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Setting Probate Investment Goals
that will Grow Your Business
P
By Leon McKenzie, US Probate Leads
art of the challenge
for every business
owner, no matter the
industry, is balancing the daily needs of
your business with a long term
growth strategy. This is also true
for entrepreneurs working in the
probate industry. Taking the time
to set investment goals will help
you to grow your business over
the long term.
While this may seem like common sense,
very few probate entrepreneurs take the time to
set actionable goals and then track their progress. Simply put, they get too focused on the
urgent and immediate needs of their business,
whether it is responding to an email or taking a
phone call, and don’t look to see if each of their
actions helps them to move their business forward toward growth that builds profit. Taking
the time to set probate investment goals is the
single most important action you can take for
your business as it virtually guarantees business growth and profitability.
Probate Offers
Exceptional Opportunities
Unlike other industries, there are opportunities in
probate that allow investors to meet their financial, business and personal goals easily. Before
an investor takes the time to create and devise
action plans for business goals, it is important to
note that the probate industry encourages success
with the way that it is structured. Executors, by
the very nature of their job, are always interested
in finding easy ways to complete the sale and
distribution of assets to the heirs as dictated by
the court. In the probate business, this means
that of the estimated 100,000 probates filed each
month in the United States, there are many, many
options for real estate investors. These opportunities include discounts on commercial, residential and vacation home properties – many times
of up to 50% off of current market rates. This is
due to the need of the Executor to develop a cash
flow that can take care of medical, funeral, tax
and other bills.
What does this have to do with setting
goals? It means that taking the time to set goals
for a probate real estate business is even more
beneficial. Since the environment around the
probate real estate industry is so favorable,
investors can more quickly achieve well-set,
actionable goals.
Grow Your Business
with Goals
One of the first steps in building, or rebuilding,
your business is to spend enough time preparing
Unlike other industries, there are opportunities
in probate that allow investors to meet their
financial, business and personal goals easily.
to enter the market. Kurt Carlton, in his article about
setting real estate investment goals, said, “The most
important step for any individual that may be looking
to get started in this niche market is proper preparation. This avenue of investing is not like buying a
CD or a bond and putting it in your bottom drawer.
If you buy a home and check on it a year later, it will
not provide you with a small return and no headaches. On the other hand, if you tend to it and can
play an active role in nurturing the home, it does
stand to provide far greater returns on your money
and opens a lot of doors to access tax benefits.”
Clearly, real estate is an excellent investment if you
take the time to adequately prepare yourself and your
business.
Understanding where you’d like to go with your
probate real estate business is critical. There are
many benefits to a real estate business – including
long term income, equity built into homes, commercial properties and vacation homes, and quick sales
that can generate profits and allow you to have cash
on hand. Some probate investors choose only one of
these paths, and some choose to take advantage of
many of them. In order to pursue these goals, it is
important to do planning prior to taking action.
Overall, taking time to set goals for your business
will help you to be more effective and efficient. A
recently written article on goal setting said, “Studies
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have shown that you will save ten minutes in execution for every minute that you invest in planning or
goal setting. What an incredible return on your investment of time. How often would you invest in an
investment where you put in a dollar and gotten dollars back?” If you want to see your probate business
grow, then taking the time to set goals is critically
important.
Setting Effective Goals
So many people set goals for their personal lives and
their businesses each year. Just think about all of
the people that set New Year’s resolutions and then
never complete their dream. Whether the goal of
your probate business is to build short-term income
or develop a long-term inv estment portfolio, there
are effective ways to set goals that will help you to
achieve them.
The most effective goals are set using the
SMART process. Phil Putejovsky believes that it is
critical that goals are defined in terms of outcome.
He said, “A huge error in setting real estate goals is
not describing the result clearly. Be specific. ‘Doing
my first deal,’ is NOT a descriptive result. In fact,
doing a deal is not the goal at all. Instead, making
money is probably the goal because you can do your
first deal and lose $10,000! Losing money is typically not what a budding real estate investor means