How To Take Your Time Management To The Next Level
While managing your time is important across all industries, it can make a significant difference in real estate. I always note that time is your most valuable asset and how you spend it could impact your overall level of productivity and success. It’s more complex than simply creating a to-do list and following a schedule. It involves planning with strategy in mind, prioritizing what’s most valuable, and delegating in the right way to be effective.
Consider these guidelines to take your time management to the next level:
1. Build a Strong Team
Over the 25 years that I’ve been in real estate, I’ve come to see the value of having a great team. Other players can take on tasks that fall in their area of expertise. This helps ensure that the work is done well, and it also frees you up so you can focus on the areas that most need your attention and time.
2. Understand what Provides Value
While you may have days full of meetings and activities, it can be worthwhile to spend time considering what you do that adds the most value. If you’re not sure what these are, list the different activities you carry out during a typical week. Then evaluate which ones are the most impactful for your long-term career goals. It may be meeting with clients or investors, or it could mean getting further education to increase your skillset in a particular niche.
3. Track Your Time
To get an understanding of how you can improve your time management, it can be helpful to spend a week or two documenting all your activities. This could include checking email, meeting with clients, working on social media or podcasts, developing business plans, or going to networking events. Keep track of how much time you spend on each task. You might find that you are using many hours to carry out administrative work that someone else could be helping with. Or you could discover that you’re not spending enough time on revenue-producing work.
4. Focus on High-Impact Activities
In the book, “10x is Easier than 2x,” author Benjamin Hardy points out that according to the 80/20 rule, 20% of your activities typically produce 80% of your results. If you haven’t yet done so, evaluate the top 20% of your tasks that are most impactful for your business. These are the tasks you should prioritize and spend the most time on. Conversely, the other 80% of tasks that are less impactful could be delegated to someone else.
5. Color Code Your Calendar
One of my real estate coaches, Mike Gallegos from the Massimo Group, introduced me to the concept of color coding your calendar. This includes using different colors to categorize the various tasks you do. You might use one shade for revenue-producing activities, a different one for personal development, and a third color for administrative tasks. Meetings and personal commitments could have different colors too.
Once you have it set up, you’ll have a visual guide in place. For instance, I can look at my color-coded calendar and quickly see how I am spending my time. I can also make adjustments as needed, based on what’s providing the most value and how I want to be spending my hours.
6. Look to Continually Improve
Time management is an ongoing process, and you’ll want to periodically assess and refine your strategies to ensure you are maximizing your productivity. I regularly work with coaches to get feedback, make sure I’m on track with my goals, and identify what changes could be made. In my book, “The Insider’s Edge to Real Estate Investing,” I lay out ways to keep learning and growing to be a top performer in the industry.
While taking your time management to the next level involves some effort, the long-term results can be incredibly rewarding. If you have a strong team in place, they’ll be able to help carry out daily tasks and add value. You can then focus on high-value tasks that help propel your career forward. By monitoring your time and reviewing it periodically, you’ll be able to continually improve and grow, helping you reach your long-term goals and achieve lasting success.