I was going to put "goal-setting", but what good is it if you don't reach it?

I've had some big goals for a while:

Being trim & healthy (been there - getting there again)

Buying an RV and seeing the country; stopping by to see my children (future grandchildren) when I / they want.

Becoming debt-free

And to achieve the above: running my RE business as efficiently as possible.

Now I need to be serious about setting and reaching smaller steps to get there.

I "assume" (dangerous word) that the most organized and successful here use quite a bit of technology - not just for screening and tenant communication, but also calendars, reminders, social media advertising. In these areas I have a steep learning curve ahead.

I have a lot of updating of documents and checklists to make, would like to scan receipts, documents and tax stuff etc. so they can be stored on a thumb drive and put the boxes of papers somewhere out of my way.

I also have empty rooms (rooming house). I have already set my first priorities as:

1) Taxes done (today)

2) 100% full rooming house

3) Complete renovations for my daughter's house

4) Seek to acquire more property.

#2 requires figuring out how to find the tenant pool I want. I am trying furnishing 2 rooms, considering lowering the rent & income requirements, changing screening & payment methods, updating documents, creating contacts/leads in the community.

Any advice as to what should take priority? For example:

Update documents first, or refine screening methods?

Change mode of advertising first, or change the type of rental?

Keep my paper calendar, or spend the time to try to figure out the "cloud" or whatever? (I do have a techy SIL, who I am going to try to hire to help me with some computer stuff)

I do have some ideas of my own - LOL - but I always say a wise person learns from other people's experience & mistakes, too.

Thank you in advance

DJ, congrats on wanting to do more with life! Goal-setting is all about reaching for something more than today.

That said, I think there's some confusion going on here...

Goals require 3 things:

1) They are specific

2) They are measurable

3) They have a time-frame

So let's look at two things you're working on:

A) Run my real estate business as efficiently as possible.

Is that specific? No.

Is it measurable? No.

Does it have a time-limit? No.

So being "as efficient as possible" is not a goal. Rather, to use business terminology, call it an operational vision statement.

B) Being trim & healthy

Is that specific? No.

Is it measurable? No.

Does it have a time-limit? No.

Again, a vision statement, but this time a personal one.

To be clear, I think they are WORTHY things to do, but they're not goals. Let's revamp them into goals!

A1) I will develop systems over the next 3 months to automate 80% of the applicant and tenant screening process with a 24-hour or less turn around from the time the application is submitted.

A2) I will develop a system over the next 2 months to track maintenance tasks from the time they are reported until the time they are complete, with a 95% or better customer satisfaction rate.

B1) I will reduce my body fat percentage by 4% over the next 3 months.

B2) I will increase my cardiovascular endurance over the next 3 months to where I can run a 3 mile route in 30 minutes or less.

All of the above are:

1) specific

2) measurable

3) have a time frame

The next step after setting a goal is to develop implementation steps. For example, if your "B" goal is greater fitness...how will you decrease your body fat and increase your cardio? Will you eat fresh vegetables 2-3 per day? Will you cut out soda and ice cream? Will you run or bicycle 3-4 times per week for a minimum of 30 minutes? All that is up to you...you will research what works and try out various strategies to see what works best for you!

.

Happy goal-setting/achieving!

DJ, what's been the main challenge keeping the rooming house rented? Is it located in a densely populated area?

What Sid said above PLUS. Many people "fail" at their "goals" because the goals aren't "SMART" (Specific, Measurable, Attainable, Relevant, Timely).

Also, it's not just making the goals "SMART" it's about HOW you are going to do it. I had an agent that made the statement a few years back "I'm going to list X houses per month … that's my goal this year". I then said "How?" She just looked at me blankly and said "I just am".

She didn't and I wasn't surprised at all. She had no plan of HOW she was going to do it.

So to build off of what Sid said you should have "smaller steps" in the goals of HOW you are going to reach that main goal. For example - B2 - what are your going to do to get to the 30 minute 3 mile within the next 3 months?

If you haven't been running then I would suggest that you WALK first - for the first few days/week then walk/jog the next few. Then jog/walk the next few. Eventually, you will mostly be jogging/running and be able to "hammer down" your time.

Each "step" is a milestone (Minnie goals) and you are accomplishing them as you continue towards your goal (you are now WINNING and feeling good about yourself and your progress).

Thanks cjl for reminding me of the acronym. I'd forgotten that from 20+ years ago... It's become somewhat natural.

Now that I remember them, I recall being taught the 'R' means 'Reasonable' or 'Realistic' vs. Relevant, but I guess it works either way.

You guys are making me laugh with that running analogy. LOL! NOT me!

Me: power walk/jog, low weights high reps, eating healthy (lifetime Weight watchers member).

But yes, all good points to focus me (and others who are listening)

Writing things and checking them off works for me - but I've learned not to put too much on the list at once. Then it can backfire & seem overwhelming.

Thus the pondering on: Where to focus most first? (Of course there will be overlapping)

Definitely needs to be some personal wellness as well as business goals - both have been put off too much.

Gkarl: That's what I've been trying to figure out. Been wanting to pick your brain on that.

(sorry I never called. Lost your number & too embarrassed to ask again! But if you're willing to forgive, my email can be found on my company's .net website - same ass the company name. The company name is "The Nice Home People". Run it together with no caps)

Many of them just never follow through, even if they pass pre-screening on phone.

A couple have wanted furnished, so I'm experimenting with that.

A few want more than 1 person in the room. Too many to share a bath.

Quite a few have too low income, but "stable" Soc Sec Checks. I know - not garnishable, but I can get them out quickly for no pay.

That's why I'm thinking of lowering the income requirement and the rent amount (NOT the criminal & recent eviction requirement). Because more rooms rented at a lower rate = more $ than empty rooms.

I'm looking for $800/ month income for the $120/wk rooms, and 900 / 1000 for the 125/130 rooms, respectively. Have had several call who get a check for 735-750.