Time Management for Real Estate Professionals

Time ManagementThe schedule of any real estate professional is, by its very nature, unpredictable, riddled with peaks and troughs, and often administered on the go. Thankfully, today’s technology provides excellent tools for managing life on the move, but there are still many tasks that need to be completed which can trip up even the most talented agent if left by the wayside.

 

The first step in any effective time management plan is always to make a list of tasks, and put them in priority order. The primary focus must always be on the biggest goal and not on the smallest task. You could, for example, spend your time updating your stationery or altering color schemes on your webpage, but the more practical use of your time would be spent in contacting leads you met last week.

 

It’s only human to want to get all tasks completed and off your desk, but putting things in priority order keeps you from completing those tasks at the wrong time and makes sure what is truly important gets completed first. The inability to prioritize can be disastrous in any business, but especially in real estate when you are completely responsible for your own schedule and often that of your clients.

 

Secondly, know the value of your time. You should be asking yourself what your time is worth so that you can decide if doing a task yourself is worth your effort, (such as updating your database or managing listings), or would you be better off delegating this task to an assistant and instead focusing on building client relationships.

 

It should be relatively easy to figure out what your time is worth by taking your net work income from last year and dividing by the number of hours you believe you worked. Now figure out just the number of hours you worked last year on completing administrative tasks, and multiply that amount by the hourly rate you just figured.

 

Here’s an example: John Smith earned $60,000 in 2011 and worked 40 hours per week all year plus took two weeks of vacation. That would mean John worked 2,000 hours last year and made $30.00 per hour ($60,000 divided by 2,000). John says he works on things like updating listings, contact databases, websites, and advertising about 5 hours per week, or 250 hours per year, for a total value of his time of $7,500.

 

With this information, we can see it would be more efficient for John’s office to get an assistant, because it’s no longer cost-effective for John to be doing these administrative tasks when an assistant can do them for less. John’s time would be better spent on sales and building new client relationships. If your office needs a virtual assistant, see what Best Agent Business can do to help you.

 

Lastly, never forget the Cardinal Rule of relationship management, “It is seven times more expensive to get a new customer than to keep an old one.” You could attract new clients every week for a year, but if you forget to maintain those relationships over the years, not only do you lose that client, but you also lose all the clients they may have been referred to you over the years.

 

It may seem odd to send an “Anniversary of Buying Your House” card to a client every year for 10 years, but there is great value in keeping your name in front of someone. Keep in mind, the average American household moves every 5-6 years, so if your name has been in front of them every year for the last ten years, then odds are they will move and think of you to sell their house eventually, hopefully sooner than later!

 

For more information on these and other Time Management Tips for Real Estate Professionals, check out this suggestion page from Best Agent Business. Best Agent Business provides time management services for Real Estate Professionals and, for a limited time, the first ten buyers of Time Managementfor Real Estate Agents e-book at Amazon will receive a free $99 Time Management package from Best Agent Business.

 

 

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Comment balloon 2 commentsSteve Kantor • March 30 2012 08:41AM
Time Management for Real Estate Professionals
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