Using Time Effectively in the Real Estate Industry
Being successful in the real estate industry requires an extreme amount of time efficiencies. From filling vacancies, to providing sales, marketing, doing research on vendors and advertising, there’s a lot on a Landlord’s or manager’s plate. You need to know which tasks to focus on and which ones can go on the back burner for a while. These skills are applicable in any industry, but there will be case examples for real estate provided for each skill.
Everyone knows that they have high priority and low priority tasks. But more important than simply choosing to prioritize tasks by the feel of it, you should try to quantify in an estimate how much that task is worth to you. Even if you can’t give it a specific value, you should be able to answer this question with every task that you do. Does this action substantially impact revenue? Or will this task be substantial when coupled with other tasks throughout the company to impact revenue?
Often times the second question will be most relevant to you. If you’re in sales, you can send emails all day long, but if you don’t follow up on those potential leads on the phone, the ROI is substantially reduced. When you have an interdependent task list, you logically need to evenly spread those tasks throughout the day, such as sending emails in the morning and making phone calls in the evening. You may find that these two tasks are of equal importance and so you will evenly split your day in half to accomplish the two tasks.
You can also slow yourself down in doing various tasks that are not important to you. You might think they’re important, but they don’t impact revenue directly, or a significant span of time will need to pass before the task has ROI. These tasks do have importance, but should be spread throughout the week. Example tasks like this include researching new forms of advertising and vendors. You are always actively looking for new things to improve your work, but it should never consume your day as the ROI on this research is not always guaranteed.
Following up on tasks:
The easiest way to rack up costs is to have set backs on a task. This isn’t always avoidable, but the worst thing you can do is have a high priority task that has a set-back, be forced to move on to other tasks to wait for the right time to finish your high priority task, but then forget to accomplish this task at a later date. Not only have you kept yourself from accomplishing your more direct sources of revenue, you have also wasted time working and not making money. It’s not until you’ve finished your task that it has value.
A common example of this might be in real estate sales and trying to close with a client. Your client has told you that they may not be able or willing to use your service immediately, but may be able to consider it in the future. Sales agents will frequently move on from this client. The big mistake that is made is when they don’t follow up at a period of time that is convenient to the consumer.
This is one of those times that using a calendar or outlook is imperative. You’ll want to keep your task on the radar, even if you have to finish it at a later date. You should be able to put your lower priority tasks on hold when your high priority task is ready to be accomplished. This often takes some planning ahead.
Unless you set aside a specific time to finish a task, it may never get done. There’s a difference between having a follow up in outlook and setting a specific time into your calendar. Setting a task into your outlook is more passive and simply specifies a day to follow up on a task or sits on a list indefinitely. Having a calendar reminder that you also email out to your co-workers showing that you will be unavailable during this period of time is of great benefit. You may even need to forward calls to your answering machine so that nothing distracts you from accomplishing this task.
Quality > Quantity:
Sometimes taking time can actually save time in the long run because there are less costly mistakes. Taking time on a task often has higher payoff. For example, it’s better to thoroughly screen prospective tenants before having them sign a lease as this significantly reduces the number of times that vacancy will need to be refilled. Was a little more time invested to perform the screening? Yes. But it is dwarfed in comparison to the time spent redoing a make-ready, marketing the vacancy, and leasing again.
The same is true in real estate sales/marketing. It’s easier to sell your service to users who are familiar with you/your brand than it is to sell to somebody who doesn’t know anything about you at all. It’s a significant time investment to build up a marketing/contact list, but it’s well worth the effort in the long run.
You should do this as much as you can, especially with repetitive tasks. For the real estate marketing, there are a lot of tools available to automate your work in social media and emails so that it’s easy and efficient to schedule your content posting. The Real Estate Industry also has software for property managers and other online tools to simplify your work.
The RRD is a great way to save time in the real estate industry. You don’t want to spend all of that time searching the web for the real estate services you need. We put these services all in one place and often at discounts to help you get the things you need right away and at a good price. Our dashboard makes it easy to use each of these services online, as well as monitor your entire portfolio all in one location.
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