December is a perfect time to reflect on the outgoing year and prepare for the year ahead. If you achieved your property investment goals for 2022, congratulations! Take time to celebrate those milestones and think about how to keep that momentum going into the New Year. But, even if you didn’t achieve your goals, give yourself credit for your progress and consider how you can plan differently in 2023 to get back on track.
Setting property investment goals for the coming year will help keep you organized and focused on the next step for your business. Set yourself up for success by choosing goals that are both (1) measurable—so you’ll be able to tell whether you succeeded; and (2) achievable—so you don’t get discouraged by failing to reach unrealistic goals. A mix of short-term and long-term goals will allow you to determine what to prioritize first as you look ahead toward bigger dreams for the future.
Once your objectives are in place, consider what it will take to attain them. Investing in a new property, service, or technology? Adjusting your budget? Learning more about a subject through a class or podcast? Finding an associate or mentor who will keep you accountable? Once your action plan is set, don’t forget to go ahead and take those actions! Establish deadlines to stay motivated and be flexible when changes in your circumstances or the broader market require you to reevaluate.
Property Investment in 2023
As you consider making new investments in 2023, here are some trends to keep in mind:
-The housing market is shifting as interest rates have risen from the record low rates of the COVID-19 pandemic. This will likely create new buying opportunities for patient investors.
-As people feel more comfortable traveling, the short-term rental market is expected to progress toward recovery.
-Smaller markets are seeing growth as remote workers seek the peace and security of living in rural areas.
-Remote workers and independently staffed professionals like travel nurses are causing long-term vacation rentals to grow in popularity.
-Continued technological advancements will make it easier to find and purchase properties, keep records, and stay in touch with tenants.
No matter what investment goals you set for your business in 2023, remember to track your progress and celebrate every success along the way!
About Rentals America
Rentals America provides full-service property management for residential rental properties. Our team is dedicated to property management, and we’re here to help landlords navigate the rental market.
