If you have succeeded at anything in your life, you understand the power of setting goals. Real estate investment is no different, especially when you are investing in commercial properties, which are significantly more expensive than residential properties. Therefore, these are a few tips to help you set your commercial real estate goals.

Identify Your Reasons

If you don’t have definitive, motivating reasons why you want to do something, you won’t do it. Therefore, your first task should be to identify why you want to invest in commercial properties. First, discuss what you will gain from these investments. Then, discuss what you will avoid through these investments. For example, you may want to earn a regular income and build a retirement to avoid having to work for someone else and live off of your social security upon retirement.

You should also consider what excites you, what you are good at, what you enjoy learning more about, where your talents and skills rest and what makes you feel valuable. Discuss your greatest aspirations and things you want to accomplish.

Create a System of Accountability

You may lose motivation or focus if you don’t have a system of accountability. One of your goals should be finding a mentor and building your investment team. Consider meeting with them at least once per month to update them on your progress and address any challenges. You may also meet with your co-investors weekly. Accountability can help you exceed your goals.

Develop SMART Long-Term Goals

Your goals should be specific, measurable, attainable, relevant and time-bound. They should include the what, why and how of your investment plan. Therefore, discuss what types of properties you plan to invest in, how many you want, how long you hope to hold them and where you want to invest.

Start with your long-term goals. For example, where do you want to be in three, five and 10 years?

Break Down Your Goals

When you look at long-term goals, you can feel overwhelmed, but every goal can be broken down into easy tasks that add up to the fulfillment of your end goals. Therefore, take your long-term goals and create steps that need to be completed to achieve them. Break them down into monthly, weekly and daily tasks that move you toward your end goal.

Your vision should motivate you to pursue your commercial real estate goals. Write down a clear vision and SMART goals as you begin your real estate investment journey.