In business, time is categorized in two ways. Income Generating (lead generation, lead followup, presenting to customers, closing the sale), and Income Servicing (activities that do not lead to cash, but are necessary. Such as talking to escrow, attending showings, etc.) While there are tons of mistakes you could make, if you can focus on avoiding the three biggest ones, your time management problem will begin to go away.
In my 18 years of selling real estate as both an investor, as well as a Realtor®, I’ve made plenty of mistakes, here are three to avoid!
Mistake #1 Starting Without A Plan
Either you plan to succeed, or you plan to fail. Either way, plans are being made for your life. The good news is it’s your decision on how it will be! Take charge of your schedule now by planning your week out in advance. I recommend this on Sunday.
At the beginning of the week, put your “Life Important” items in your schedule. Things like soccer games, doctors appointments, dates with your spouse. Then surround these times with Income Generating times (prospecting, lead follow-up, presenting, closing) to help pay for them.
After you filled up your schedule with the Life Important items, as well as your Income Generating activities, then the only time left is for those Income Servicing activities that do not bring in money. But are necessary for your life. Things like returning calls, doing laundry, cleaning the house etc.
“Horrible Bosses” Warner Brothers.
Mistake #2 Not Being Ruthless Enough With Your Time
The definition of ruthless is “having or showing no pity or compassion for others.” We must not be ruthless with people, but we must be ruthless with our time. If you do not control your time, it will control you. You must make your time, your choice. You don’t have a lot of it, as everyone has 168 hours a week, you have a lot to do and not a lot of time!
If you find that you don’t have a lot to do, and that you have to much time on your hands, then your goals aren’t big enough. Make your goals enough to excite you! To push you to further and further heights!
(Related Article “The Power Of Goals”)
Mistake #3 Not Leveraging Your Resources.
On your path to superstardom, you have affiliates that want to help you. Title companies, Realtors®, attorneys, free inspectors all want to play a part in your transaction. Let them!
Title companies have access to data and they can provide massive amounts of information regarding absentee owners, investors, trends, specific neighborhood information, phone lists and much much more if you but ask.
Realtors® can provide you comparables, buyers for your properties, an expert local knowledge about a specific subdivision that you may not possess. Rely on these professionals and trade leads for help!
(Get free scripts for The Sales Process Here!)
Don’t forget your free inspections! Inspectors, gas, water and other utilities. Why do you want to do these three inspections? See you have leverage during negotiations should you need to have a price reduction!
Sometimes it seems, controlling our time is similar to the story of “The Little Dutch Boy and the Dike”. We are forever plugging our fingers in the holes of our time management system. If you’re not familiar with the story, let me briefly outline for you!
It was from a novel written in 1865 called “Hans Brinker, or the Silver Skates.” It tells the story of how small boy passed by a dike on the way to school. He saw a small leak in it, and immediately raced to put his finger in it to stop the sea from rushing in.
And isn’t that how life is with us? With time management, if you don’t control it, the trickle of water, (time wasted), becomes a steady stream, then a torrent, then a flood overwhelming you!
If you use these techniques, and do not make these mistakes then you will be able to manage the leaks in your system until your systems can come to rescue you!
(Hear the Pocast for this Blogpost Here!)
I hope these tips have been helpful! I’m curious, what keeps you up at night? Leave your questions comments and remarks below!