Tuned in to watch the ball drop in Times Square? Check. Bottle of bubbly chilling with the cork ready to pop? Check. Someone special lined up to receive that (socially-distanced?) first kiss of the New Year? Double-check. Real estate investors are particularly adept at setting short-term goals, especially when it comes to New Year’s Eve festivities.
But New Year’s is also the perfect time to make resolutions for your real estate business in 2021—because there’s always room for improvement. Here are the top 7 real estate investor resolutions for 2021 that can help take your business to the next level.
- Determine a long-term real estate investment strategy.
One of the most important New Year’s resolutions for real estate investors is to develop a long-term strategy. When you follow your strategy, opportunities will fall into place and you’ll feel confident—that is, if you know where you’re heading and why. Disappointed? Hopeless? You won’t be if you can clearly define your goals and objectives for the next five years or more. Then consider what kind of properties would help you get there.
- Be clear about short-term goals in the next three years that build on your long-term goals.
Many real estate investors get caught up in the excitement of an opportunity when they take over a property. They love the initial success, but they soon lose sight of the real estate investment plan that’s been developed for them. This can lead to the temptation to back off and sell a property that they simply got too “crazy” about in search of a better investment opportunity.
Short-term goals are essential for your long-term goals, yet we often don’t plan ahead enough for them. Use this year to address that aspect of your business and set three short-term goals that build on your long-term strategy.
- Commit to a full-time real estate investment career with one partner.
In the midst of a busy, harried real estate career, it’s easy to find yourself working alone. The single biggest mistake that most would-be real estate investors make is not having a partner to help them succeed. You can’t afford to be working alone for the foreseeable future—and you need someone who will support you in going solo out of their own commitment to your growth. When you have the right kind of partner in your corner, it can be a major game-changer for your entire business.
- Learn to manage your time effectively.
There’s no way around it: If you want to be successful in real estate, you need to learn how to manage your time more effectively. Your business calls for organized systems and tools that help you keep on track with your priorities so that all of the moving parts don’t come crashing down on top of you. You can do this! Just remember this resolution as a reminder that it’s up to you to make the necessary changes to achieve your goals—and not let procrastination get the best of you.
- Schedule a weekly time block for prospecting and marketing activities.
Your pipeline of clients is the lifeblood of your real estate business. If you don’t market your business and seek out new opportunities, you won’t be able to generate cash flow and grow your bottom line. Make sure that you schedule a specific time to go after these activities every single week. Use this time to take on more clients, generate leads, or create social media posts for your website—whatever it may be—and stick with it until it becomes a habit.
- Create a relationship-building strategy that works for you as a solo agent or team builder.
The biggest challenge that real estate agents face is building mutually beneficial relationships with clients that are long-term in nature. You have to create a strategy for getting to know your clients and making them feel valued so they’ll return to you again and again. And this doesn’t happen overnight! You need a system for nurturing relationships, and it might take some experimenting before you find the right one for you.
- Commit to becoming financially independent.
The last of our New Year’s resolutions for real estate investors can be achieved by using the previous six resolutions as a roadmap. It all comes down to money, or more specifically, your mindset around money. Make the commitment to steadily increase your passive income so that you’re not caught in the moment again like it was when you were broke. This is a big step toward making your real estate career successful, and you won’t achieve it if you don’t take it.
These are The 7 Top Real Estate Resolutions for 2021. If you have other resolutions for yourself, please feel free to share them below!
Ringing in the New Year with the right real estate investor resolutions is one of the most positive and empowering things you can do for your business in the coming year. Use the lessons learned from last year as a guide to your success, and you’re sure to be on solid ground for great things to come in the new year. Happy New Year!
More networking adds more people to your contact list. The more people you can reach out and touch with by email, phone calls, cards, or letters, the more your income will increase. And speaking of making more money, create an action list of specific steps to take in 2021 to boost your profits by 10%, 15%, or more – then be sure to take concrete action.
No real estate investor is an expert in everything. That’s why rounding out a real estate team is so important. Having people that bring something extra to the table is the way that more real estate deals get done and more money is made. Expand your comfort zone by learning new things and stay on top of the latest laws and regulations in your market.
A real estate team is about more than just sharing the same broker. Yes, they’ll be able to help each other move properties and provide support, but real estate agents are all individuals. Working together with a partner you can trust will give you twice the peace of mind and allow you to build your business in a much more powerful way.
Reinforce your brand by adding a social media marketing strategy to your arsenal. Real estate is the one industry where it pays off to have an online presence that attracts new clientele through social media. Simply put, it’s all about being seen in today’s digital world. Keep your online status up to date and try to add more followers over the next year so that you can take advantage of the power of social media.
It’s been around a long time and it’s still going strong: business cards. Yes, there are other ways to connect with people in the digital world, but a business card is an instant, personal connection for both parties. Real estate agents have business cards on them at all times, because they know how important it is to connect with new clients in this highly competitive industry. Plan on getting dozens of of more cards printed up in the next year for networking events and follow-up thank you cards for clients who refer you to friends or family members.
Real estate agents can use the internet to their advantage. If you’re not on social media, you’re missing out on marketing opportunities and increasing your visibility online. Make sure you’re using all of the platforms available to you in order to maximize your exposure and get more leads. Are there any that seem particularly important? Maybe use them for a specific kind of marketing or follow a special niche audience in order to build relationships with people who will eventually lead to business.
Stay up-to-date on current laws and regulations, and be prepared for any changes by setting yourself up as a proactive client advocate. Ask questions and get involved in policy changes to make your market more productive for everyone. Pay particular attention to the entities that have a significant influence over your business, like the National Association of Realtors (NAR), your state’s real estate commission, and the local association of real estate professionals.
Real estate agents who want to succeed need to maintain control of their finances. Even if you’re currently making a good income, you can see how quickly your personal bottom line can deteriorate with unexpected expenses and other unknown costs. Take steps now to make sure that your future isn’t compromised by something as simple as bad financial planning! Set up a budget for yourself and stick with it. Schedule regular payments into your savings account. Automate your bills and set up alerts to make sure you’re always aware of expenses that you can’t miss. Set up a separate savings account to handle emergency funds.
One of the most important real estate investor resolutions for 2021 is to step up your income. Be aware of the things that add real and measurable value to your business, and take action on them now so that they become ingrained in your daily routine. The last thing a successful real estate agent needs is to be caught off guard by an unexpected expense or other unexpected costs that could compromise their livelihoods or ability to do business at all.
Real estate investor resolutions can help you set yourself up for success in the new year. As you consider your own goals and resolutions, ask yourself what areas of your business need improvement. Are there steps you’ve been putting off because they’re hard to take? Are there projects that would be beneficial but seem too big to get done? Pick one action step that’s manageable, and get on it now! Remember: small steps are how great things happen!
If you were looking for a resolution, now you know what it is! Don’t just sit around waiting for opportunities. Jump in and take action to give yourself a better chance of making more money in real estate!
For more information, you can visit Real Estate Calculators.
