What percentage of your day would you say is income-producing?
We define income-producing as prospecting, lead follow up, presentations to buyers and sellers, negotiating, and closing deals…money time.
Income servicing activities are things that must be done, or potentially delegated – things like inspections, following up on the deals and issues in the pipeline, marketing, and prepping for appointments.
Stuff = the miscellaneous things you do in the day that have no productive value. They may often be things you can eliminate when you choose to focus on doing the most productive activity and the activities that are your highest and best use of time.
Why do others who may not be smarter or more skilled than you make so much more money than you do?
Maybe they simply make better use of their time?
What if someone gave you $86,400 dollars every day for the rest of your life? Here’s the catch though – you can’t save them up, and you can’t give them away – you have to use them or lose them.
We all start our day with 86,400 seconds in our day, how wisely are you using yours?
ASSIGNMENT: For the next two weeks we want you to carry around a notepad and take note of every 30 minutes and what you are doing.
At the end of each day make a note next to each time slot/activity on your time log, IP = income-producing/IS = income servicing/S = stuff.
Your goal is to get to at least 50% of your time spent on IP = income-producing. If you have a team and really big goals, your goal is to get to 80% income-producing.
As you keep your time log you will notice that instantly your focus improves, because you are more aware of where the time is going.
Look for common distractions and interruptions so that you can work to eliminate them from your day.
Remember, multitasking is not a virtue, it’s a sin.
You are more efficient when you time block and focus on one activity at a time.
Share your goals with those who love and support you.
Share your schedule with them too and ask for their support in allowing you to focus and do your job!
We have to respect the money – only 2% of the world makes over $100,000 and only 1% makes over 1 million.
If you want to make a lot of money you have to show up each day and work like the income-earner you want to become.
Do the math.
Look at your goal for 2020, divide it by the number of hours you will work, what is your value per hour?
Keep this number in mind as you work through your day.
Are you doing work that is appropriate to your hourly rate?
Are you holding on to things that you could delegate so that you could then add more billable hours?
If you want to make more money, spend more hours doing things that create revenue.
In case you need it we have included a simple worksheet to help you sketch out your perfect day. Remember your schedule is a work in progress. If what you create is breaking down you may need to tweak and adjust it. You may need to adjust it slightly each month as the world opens up and requires you to make changes. Your schedule and action items are truly your path to your future.
If you want more guidance on how to grow your luxury real estate practice, you can learn more about the Institute’s training options here.