Are you a “highly effective” time manager?
If you have the entrepreneurial spirit, you may already know that the most important part of your day is managing your time to focus on those things that are going to bring you revenue and profit. Yet this is often one of the biggest struggles people who are self-employed have. If you are considering a career in Real Estate investing, time management becomes even more important as you juggle your full-time job and investing on the side. As Stephen Covey stated in his book 7 Habits of Highly Effect People – “time management is a misnomer; the challenge is to manage ourselves”!
Let’s look at a few ideas that will help you to accomplish your goals and become a profitable investor:
- Keep distractions to a minimum. Spend 1-2 hours of uninterrupted of time. This means no distractions, and no multitasking. Set aside a specific time to check email and your social media outlets, and then get to work on those things that will increase your cash flow. Every distraction causes a delay in thought processing taking 10-20 minutes each interruption to get back on track
- Multitasking is NOT efficient. Scientific studies show that multitasking lowers your IQ more than doing drugs.
- Create routines. Create routines that get you results. Then STAY FOCUSED on completing one task at a time.
- Take breaks. You need to take time out for yourself to enjoy life with friends and family. This will reenergize you. Then when you sit down to work again your mind will be able to clearly focus and often great ideas will come to mind that were not there prior to your break. This will allow you to accomplish even more in a shorter amount of time.
- Be physically and spiritually healthy. Exercise, meditation, and a good diet are essential to success. It is an excellent idea to create this into your morning routine. Often during times of exercise, your mind will clear of clutter – paving the way for superior ideas!
Time Management Ideas
- Define distractions, then prioritize. In your list, write down what the distraction is with a corresponding action to solve it. For example: Email = Shut down all email programs while working for 2 hours
- Create a value and profit activity list of activities that relate directly to your success. Pick the top three and follow through one at a time.
Top Four ideas to successfully managing your time
- Attract sellers (30%) Make time to determine your best prospects and then make them your priority. Create a strategy that gives you the best value with the highest return. This means having the right message for the right target audience and one that will get and keep their attention.
- Analyze leads, follow up and conversions (10%) Following up is crucial. Separate the good ideas from the bad and do not waste time on the bad. Perfect talking with sellers, negotiating, convincing the sellers you are the best person to do business with.
- Appointments (40%) More appointments = more revenue and improves your presentation and negotiation skills.
- Management of your time, your goals and your business (20%) The management area includes things like accounting, asset protection, people management, developing relationships, developing business plans, etc. To much time in this area will mean you will not be bringing in the accounts you need to manage.
Be persistent, keep moving forward and focus on your goals. Good time management skills get you there faster and more efficiently. Most importantly, NEVER GIVE UP!