How to spend more time in the profit zone without increasing your work hours
A few years ago, we did some research and learned that a typical Real Estate Agent or Property Manager is working 50 to 60 hours per week — but only putting 8 to 12 hours of that time into actual dollar-generating activities.
The number one resource we put into our business is time — and yet — so many agents are not investing the right hours into the work that will actually help them produce outstanding results and stay in the profit zone!
Seems crazy, doesn’t it?
The thing is, it’s actually possible to add more productivity into your day without having to increase your time at the office.
You see, it’s not how many hours you put in — it’s what you’re putting into the hours — and so in this article we are going to look at some ways we can maximise our time in the Profit Zone.
First up, start by applying the 80/20 rule to your business activities and results. There are 20 per cent of activities that you can potentially do to generate 80 per cent of the results — the challenge is in working out what those activities are and focusing on them, first.
Whether you’re a Real Estate Agent or Property Manager, one of most important tasks you can focus on in order to stay in the profit zone, is generating into your pipeline.
Think about it. If you meet initially with a seller or landlord, they’re not likely to list their property on-the-spot are they? Chances are they’ll be ready two to four months down the track. That’s why your pipeline exists: so you can generate a consistent flow of listing and selling or property management and stay off the Real Estate Roller Coaster. You don’t want a great month followed by a lousy month because you’ve haven’t allocated enough time and discipline to generate into your pipeline!
This is where you need to determine the right balance between your short term and long-term dollar productivity and profit zone activities.
Here are some examples of short-term profit zone sales activities:
- Buyer call backs
- Calls and meetings with owners
- Open houses
- Private showings
If you’re already focusing on doing all of these things, you probably think you’re being incredibly productive, right?
The truth is, hanging around in the short term profit zone means your strategy is being driven by the market and not by you doing the right activities that will set you up for next month and next year — in an effective way.
Sure, you do still need to keep those strategies in place, but you also need to prioritise the following medium to long term profit zone sales activities, too:
- Training, role playing and honing your skill set
- Nurturing existing clients and relationships
- Marketing (yourself — not your property)
- Pipeline management
- Market knowledge
- Success tracking
It may seem that these particular activities aren’t important for today, but they are definitely the strategies that will supercharge your business for the long term.
Now it’s time for you to put your business under the microscope and consider how much of your time is spent doing the activities that will keep you in the profit zone.
Are there any activities that you need to change?
What do you need to start doing, stop doing and continue doing?