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, it's 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.
In this episode of The Follow Me Show, we explain how to increase the amount of time you have in your day with these three basic principles from the four hour work week.
1) The 80/20 principle: The 80/20 principle also known as pareto's principle is best described as a question; what 20% of actions get you 80% of the results. Ask yourself as a real estate agent what 20% of my clients give me 80% of the results. Or what 20% of my marketing gives me 80% of the results. Essentially what we are trying to do here is cut out all of the extra weight. It's not worth it to spend hours and hours of time on something that only gets us a little bit of results. We want to get down to the meat of things. What is the most effective way to market, what is the most effective way to train, who are my most effective clients etc. What you're doing here is literally cutting out all the fat, all the dead weight and fgocusing in on results orientated actions. This will save you tons of time and tons of headaches.
2) Parkinson's law: Parkinson's law focuses on time, Parkinson's law is basically explained like this; a task alloted a certain amount of time will swell to its entirety. For example in college were often given assignments we are told that we have a 2000 word paper Jew5 weeks from now most of the time we will take that entire 5 weeks to write that two thousand words. However if you condense that time and let's say give yourself 3 days to write 2000 World words you will get it done. The same thing goes for your real estate task if you need to make a hundred cold calls don't spread it out over five days time force yourself to make a hundred calls within 2 to 3 hours. Force yourself to make 5 or 6 offers on a home in a quicker amount of time. Remember the time you alot yourself will be the time you use that is Parkinson's law at its finest.
3) Outsourcing: 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. So Outsource wherever you can. Do you need a contract to be written you can Outsource that. Do you need someone to contact your clients via email or even check your emails you can all sorts that as well. Do you need someone to cold call for you and try to get you on listing appointments you can Outsource that as well. Remember your main job as a realtor is to get clients over and over again and keep the ones you have. Outsourcing can help you do that while seven you time and ultimately making you lots of money.