End-of-Year Preparation for Real Estate Investors

 

It’s nearly the end of 2013. Really! I don’t know where the year went either, but I do know that it’s time to do some end-of-year preparation for your investing business. Keeping tabs on how your year has gone and making goals for the next year are great ways to stay on track, stay motivated, and feel good about where your business is going.

Here are my suggestions for preparing for year’s end:

Take stock of 2013

Review your investments across the year. Think about all of your decisions — not just to determine what moves were most profitable (although that’s important) — but to see where you succeeded and failed in every aspect, from client satisfaction, to tenant relations, to negotiations, to accurately judging property potential. Thinking objectively about where you may have missed the mark will help you grow and develop your skills, and focusing on what you did well will give you confidence and a sense of optimism.

Review your buyers list

This is a great time of year to thoroughly examine and revamp your buyers list. Remove irrelevant or outdated information, add new information, and re-prioritize your buyers. Go over each buyer and notate simple thoughts about what you can do next year to enhance your business relationship and help meet their needs in order to further your own goals.  Don’t have a buyers list? 2014 is your year to make one!

Evaluate your current goals

You probably have a five-year plan. It can be helpful to pull out that plan each year, dust it off, and give it a once-over to ensure that you’re on track and that your goals and needs are all still relevant and realistic. You can also course-correct to reflect any new knowledge you have gained in the past year or any major shifts that have occurred in the market.

Create new goals

The year’s end is also a great time to set some new specific short-term goals that will help your business in the long run. Make a list of any skills you feel could use improvement, and create a plan as to how you can build these skills next year, whether it’s through seminars, mentoring, or formal classes. Commit to learning new strategies for different aspects of investing, such as selecting properties, marketing, finding buyers, increasing cash flow, or working effectively with a realtor. Also, commit to expanding your network. Look for small business networking opportunities in the upcoming year, and create opportunities to build relationships and expand your name recognition.