As we ring in
the new year, it's time to think about the goals and resolutions we'd like to
achieve in the coming months. And let's face it, making resolutions is easy –
it's actually keeping them that's the hard part. But fear not! We've compiled a
list of New Year's resolutions that are useful and achievable.
1.
Learn something new.
The real estate industry is one of the most dynamic. There is always
something new and exciting to learn. It's always a good idea to stay up-to-date on
the latest trends and best practices in the real estate industry. So why not
make a resolution to commit to ongoing education and learning? Attend virtual real estate meetings or look out for in-person events.
We have an amazing list of articles
designed for a starter person to a seasoned investor. There is something for
everyone.
2. Network and collaborate.
The real
estate industry is all about relationships. It's therefore important to
make connections and build a network of industry professionals. You may build your network by attending industry events and joining professional
organizations. Seek out
opportunities to collaborate with others in the field. Who knows, you might
even make some new friends along the way.
There are a lot of Facebook and WhatsApp groups dedicated to real estate.
Join some and explore opportunities for collaboration.
Our events page lists all
upcoming real estate events where you can network with others. We keep updating
this page, so come back and check as the months go by.
3. Diversify your portfolio.
Real estate
investing can be risky. It's important
to diversify your portfolio to spread out your risk. By spreading your risk, you are protecting yourself
from potential losses. You
are also increasing potential profit. This might mean investing in
different types of properties or in different
geographical locations.
If you are selling properties, ensure you expand your offering. If you
only sell houses, consider offering plots for sale as well and vice versa.
Consider also offering properties for sale in several locations. If you
niche down too much, you may lose opportunities in other locations. These
locations may be experiencing more property sales.
4.
Get
organized.
Real estate
investing involves managing a lot of different moving parts. Because of this, it can get
overwhelming. Make a resolution to get your paperwork in order and set up systems for tracking your to-do lists. Whether it’s following up on buyers
or sellers.
Keep a notebook or find an app that can keep you organized. If you need
to get a personal assistant, go ahead and do so.
Keep a close track of your expenses. Get your records in order. Get your taxes on time.
Trust me, you'll
thank yourself later when tax season rolls around. This is because you will not be digging
through piles of receipts and documents trying to figure out what you spent all
your money on.
5.
Set
clear goals.
The best way to make progress as a real estate
investor is to set clear goals and track your progress towards achieving them.
Make a resolution to set specific, measurable, achievable, relevant, and
time-bound (SMART) goals for the year ahead. You then track your progress to stay on track and make adjustments as
needed.
The first step to reaching a goal is to write it down.
For example, "buy a 1-bedroom unit near Nairobi by 31 December 2023". This can
also be written as "buy an investment property in Kitengela by end of August 2023".
For instance, if you sell property, you can have a goal of registering
with EARB. Or, if you want to make more sales, you can consider registering
on the top
listing websites in Kenya to sell more.
6. Enhance your social media presence.
A recent report concluded that social media is the most effective
tool for generating real
estate leads.
Most
real estate agents take social media as an alternative lead source even though
the data supports a stronger social medial presence
If you do not have
time, hire someone who can manage your social media for you.
7. Improve lead generation and follow-up.
To sell more, you should focus your
efforts on lead generation. Once you have leads, ensure
that your lead generation
strategy is on point. Consider how you’re handling leads now. Do you respond to them as soon
as they come in? If a meeting bounces, do you have a system in place for
reminders so that you can follow up with them later?
If you’ve answered no to either of those questions, those should be the
first areas in which you look to improve. If you need an assistant
knowledgeable in real estate, talk to us for a free consultation.
We hope these
New Year's resolutions inspire you to make the most of your real estate
investing career in the year ahead.
Tell us in the comments below what other resolutions you are making this
year.
Here's to a
happy and prosperous new year!
