In this video, Rapid Renovation Expert Naomi Findlay reveals her top 3 tips when setting property renovation goals. Check them out!
Happy New Year!
I’m actually away on the amazing coast of New South Wales with my family and good friends to start the New Year. It’s been lots and lots of talk around the table about what my favourite investment is and what a great New Year’s resolution should be.
Now, I’m not a massive believer in just New Year’s resolutions. I’m a believer in goal setting all around. So what I’m going to talk about today involves the 3 very important tips that I use when I’m setting goals around my property and my renovations.
ALIGN YOUR GOALS TO YOUR OVERALL STRATEGY
I don’t like just to have goals that are based on a new fad or on a new publication. I’d like to make sure that they’re based and perfectly aligned with the strategy that I’m using to govern my renovating business.
SET GOALS THAT ARE TIME-BOUND
So I always make sure that not only are they practical and relatively achievable. I also make sure that within a time period, it’s going to push me a little. Remember, if you’re feeling comfortable and you’re inside your comfort zone, then you’re not pushing yourself far enough.
BREAK YOUR BIG GOALS DOWN
Let me give you an example. One goal that so many people try and set themselves is that they’re going to nail 7 properties in the first 6 months. They’re going to renovate them, they’re going to keep half of them, and then maybe flip the other half.
That’s an amazing goal to have but often, it can impede you from getting started because it just seems too big and too hairy like a big hairy toad to eat.
So whether you’re just starting out or if you’re an experienced renovator, you can revitalise your strategy by breaking your big goals down into much smaller bite-size goals.
For example, it maybe for Weeks 1 and 2, I’m going to start to work in finding my patch. And then, on Week 3 and 4, I might have identified all the moving and selling agents that are working in my area. And then maybe by the end of the second month, I’m going to become the expert in what I need to do in that space.
In sum, that’s knowing what properties are worth, what they’re selling for, and what expectations the market has.
THE BENEFITS OF BREAKING DOWN YOUR GOALS
By breaking your goals down, you could still get to a big hairy audacious goal or big toad that you need to eat out of three or six-month period!
So make sure that you chunk your goals down so that they’ll look achievable and that they allow you to bite them off in good chunk sizes that you can easily chew and digest.
Breaking down your goals also allow you to look back and go, you know what? Look at all these things I have achieved! This sense of achievement will give you much more motivation moving forward.
So, those are my 3 big tips around goal setting when it comes to properties. Remember that for those of you who are believers in New Year’s resolutions, there’s still time. For those of you who feel that you’ve missed the boat because we’re nearly at the end of January, there’s never a better time to set a goal or to create a target.
Remember that for those of you who are believers in New Year’s resolutions, there’s still time. For those of you who feel that you’ve missed the boat because we’re nearly at the end of January, there’s never a better time to set a goal or to create a target.
Remember, if you aim for nothing, you will get nowhere. So set those targets and goals. Make sure they’re bite-size. Make sure you give yourself a time limit that’s going to push you and enjoy property.