Real estate investors wear a lot of hats. The ones who do well must figure out how to manage their time. Making smarter investment decisions and seeing higher returns depend on it.
As a real estate investor, your success depends on how you use your time. You need to make every minute count. These productivity tips will help you stay focused on your goals and push your business in the right direction.
Prioritizing tasks for the next day will ensure that you are prepared. Separate the next day's tasks into two categories. First category will be tasks that you will be handling on your own. The other category is tasks that you assign to others. When you prioritize, you leave nothing to chance.
Prioritize tasks that must be done first due to a deadline or any other reason.
Each day should have more than 24 hours so you can finish everything, right? Until that happens, time management is the key to making sure that you don’t miss out on any task that needs to be completed on a given day.
Prepare a to-do list that features all the tasks you face. This will help you stay on top of almost everything related to your projects.
If you are a hardcore DIYer, you need to change a little to be more productive. It is figuratively impossible for you to complete all the work you have on a given day all by yourself. Learning to delegate can help you get more done in less time.
Real estate investors are all over the map. In a given day, you may have to visit a new property. Prepare a listing on your own. Or plan a kitchen renovation. There will be other routine tasks to take care of as well. You can delegate many of these tasks one you find reliable people whom you can trust to do them correctly. And of course, that's the hard part.
Too many real estate investors believe that taking a break is a sin. Keeping your work hours crammed could negatively impact both your physical and mental health. Taking breaks every now and then will help you stay refreshed and enthusiastic throughout the day. So take a quick walk or grab a snack. Or you can take a power nap to recharge yourself.
Contrary to popular opinion, multitasking doesn’t improve your productivity. When you are handling more than one task at a time, it's hard to keep your focus. By not giving an important task the attention it requires, you may complete it with substandard quality.
Real estate investors should rarely multitask. When you try to perform more tasks than your body and mind can handle, you end up creating a mess. Don’t let anything distract you while you are doing tasks that are harder for you or that you don’t find too interesting.
Multitasking will do more harm to your productivity than good. So stop multitasking and start focusing on one task at a time to improve your productivity.
Even self-employed real estate investors have to meet clients, financial advisors and attorneys on a regular basis. However, if you can reduce the number of meetings, you will be rewarded with improved productivity. A lot of meetings can be handled with an email exchange or a quick phone call. Get back the time you need to focus on tasks that can actually help you get more out of your investments.
Social media is a big distraction. But you don’t need to stay off it completely because it is often the best place to get industry updates (speaking of which, check out our Tax, Legal, & Asset Protection Secrets For Real Estate Investors mastermind group if you aren't already a member).
What you need to do is be smart about the time you spend on social media. You can access your social media accounts during breaks or whenever you feel stuck on something. It is a great way to get your mind off something that you cannot get through and then start afresh.
The biggest reason you need to break a big project into smaller milestones is not to feel overwhelmed. By doing this, you will be better positioned to manage the smaller tasks or milestones, which will help you complete the entire project on time.
This will also allow you to delegate a few of the smaller tasks to other people in your team, which will help take some of the burdens off your shoulders.
Networking gives you the opportunity to interact and communicate with others in your industry as well as those that could be your potential clients. So when you build a network, you establish professional associations with people and set the stage for business possibilities.
So it is very important for every real estate investor to make some time for networking in their daily schedule. Real estate investors thrive on relationships. No wonder networking is given so much importance.
You need to make the most of the time and resources available to make your real estate investing business a success. One way of doing this is to leverage technology. There are tools that can help you do a lot more with your day than you end up doing. For example, using technology can help you avoid contract drafting mistakes in your real estate transactions.
Technology can help you with tracking listings, scheduling tasks, managing expenses, organizing documents, and screening prospects amongst other things.
Measuring your performance every week can help you improve your performance. Did you achieve the targets that you set at the start of the week? If you didn’t, where did you fall short? On the other hand, if you succeeded in achieving your targets, you will have the entire weekend to celebrate your success.
Reviewing your week will also help you maintain workplace discipline. And you can figure out how differently you need to approach different tasks so that you don’t fall short going forward.
Scott Royal Smith is an asset protection attorney and long-time real estate investor. He's on a mission to help fellow investors free their time, protect their assets, and create lasting wealth.
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