real
estate.
Consider delegating small, lower-level tasks (that don't really
require YOU to do them) to others. For example, out of the 18 hours
that you'll be awake on a Saturday, is it really worth spending five
of those raking leaves, if you could use the same time to be with your
family or work on your business? Household chores are often
wonderfully delegateable, and by bartering, trading, calling in
favors, etc. (it need not be paying cash), you can shed some of the
lower-level maintenance chores that chew up your precious time.
- Translate your goals into behaviors.
I'm sure you've heard it before: "If you don't set specific,
measurable goals, you'll never achieve all that you want." I don't
disagree, but it's just not enough. Deciding that you're going to buy
three properties in 2007, for example, doesn't say anything about how
you get there.
Once you've set your goal, you'll need to "chunk it down" into
actionable behaviors. Sit down and figure out what you need to do
every month, every week and every day, to reach your objectives.
Determine the steps within your goals - "I'm going to visit ten
properties this month;" "I'm going to research rents in a particular
town this week;" "I'm going to finish five chapters in the real estate
book I'm reading today;" etc.
You may not know all the steps needed to reach your goals, and that's
fine. The key however, is to start laying out the steps - the chunks
- that will get you there. And then do them.
Real Estate is a wonderful industry, offering great potential for both
personal satisfaction and financial freedom. With this independence
however, comes a need for creating and managing your own physical,
mental and emotional environment. Regardless of which way the market
may go in the coming months, by taking control of your own life, and
getting clear for the next year, you'll have the potential to make
2007 your most profitable year ever. I wish you all the best.
Work-Life Coach Sharon Teitelbaum was a presenter at the MA
Association of Realtors 2005 Leadership Academy and was featured in
Realtor Magazine, published by the National Association of Realtors,
in "What Life Coaches Can Teach You," by Bridget McCrea. Her 2005
book, Getting Unstuck Without Coming Unglued: Restoring Work-Life
Balance can be purchased at her website. Contact Sharon at
Sharon@stcoach.com, or at
http://www.stcoach.com.
Don't miss Sharon Teitelbaum, live and in-person, as she shares her
insights and point of view at our December Turning the Key: Monthly
Investment Meeting. Click here for details.
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