5 Tips to Setting Real Estate Goals in 2023 (and Follow Through!)

“Whether you think you can, or you can’t, you’re right!” -Henry Ford

It's the New Year, and everyone is rightfully looking to the year ahead, making resolutions, setting goals and planning for what's to come in 2023. However, with 2022 bringing shifts in the Real Estate market, setting and planning Real Estate goals for 2023 is more daunting. 

Here are some tips for setting meaningful Real Estate Goals in 2023 that you can follow through with! But, of course, a lot can happen over 12 months, and we're here to tell you that you can still accomplish what you need to in this Real Estate market, even in the current market and general economic state. 

Tip #1: Get Clear on What Your Goals Are

Do you remember what your New Years' Resolution was for last year? Many people don't. It's easy to lose motivation for a vague goal that you aren't very passionate about achieving, especially if you aren't clear on why you are setting this goal in the first place. This one might seem easy, but finding out exactly what your Real Estate goals are can take time and effort. You may be looking to purchase your first home, sell and downsize, or invest in more Real Estate to build your wealth. 

The more precise you are on what your goals are and why you are setting them, the more motivated you will become if you are met with adversity. You can write down precisely how you envision the end destination and keep it nearby if you experience any struggles or setbacks. If you need extra help with this step, check out one of Mark Faris' favourite books, Vivid Vision by Cameron Herold. 

Tip #2: Set SMART Goals

Now that you have your vision, it's time to get more practical in setting your goals. If you haven't heard about S.M.A.R.T. goals before, this concept was developed by George Doran, James Cunningham and Arthur Miller in their 1981 article "There's a S.M.A.R.T. way to write management goals and objectives." There's a reason why this has been credited and shared again and again by motivational speakers and C.E.O.s. It really works! Here is how to set S.M.A.R.T. goals.  

Specific: Be specific and provide a clear picture of what your goal is (for example, "In 2023, I will purchase a single detached home with a built-in garage")

Measurable: How will you measure the success of this goal? Get clear about how you will know that your goal has been accomplished. 

Attainable: Set realistic goals for yourself based on your vision, and acquire the tools to help make it happen. 

Realistic: Part of setting smart goals is ensuring you can set a reasonable plan to make it happen. For example, if your goal is to save a certain amount of money for a down payment, make sure that amount is realistic based on your ability to cut costs elsewhere or increase your income. 

Timely: How long can you reasonably achieve this goal? In this case, you may find it easier to work backwards from the end result to determine a reasonable timeframe to accomplish specific milestones along the way. 

Tip #3: Trust the Help of Experts 

If tip #2 has left you scratching your head and struggling to set a reasonable Real Estate goal for this year, you may need a little more information. It can be incredibly overwhelming if this is your first time setting Real Estate goals, and you don't know what you don't know. Reach out to our team of Professional, Loving, Local Realtors^® to get a feel of where you currently sit and how to bridge the gap between you and your goals for this year. Our team knows your local market better than anyone, and we have provided over 9,000 Best Real Estate Experiences, helping our clients reach their Real Estate goals. 

Tip #4: Create a Plan

You have your goal. Now it's time to create a plan to make it happen! If it helps, now that you are clear on the destination, you can work backwards and break the goal down into smaller milestones. Feel free to adjust your plan as you go, particularly as things change over the course of the year. Keep in touch with your Real Estate expert and lean on them for questions or advice along the way. 

Tip #5: Don't Be Afraid to Think Outside the Box!

It happens to the best of us. We can get so focused on our plans to reach our goals that we miss out on other opportunities to make it happen. For example, if you are looking to buy in 2023, consider moving a little further north where you can get more for your money. If your goal is to invest in Real Estate, consider locations like Southwest Florida, which may have benefits you had yet to think about previously. Sometimes your goals are easier to attain than you previously thought. 

This is also where keeping in touch with an expert comes in handy, as they often have insider information on the market and can help you innovate to reach your goals.

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