The more stressed you become, the more difficult you will find it to manage your time effectively. Working very long hours can actually make you less productive. The cliché of working harder, not smarter, happens to be true in real estate. It is possible to work less and achieve more. According to Eisenhower’s famous dictum, 80% of your results come from 20% of your efforts. Being more mindful of your time can help you to increase your productivity and efficiency.
Know your priorities
Figuring out your top priorities is the first step toward managing your time most effectively. If you know your priorities, you will devote most of your time to what’s most important. It is easy to get caught up in activities that don’t have a direct impact on generating more income. Tasks that take priority may include anything that directly earns you money or clients.
If you want to become a landlord and buy multiple properties to rent out, you don’t want to spend all your time chasing down tenants for late rent payments, making repairs, and enforcing the terms of the lease. Using a professional property management company can save you a significant amount of time and money that you can devote to finding the right properties. Evernest, Mynd and Bailey & Hunter offer advanced property management services in Boulder, which includes every step in the process of leasing and maintenance.
Use the right technology and tools
It is possible to use customer maintenance management (CRM) software to reach out, schedule appointments, segment customers, send out email blasts and follow up. You can automate your messaging related to nurturing potential buyers and sellers, such as sending birthday messages, notifying them about open houses, new listings etc.
Other technologies, such as calendar apps, time management apps, collaborative technology, and project management suites, can greatly improve your productivity. Automation can save you a lot of the time you spend doing routine, repetitive tasks. Once you find the right tools that work for you, you can streamline your work processes effectively and save yourself plenty of time.
Create a daily routine
If you’re inconsistent in your personal life, chances are you will also be inconsistent in your business life. Having a consistent daily routine has many benefits. For example, there are many studies that show a morning routine that includes taking time for a healthy breakfast, connecting with loved ones and exercising prepares you for a more productive day. If you start the day off stressed and in a rush, the rest of the day is likely to follow suit.
Set up clear goals for your week and what you must accomplish each day. You can use a calendar app to schedule your tasks and keep you on track. It may help to block off certain hours of the day, such as the morning hours, for tasks that require more concentration. You may also want to block off specific days for certain activities, such as Mondays for dealing with listings and Tuesdays for planning open houses.
Learn to delegate
You may not like to relinquish control, but it helps you to save time if you learn to delegate what you can. This means knowing the difference between what you have to do yourself and what can be done by someone else. You also need to be aware that you may not have the competence to wear all the hats you need to wear in business today – from managing social media accounts and your website to handling your taxes.
You may want to delegate the handling of your social media presence to someone else if this isn’t your strong point. If you hate doing taxes, delegating this to an accountant will free you from the task and give you more time to do what you do best. A webmaster could manage your website for you, or you could get a personal assistant to help you with managing appointments and administrative tasks.
Collaborate effectively
A great time management tip when working in real estate is to collaborate with others. This gives you more flexibility and an opportunity to benefit from the help of others when you need them. You can develop the kind of relationships and networks that offer great business benefits, such as bringing more referrals your way and helping you to manage your work/life balance. Collaboration can benefit your mental health because you realize others are experiencing the same challenges as you.
Operating in isolation is never as effective as working together. It’s difficult to be a ‘lone wolf’ when you’re in real estate. For example, developers and estate agents can develop a mutually beneficial relationship. There are always areas of real estate you may not know as well as other realtors, and collaborating with those in a specific niche means you know who to reach out to if you have a question.
