By Scott AlbrightAssociate Broker,The M Real Estate Group📞 (505) 247-1002 ext. 156LOCATION! LOCATION! LOCATION! I hear this basic real estate mantra almost every day, but what’s important
Making Home Ownership A SMART Goal
By Scott Albright,
Office: (505) 247-1002 ext. 156
Mobile: (505) 918-2370
Recently I took a course on goal setting taught by my qualifying broker, Thomas Mestas. Thomas reiterated a lot of what I already know from reading about the law of attraction, Jungian synchronicity, subconscious positive affirmations, and psychological mindsets. Basically, as the old adage goes, energy goes where energy flows.
But in the era of mass & social media advertisement bombardment and distractions, it’s difficult to stay focused on one’s goals. So, for someone whose goal is to own a home, how do you keep the blinders on and take the plunge toward home ownership without being sidetracked? First . . . Know what you want. If your goal is not specific, it won’t be easy to obtain, and that is exactly what Thomas talked about that I want to share with you today.
Thomas brought up the idea of SMART goals – goals that are Specific, Measurable, Achievable, Relevant, and within a certain Timeframe. So, if home ownership is your goal in the near future, make sure it is a SMART goal.
First: Be Specific - Where do you want to live? What can you afford? How many bedrooms and bathrooms do you really need? In short, narrow down your goal to something you can envision in its entirety, and if you are buying with someone else, make sure it is a shared vision.
Number two: Measurability - How much information do you need to accomplish your goal? How many documents do you need to gather? How will you know when your goal is accomplished? - When you close the deal? When the loan is paid off? When you resell it? Whatever it is you have in mind you want to accomplish, make sure it is measurable so you can keep track of your progress and stay focused.
Three: Is it Achievable? - Do you have a steady income and good credit score? Do you have the down payment needed to purchase the home? Do you have a pre-qualifying letter from a lender or the cash on hand to complete the transaction? If not, then your goal may not be very realistic. If so, great! It’s time to move forward.
Number four: Relevancy - Do you actually need to purchase a home? Does your desired location make it harder or easier to get to work each day? Is that extra bedroom really necessary? Is it the right time? Is it a wise goal based on the current market? From Google’s dictionary defining the word relevant, is it “appropriate to the current time, period, or circumstances;” or “of contemporary interest?” If your goal is not relevant to your current situation, then it’s either time to re-set your goal, or to make it more relevant.
And last but not least: Time-boundedness - Is it achievable within a certain timeframe? Can you schedule a closing date that is appropriate for all parties? Are you going to flip the home or rent it? Are you going to build equity and keep it forever? Whatever your timeframe, know it up front so you can plan ahead in order to successfully reach your goal. In real estate, time is always of the essence.
Once you’ve determined your goal meets the criteria of being SMART, then reach out to a realtor (hopefully me!) and turn that goal into another dream reached. In the end, it isn’t synchronicity, the law of attraction, or some mystical spirit that allows you to hit your target. It’s knowing where the target is, aiming, taking action to hit that target, and then manifesting your reality into everything you ever dreamed of.
Mestas, Thomas. The M Real Estate Group, Company Training; Lunch and Learn - Goal-Setting with Thomas Mestas. Dec. 13, 2017.
Mind Tools Content Team. “SMART Goals; How to Make Your Goals Achievable,” Mind Tools. https://www.mindtools.com/pages/article/smart-goals.htm.
Team Tony. “The 6 Steps to a ‘SMART’ Goal,” Tony Robbins. https://www.tonyrobbins.com/career-business/the-6-steps-to-a-smart-goal/