A new year. We ring it in with champagne, fireworks, kisses and confetti. Along with it comes a hope for something different — something better than before. No matter how good or how bad your 2017 was, 2018 just seems like the kind of year to get it right.
Plenty of people make resolutions — to lose weight, to change jobs, to buy their first investment property, to buy their fifth investment property, to achieve a previously unconquered goal. Within a week or two, we usually fall back into old habits and quietly forget we decided to make a change at all.Don’t let that happen this year!
Even when things are going right, we all have room to improve — real estate investors included. When it comes to New Year’s Resolutions, there are plenty we can make and stick to. The key to resolving to make a change is remembering that the change can have life altering effects some where down the road. Even the small, minor adjustments we want to make in life can be huge and a light change in thinking or a small declaration can make 2018 a big year for real estate investing.
5 New Year's Resolutions for Real Estate Investors
Re-evaluate your short and long term investment goals.
The new year is a great time to take a good hard look at your goals. If you’ve found that you’re off track, you can plan to get yourself where you want to be by revising your short term goals. Meeting with a financial advisor at the beginning of the year can also be to your benefit. You may find that, after investing for a while, your long term investment goals have changed. Even if they haven’t, now is the time for real estate investors to refocus themselves and get a fresh start for the new year.
Refine your investment portfolio.
It’s time to get the portfolio you’ve always wanted. Maybe you found your niche in 2017 and need to cut out properties that don’t fit the bill. Maybe you want to explore and diversify. Either way, start 2018 by consciously planning how you want your portfolio to evolve this year.
Network more effectively with other professionals.
Very few people enjoy networking. Still, it’s a vital part to any business, particularly ones that deal with people. If you’ve let some professional relationships fall by the wayside, spend some time reconnecting and catching up. You just may be the person someone needs to hear from — and maybe you can help one another meet your goals more effectively.
Learn something new.
Over the course of the year, it can get all-too easy to get wrapped up in our own investments that we don’t step back and look at the world around us. In 2018, make the change — dedicate yourself to researching and learning something new about the real estate market. Learn new strategies, investigate new trends and stay informed. You’ll gain valuable experience through both successes and failures — but nothing if you stay the same.
Be more disciplined.
Lastly, make the New Year’s Resolution to be more disciplined with your real estate investments. Plan better, get more organized and work on communicating your needs and vision to your team. Where can you make improvements? It could be as small as getting a new planner, or it could be as big changing your approach and schedule entirely.
What will your real estate investment New Year’s Resolutions be for 2018? Share with us in the comments. And while we are at it...2018 would be a great year to make sure we don't repeat any of our past mistakes or make the same mistakes that other real estate investors have told us not to make!