How new agents can get the best return on their time investment

Entering the world of real estate as a new agent can be exciting and daunting. Success in this field requires a combination of skills, dedication and strategic planning.

Among the myriad of challenges, time management, leveraging your circle of influence, and understanding the return on investment (ROI) for your efforts are critical factors. Below are some essential tips tailored to help new real estate agents navigate these aspects effectively.

Mastering time management

Time is your most valuable asset in the real estate industry. Efficient time management can make the difference between closing deals and missing opportunities.

Here’s how to optimize your time:

• Prioritize tasks: Identify tasks that directly contribute to revenue generation, such as client meetings, property viewings, and networking, and prioritize them over less critical activities.
• Utilize technology: Leverage technology tools, including CRM software, scheduling apps, and task management platforms, to streamline administrative tasks, automate processes, and stay organized.
• Set boundaries: Establish boundaries to prevent time-draining activities from encroaching on your productive hours. Learn to say no to distractions and non-essential tasks that don’t align with your goals.

Harnessing your circle of influence

Your circle of influence comprises friends, family, acquaintances and professional contacts who can potentially refer clients or provide valuable insights.

Here’s how to leverage your circle of influence effectively:

• Build relationships: Invest time in nurturing relationships within your circle of influence. Stay in touch, show genuine interest, and provide value by sharing relevant market insights or offering assistance when needed.
• Ask for referrals: Don’t be afraid to ask for referrals from satisfied clients or contacts who are aware of your real estate venture. A personal recommendation can be a powerful catalyst for securing new business.
• Attend social events: Attend social gatherings, community functions, and industry events to expand your network and strengthen existing relationships. Remember to follow up with contacts afterward to maintain engagement.

Understanding ROI

Every action you take in real estate should be assessed based on its potential return on investment.

Whether it’s time, money or effort, understanding the ROI of your actions is crucial for maximizing your resources:

• Track your efforts: Keep meticulous records of your activities, expenses and outcomes to evaluate their effectiveness. This data will help you identify what strategies yield the highest ROI and where adjustments are needed.
• Measure marketing campaigns: Track the performance of your marketing campaigns, whether they’re online advertising, direct mailers or social media outreach, to determine which channels generate the most leads and conversions.
• Calculate time investment: Consider the time spent on each task or activity, and weigh it against the results achieved. Focus on activities with the greatest ROI, and consider outsourcing or delegating tasks that yield a lower return.

Succeeding as a new real estate agent requires a multifaceted approach that encompasses effective time management, leveraging your circle of influence and understanding the ROI of your efforts. By implementing these tips and continuously refining your strategies, you’ll be well-positioned to thrive in the dynamic and competitive world of real estate.

David Marden is a third-generation real estate professional with 20+ years of experience and has mentored some of Chicago’s top real estate professionals. Connect with Marden on Instagram and Linkedin.