Dollar-Productive Habits That Transform Your Real Estate Business
May 28, 2024In a real estate industry that demands you drop everything to be available and responsive 24/7 365, it’s never been harder to stay on task.
Time management is one of the most essential skills a Realtor can have, and I’d be hard-pressed to find an agent who couldn’t get better, faster, and stronger at managing their time. In Slack’s recent State of Work report, it reported that 43% of responders found it hard to stay motivated. Better time management skills and work habits not only yield results, but they help you stay motivated, too.
As Realtors, you don’t often have the luxury of relying on external forces to set your schedule, instill habits, and hold you accountable. In most cases, you are responsible for managing you — and it’s not an easy job. Here are 11 quick ideas for creating better habits for your business today that will yield true dollar results.
Tip #1 Mark everything you do on your calendar.
In real estate, no one is paying you hourly for your work. Every ounce of energy and time spent is out of your own pocket, and should be monitored accordingly. One way to track your time is to get in the habit of adding everything, and I mean everything, to your calendar.
Need to run to the post office? Add it. Making your sphere calls? Add it. I break my calendar down into 15 minute increments so I can be incredibly accurate with where each minute is spent. I’m also careful to adjust the time slots if a task takes more or less time than I allotted for.
Tip #2: Review & grade your actions.
If you’re tracking your time thoroughly, you better make sure to review it, too. The only way to get better at using your time wisely is to review and reflect on the status quo.
The key is to find a tracking system that works for you. For me, I color code each business action as GREEN, meaning there was a contract signed or a clear next step, or RED, meaning no clear results came. This takes getting really honest with yourself about what actions are working and which aren’t. If you are doing an action just because you think you should, and it’s not working, ask yourself: would you pay someone else to do it for you? Set your calendar up like you are paying someone to do your job. Anything that’s not good enough for someone else is surely not good enough for you.
Tip #3: Schedule 30 minutes of prep time before every appointment.
The way you separate yourself from other agents is not through skill or charisma, it’s through preparation. I always schedule 30 minutes of prep time in my calendar before every appointment. Client appointments, and especially listing appointments, have the potential of becoming massive paychecks. Treat them that way and prepare accordingly. Would you want to be rushing into an appointment that promised a paycheck of that size at the end?
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Tip #4: Get into a habit flow.
If I was ever out door knocking and I encountered someone who was looking to sell, I would immediately ask to schedule a follow up and continue on my way. Why? I'd be in the best mood and mindset to continue door knocking! Sure, I could have stopped and discussed the listing right then and there. Instead, I would carry that momentum with me, and have time to prepare and ace the listing appointment later that day. It was a win, win.
Bottom line, for me, good habits yield more good habits. If something is working really well for you, don’t stop. Keep up the momentum and ride the flow.
Tip #5: Provide a beginning and end to every meeting.
Go beyond providing a start time for every meeting and appointment, and provide an end time, too. Clients and potential clients will appreciate the clarity, and your calendar will appreciate your structure.
Tip #6: Shorten the time frame.
What if instead of giving yourself an hour to complete a task, you gave yourself 45 minutes? Challenge yourself to shorten the time frame where possible, and watch your efficiency soar.
Tip #7: Break tasks into bite-sized pieces.
Many agents will get intimidated by a list of calls they need to make and opt to make zero. What if instead, you decided to make three calls in the morning, three calls in the afternoon, and three in the evening? Shortening or breaking up tasks can help them feel much less intimidating. Who knows, you may just get in a flow and knock them all out once you get started.
Tip #8: Habit stack where possible.
Similar to getting in a flow, identify areas where you can add more positive habits to something you’re already doing. Can you make sphere calls while driving to an appointment? Or even while you’re on a walk getting some exercises? Can you listen to a coaching call while driving or at the gym? If it’s too overwhelming or you find it hard to focus, don’t force it. In some cases, I’ve found this type of habit stacking can actually heighten my confidence and performance.
Tip #9: Replace bad habits with good habits.
According to James Clear, the author of Atomic Habits, a crucial step to breaking a bad habit is to replace the action with a substitute. For example, if in tip two, you identified that you spend too much of your workday scrolling social media, it’s nearly impossible to just quit cold turkey. Instead, try this: every time you want to reach for your phone to scroll, you make a call to your sphere instead.
Tip #10: Eat that frog.
Brian Tracy’s Eat That Frog method stipulates that you start your day with the task you’re most likely to avoid. By getting the hardest thing out of the way, every other task from there forward will feel easy. It may not always be possible, but can be a useful habit to instill in your personal and professional life.
Tip #11: Do regular audits.
Regularly reviewing your calendar is essential, but I also suggest doing a deep dive audit on a regular cadence. Here how it works:
For an entire week, I track every single thing I do and label each task honestly based on whether it is personal, unproductive, or business. At the end of the week, I tear it apart and look for every opportunity to get more efficient with my time. This process can feel tedious, but is one of the important steps in becoming the Realtor you want to be.
Every task and action you take is a signifier of who you are in this business. Get better at the small things, and the big stuff will come.
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