Property investing is not just for the rich people in the world, it is for everyone. Whether you want a nice little nest egg for your retirement or you want to become a full time property investor there are ways in for everyone.

There are steps you can take to make property investing a reality instead of a dream. In this series of articles I will outline the 8 steps you can use to reach your property development dreams quicker.

Step 1

Define your goal
Unless you know where you want to go you will not get there. You first have to look at your goals for property investing. It’s not as simple as saying I want to make a million from property developing. You will learn that goals are more achievable when you use the S.M.A.R.T system for setting goals.

The S.M.A.R.T System

You may have heard of this system as it has been talked about a lot in personal development circles. However, I still use this system and it is still an effective way of setting your property developing goals.

Be specific
When defining your goals make sure there are no room for questions. Make them concise and to the point. For example your goal might be: ‘I will have bought and sold my first house and make a profit of £10,000 within 1 year’. This is clear; it is specific and has no room for questions.

Measurable
How would you know you have achieved your goals unless they are measurable? You can’t! Make sure your goals are measurable.

Attainable
Goals have to be attainable. There is no point in saying ‘shoot for the moon’ as you will be doomed to failure. As in life, the best way to achieve goals for property developing is to make your goals attainable. There is no point in saying you will make £5 million from property developing in the space of 5 years. Make your first goal smaller and when you achieve that, and you will, it will lead you to set bigger goals. The achievable becomes achievable over time only when smaller successes have been built upon.

Realistic
In property development, you really have to be realistic with your goals. Look at the resources you have available to you i.e. money, experience, your network etc. Being realistic is not about putting you down it’s about looking at what’s available to you now and making the most of it.

Timely
When setting your goals it is important to incorporate a timeline. This sets your mind for success. Think about these two statements:

I want to have bought and sold my first house and make £10,000 profit

Within 1 year, I will have bought and sold my first house and realised a profit of £10,000 or more.

The S.M.A.R.T system is a great way of setting goals. It is the way I have set my goals for years and it still works.

The next article will be ‘developing a desire to achieve’

Let me know what successes you have had setting your property development goals.

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