The Power of Accountability in Real Estate Investor Success

Accountability plays a critical role not only in the realm of real estate investments, but all parts of our lives, supporting success and fulfillment.

Real estate investors often measure success by the ability to find lucrative opportunities, make informed decisions in as little time as possible, and ultimately achieve profitable results. In addition to requiring knowledge, strategic thinking and downright determination, there is another essential factor that serves as the linchpin in the pursuit of success and overall fulfillment – accountability.

Defining Accountability

Accountability refers to taking ownership and responsibility for one's actions, decisions, and results. This means acknowledging the impact of your actions (or inaction) on investment and other life choices and being willing to course-correct when necessary. It is about setting clear goals and creating a roadmap to achieve them while being answerable for the progress made.

Setting Clear and Measurable Goals

Accountability begins with setting specific, measurable, achievable, relevant and time-measured (SMART) goals that align with your vision and aspirations. For information about how to set SMART goals, check out our blog, Setting the Stage for Success: The Power of SMART Goals. If you want to do more than merely dream about success, establish specific targets for your investments and other important life pursuits. Whether it's acquiring a certain number of properties within a year, achieving a particular return on investment or even learning how to play the guitar, well-defined goals provide a sense of direction and purpose. Continually evaluating and adjusting goals as needed helps you stay aligned with the changing market conditions and your personal aspirations.

Creating Actionable Plans

Once your goals are established, you can devise an actionable plan to reach them by breaking down larger objectives into smaller, manageable tasks and setting realistic timelines. Your plan will serve as a blueprint to guide you through each step of your journey and help you stay on track. Even if you start by developing your goals and an action plan on your own, it’s helpful to bounce those ideas off others for feedback, perspective and potential new ideas that come from brainstorming. For more information about Action Planning, visit our blog, From Vision to Reality: How to Develop an Action Plan from SMART Goals

Don't Put that Plan on a Shelf - Stay Accountable!

Accountability is the magic ingredient that keeps all that hard work you’ve put into writing goals and plans from gathering dust on the shelf. Having support systems that provide opportunities to brainstorm about your challenges, gain valuable insight from others’ expertise and receive constructive feedback has several advantages:

Working with like-minded individuals or seeking guidance from experienced mentors cultivates an environment of creativity that is difficult to achieve on your own. We all are tempted to play it safe at times. Having others challenge you helps you reach your full potential.
Motivation and Focus: Accountability serves as a powerful motivator, keeping you focused so that you take complete ownership of your goals, consistent actions and results.
Accountability promotes thoughtful and responsible decision-making, so that you continuously consider the potential impact on investments and important people in your life. When you are accountable, you are honest with yourself about what is going well, what blindspots are creating setbacks, and where improvements can be made.
In difficult and challenging periods, you can lean on your accountability partners, mentors, or support network for guidance, motivation, and advice about how to turn things around.
Accountability also supports you in celebrating your achievements and acknowledging the effort put forth along the way. Every step, no matter how small, contributes to the larger journey. Acknowledging progress and celebrating milestones helps reinforce your commitment to your ambitions.

How to Build An Accountability Support Network

There are several routes you can take to set up a consistent way to remain accountable:

Accountability Partners: Find an accountability partner who shares similar goals and values. Regular check-ins and shared milestones can provide mutual motivation and encouragement.
Mastermind Groups: Joining a Mastermind group such as the INC Mastermind Program fosters a supportive community where members hold each other accountable, share insights and resources, act as a sounding board, provide constructive feedback and possibly partner.
Seek Mentorships: Engage with experienced mentors who can provide guidance, share their knowledge, and hold you accountable to your goals.
Accountability Apps: There are apps that help you keep on track with your goals. Some are specific to health, spending, or other topics. Some that refer to themselves as accountability apps are project management software. Finding a good app is another tool to help you stay on track. Ask yourself if you have enough self-discipline for an app to be enough to guide you, or whether you might want to consider using the app along with at least one other person in order to have a human accountability element.

Ask Important Questions

When looking for an accountability partner or team, ask specific questions to make sure they're a good fit. If you are joining a group facilitated by a mastermind leader, ask if members have made the following commitments:

Are they committed to showing up to all meetings?
Do they agree to confidentiality?
Are they goal-oriented and willing to bring a clear set of SMART goals and an action plan to the group?
Will they agree to learn and apply success habits such as good time management to their work?
Are they committed to actively listening and also providing constructive criticism, always being aware of the importance of balance in their input?

Tracking Progress and Being Adaptable

Accountability is not a one-time event but a continuous process. Successful investors consistently create goals, make a plan to achieve them, track their progress, and continually evaluate the effectiveness of their strategies. If a plan is not yielding the expected results, don't be afraid to adjust your approach and try new methods. Being accountable allows you to pivot, be creative and adapt to the ever-changing real estate landscape.

Learning from Mistakes

Real estate investing is certainly not without its share of risks and setbacks. However, when you have a system of accountability, your discussions focus viewing mistakes as learning experiences rather than failures. That's because your accountability partner, team or mentor will help you analyze what went wrong, identify lessons, and integrate those insights into future decisions. This growth mindset helps you avoid repeating the same errors, ultimately leading to improved performance.

Building Trust and a Good Reputation

Accountability builds trust, both with partners and stakeholders. When you consistently deliver on your promises and uphold your responsibilities you earn a positive reputation within the industry. This, in turn, attracts potential collaborators, investors, and clients, creating a virtuous cycle that will propel you toward success.

Accountability is the glue that holds together ambition and execution. It is a catalyst for improvement that will empower you to navigate challenges, help you learn from your experience and stay committed to your goals. By taking ownership of your actions and decisions, you not only build a successful and rewarding career, but will apply those same patterns to other parts of your life journey.

Would you like to reach your goals with the support of an Accountability Group?

For more ideas and support for reaching your goals, check out the Investors Network Community (INC) website at investorsnetworkcommunity.com.

If you would like to learn more about the INC Mastermind Program, feel free to contact Katy who can answer your questions so you can see if it's a good fit for you.

A Mastermind group is one of the most valuable additions for your toolbox to help you achieve the life of your dreams.

Katy Fleming, Director can be reached by email at success@fleming2u.com.

Categories: Accountability, Goal setting and Action Plans, Partnering, Real Estate Masterminds