Here are two real estate time management tips to help take running your real estate business to the next level.
Emails Take A Lot Of Time
There are certain tasks in any business that are affectionately called ‘time sucks‘.
Time sucks are things that, well, take up a lot of time without giving you anything in return. Like more income, for example.
Email can be a huge time suck in any business, but especially in real estate. That’s because real estate agents only get paid when a deal is done . . . and not by the hour or on a salary.
Even for correspondence that is time sensitive, checking, sending & receiving emails should be limited to two or three times each day. Many people schedule their email times for first thing in the morning. Then again around lunchtime, and toward the end of the day.
Have A Routine & Stick To It
Another good real estate time management tip is to have a routine and stick to it.
Devote a certain amount of time each day – at the same time each day – to tasks such as real estate marketing & prospecting, or client outreach, and administrative work.
Remember, having a successful real estate business isn’t about how many hours you work each day.
It’s about how smart you work!
Having a real estate business plan – or a property management business plan is crucial if you want to succeed in the business of real estate.
That’s because real estate is about much more than just buying & selling, leasing & managing.
Here are the top two ways to make your real estate business plan better.
Rainmakers Should Make Rain Not Train
Some real estate brokers are rainmakers. They’re the ones who bring in the majority of the business and are great in dealing with clients.
If that’s the case, bring in a partner or key employee to recruit, train and manage the newly-hired real estate agents.
New agents will be attracted by the broker-rainmaker’s outstanding success stories. But new real estate agents usually lack experience, skill or motivation.
They won’t be able to perform and produce without having a lot of hands-on guidance – at least to begin with. The broker-rainmaker won’t be able to give new agents the attention they deserve because they’re out there making rain and bringing in new business.
A Great Real Estate Business Plan Is Niche Specific
Focusing on a specific asset class for your real estate business is much easier than trying to be all things to all people.
A real estate asset class isn’t just commercial or residential real estate. A asset class is a specific category – or niche – within those sectors.
If you have a residential real estate brokerage, concentrating on specific zip codes or neighborhoods is one example of a niche. Another is focusing on a certain product type such as small multifamily or fix-n-flips.
Commercial real estate brokers could identify high-tech industrial property, medical office buildings, or STEM tenants as their niche. Or they could concentrate on finding replacement property for 1031 tax deferred exchanges.