7 New Year’s Resolutions for Real Estate Investors to Consider in 2023
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 â€“ 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 itâ€™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”.
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 youâ€™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 youâ€™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!