SMART goals are pretty much the standard when it comes to documenting what you want to achieve in your business and/or personal life. The acronym stands for Specific, Measurable, Attainable, Relevant, and Timely. If you’re looking for a way to set achievable and actionable goals for your St. Louis rental properties, this is a good place to start.
Let’s break down how exactly to do that.
Steps to Setting SMART St. Louis Real Estate Goals
1. Be specific.
The St. Louis real estate market is diverse. You can choose commercial or residential investments, new construction homes in HOA communities or older homes in established neighborhoods. If you set a specific goal and get strategic about where you want to invest and why, you’ll set yourself up for success. Be as specific as you can. “Invest in residential real estate” is not specific. “Buy two single-family homes with rental values that enable positive cash flow” is a very specific goal.
2. Make the goal measurable.
You need to know when you’re succeeding and where your challenges are in order to make your goals reachable. A measurable goal can be quantified. Maybe it’s buying five multi-family units in a well-maintained building. You’ve established the number of properties you want to invest in, and you can measure that by looking at how many deals you actually closed.
3. Attainable goals are achievable goals.
It’s good to be ambitious, but if your goal is not attainable, you’re going to find yourself defeated and depleted pretty quickly. Instead of setting a goal that says you’ll make $10,000 on a property this year, maybe set a more attainable goal that says “I’ll earn five percent more this year than I did last year.”
4. Make the goal relevant to the market.
An achievable St. Louis rental property goal makes sense for where you are in your investment career right now. It has to reflect the market, the economics, your current portfolio, and your level of experience. If you’re new to real estate investing, maybe an achievable goal doesn’t even involve buying a property right now. A good and relevant goal might be to expand your network and partner with a St. Louis property manager and a lending expert who can help you.
5. Timing is everything
Finally, an achievable goal for your St. Louis rental property depends on timing. Goals should be short-term and long-term intentions. A good short-term goal for your rental property might be re-painting before the end of the week or finding a new tenant for a vacant home within three weeks. Long-term goals might be to manage a 1031 exchange by the end of the year or grow your portfolio by two units in the next six months. Timelines are specific and unique to your investment goals.
Additional Ways to Keep St. Louis Real Estate Goals Achievable
The SMART goal model is a great guide, but there are other things you can do to achieve your goals. For example, get to know the local market really well. This will help you make smart investment decisions and allow you to market, price, and maintain your property accordingly. Network with other real estate professionals who are doing what you do. Attend events and reach out to people who impress you with the way they work.
Finally, make sure you’re constantly reviewing your goals. They shouldn’t be written down and then forgotten about. You need to continually revisit them and make the necessary adjustments to them.
Working with a St. Louis property management company can help you meet your goals. We’d be happy to help. Contact us at Amoso Properties