For those who are unfamiliar, GOST stands for Goals, Objectives, Strategies and Tactics.
So how does this apply to real estate and why do I care? While you may not realize it, when engaging your agent, you're actually undertaking this exact approach (or should be).
The Goal - your overarching purpose, or what you want to achieve. This could be to either buy or sell a primary residence or vacation property, or make or exit an investment.
The Objective - may include a specific purchase/sale price, a date that you need to buy or sell by, or achieving a certain return on investment. This is where you and your agent MUST be on the same page. Create a concrete timeline, a list of action items, and establish your needs/wants.
The Strategy - how you (and your agent) will work to accomplish the goal. Your strategy, if buying, may be to only search online listings within certain search parameters, or only approach off market owners, and could employ any number of tools - tech enabled or not. If selling, your strategy might be to engage in a traditional sale, or even an auction. Sometimes lending solutions, such as refinancing or taking out a Home Equity Line of Credit (HELOC) could even be your answer. While it may not always be readily apparent, there are many strategies that buyers and sellers can employ.
The Tactics - are how your objectives will be accomplished. Tactics almost always belong to the agent (or service professional), but you will always want to know how much input you will have in the tactics.
Measure your Metrics and Improve as necessary with open lines of communication between you and your broker.
And there you have it, a universal approach to accomplish any task - including the listing or purchase of a home alongside a sales professional. Don't forget to check out more great resources on our Advice page or reach out - we're always here to help.