Careers in CRE: Goal-Setting
Alice: Would you tell me, please, which way I ought to go from here?
The Cat: That depends a good deal on where you want to get to
Alice: I don’t much care where.
The Cat: Then it doesn’t much matter which way you go.
– Alice in Wonderland
So, you have figured out who you are and what you are best at doing. Great!
From here, let’s figure out where you are going.
If you are going to have any semblance of direction or purpose to your career you need to make and WRITE DOWN your goals. Having a specific destination and pre-determined set of goals will give you a clear sense of purpose that will propel you ahead of all of your competitors.
Think about it at the most basic level. Which of these two people would you expect to find success over the next year . . .
Person 1: My goal is to make a $1 Million in 2012.
Person 2: My goal is to buy at least 10 self-storage facilities in 2012.
I’m betting on Person 2. They have a clear goal and a sense of purpose. In terms of deals, I don’t even know what Person 1 wants or how they want it.
From here, Person 2 can put together intermediate goals by quarter, month, or week and can check her progress on each of those goals at intervals. They can figure out what the investment climate is for self-storage and what type of debt is available for self-storage acquisitions. They can choose target markets and submarkets, network with self-storage brokers, and target specific properties to purchase. All of that road map came from a single well-written goal.
I don’t have any idea what Person 1 is looking for.
So, let’s say you believe me on the importance of setting and writing down your goals. Here are a few tips I have learned over the years for writing aggressive and useful goals:
1. Be as specific as possible
2. Set goals that are quantifiable
3. Err on the side of over-aggressive
4. WRITE them down
5. Share them with someone
6. Check on them and update them often
I will dive deeper into each of these topics in the coming days, but for now the takeaway should be:
If you don’t set good goals, you will never maximize your potential output and income. At least give yourself a direction to charge off toward. Even if that ends up being not quite the right direction 99 times out of 100 you will find yourself closer to your final destination than you would have otherwise.
More to come so stay tuned.