Setting goals are part of every aspect of business or life and provide a sense of direction, motivation, a clear focus, and clarify importance. By setting goals for yourself, you are providing yourself with a clear target to aim for. A SMART goal is used to help guide goal setting. SMART is an acronym that stands for Specific, Measurable, Achievable, Realistic, and Timely or Time bound. Therefore, a SMART goal incorporates all of these criteria to help focus your efforts and increase the chances of achieving that goal.
Setting your real estate goal of owning a home- your dream home- is also best achieved by using this SMART goals principle. Let’s get right in. how does using the SMART principle help you achieve your real estate goals?
Set well defined, clear, and unambiguous goals. An example of such would be, “ I want to buy a 2 bedroom semi detached duplex in Lekki for forty million naira.” Stating it this way gives you a clear picture of the goal, rather than setting it vaguely by saying “I want to buy a house.” What type of house are you interested in? What do I want to accomplish? When do I want to achieve this goal?
With specific criteria that measure your progress towards the accomplishment of the goal. A SMART goal must have criteria for measuring progress. How many/much? How do I know if I have reached my goal? Building on the specific goal above: I want to buy a 4 bedroom semi detached duplex in Lekki. Every month, I will save 1 million naira from my earnings.
Attainable and not impossible to achieve. Be honest with yourself. The keyword here is honesty. You should not set goals that you would not be able to achieve. This will help you figure out ways you can realize that goal and work towards it. Do I have the resources and capabilities to achieve the goal? If not, what am I missing? has anyone successfully done it before?
Within reach, realistic, and relevant. Is the goal realistic and within reach given the resources that are available to you? Are you able to commit to achieving the goal? Is forty million naira achievable given your level of income, for example? Or are you able to consistently save one million naira monthly considering your other financial commitments?
Timely or Time bound
Your SMART goal must be tied to a specific time frame. It should have a start and finish date. If the goal is not time constrained, there will be no sense of urgency and motivation to achieve the goal. Ask yourself: Does my goal have a deadline? By what time do I want to achieve this goal?
Building on the existing example, a SMART real estate goal would look like this: I intend to buy a 2 bedroom apartment in Lekki. By saving one million naira monthly for the next 3 years and 4 months, i would be able to achieve this goal’
SMART goals set you up for success by making it specific, measurable, achievable, realistic, and timely. The SMART method helps push you further, gives you a sense of direction, and helps you organize and reach your goals.