the follow me show: episode 13
Why Realtors Need The Four Hour Work Week
Everyone in the real estate industry knows how hard a top-producing Realtor works. It's not your typical 9-to-5 being a Realtor often times means working around the clock. Or at the minimum, being available 'round the clock. You never know when your clients are going to call you, panicking about their closing next week, or when an inspector needs to reschedule right before the inspection deadline. Or better yet, the late-night call from a Zillow lead that's ready to put in an offer right now.
The truth is, being a Realtor requires a lot of time. Most of us, if we end up running out of time and losing deals in the process because we can't keep up; but this doesn't need to be the case. What if there was a way to increase time and productivity simultaneously? What if all you needed is to follow a few basic principles to see your time and bank account increase? With these three basic principles from Tim Ferriss' The Four Hour Work Week, all of that is now possible.
The Four hour work week focuses on three main principles.
1) The 80/20 principle
2) Parkinson's law
The general idea of these three principles coincide with each other, with its purpose being to increase time, while maximizing output. The goal is to make it easier and more efficient so you can serve yourself your family and your clients better.
1) 80/20 Principle - this principle is about eliminating the fat and focusing on only what gets results. For example: 80% of results come from 20% of the effort. 80% of problems come from 20% of the people. 80% of anything is produced by 20% of something. By following this 80/20 principle we can then dissect the unnecessary time that is being wasted. Ask yourself where is 80% of my results coming from? Are they coming from Zillow, websites capture pages, or are they coming from referrals? Simply find out what produces the most and cut the rest. By doing this you are creating more time for yourself so you can duplicate and expand upon what already works
2) Parkinson's Law - this principle is about using time wisely and not wasting it on unnecessary thinking or actions. Parkinson's law states that a task allotted a certain amount of time will swell to the allotted time. A great example of this is essays due in college. So many of us myself included are given a month or three weeks to write a 500 to 2000 word essay however we don't start working on it until about 48 hours before it's due. If we are only given 48 hours to write the paper we would come up with the results. Use this principle to write contracts, make offers or cold call a 100 listings, the possibilities for productivity are truly endless when exercising this law.
3) Outsourcing - this is a modern principle that is used to increase time dramatically so you can spend it doing things that matter. Assistance and automation is no longer only for the rich. With global communication and the ability to cross currencies, the cost per hour to hire an assistant has gone down dramatically. You no longer need to check your emails, update your calendar, make appointments or do unnecessary research, that can now be left to your assistant. India has tons of a virtual assistant companies where you can literally hire on an assistant for $900 a month or less.
Follow these three basic principles and watch your productivity and time increase tenfold. You can dive deeper and get more insights from the book itself. However these are the three major concepts to take away especially if your realtor.