September means Back to Basics here at Inman. As real estate navigates the post-settlement era with new commission rules, real estate professionals from across the country will share what’s working for them, how they’ve evolved their systems and tools, and where they’re investing personally.
This post was last updated Sept. 16, 2024.
Most agents don’t need more time. They simply need to use their time more efficiently. The best way to accomplish this is to eliminate the mindless ways we waste time. Here are the seven most common ways I see agents wasting time and how to reallocate that time in a way that leads to substantial business growth.
1. Consuming content instead of creating it
According to Statista, the average person spends two hours and twenty-four minutes every day on social media. That means the average person is spending over one hundred twelve hours each month consuming content on social media. These platforms continue to evolve into one of the most distracting time wasters ever created.
Imagine if you just carved out thirty minutes a day to create content instead of consuming it? What would that do for your business over the next few weeks? How would that turn this inefficiency into a productive activity?
This all starts by thinking about the content your ideal client would love for you to create for them. What are the pain points for your ideal client? What are the most frequently asked questions they have? What do they aspire to do and how can you show them you can help them achieve their goal?
When you focus on creating content more than consuming it, the momentum in your business begins to build.
2. Being busy instead of being productive
There is a significant difference between being busy and being productive. Busy is frantic while productivity is focused. But most agents have filled their days with busyness, giving them a false sense of accomplishment.
A solution to this epidemic is to practice the “Rule of Five” taught by John Maxwell. The principle is based on his example that if you have a tree in your backyard that you wish to cut down, consistency is the best way to ensure the tree comes down. He states that if you pick up an ax each morning, strike the tree five times, then put the ax down and do this every day, sooner or later the tree will fall. This principle applies to our businesses as well.
If you can identify the five activities that have the highest probability of helping your business grow, then prioritize doing them every day, you will achieve the success you are looking for in your business. So, what are those five activities for you? Make a list of them and stay focused on eliminating the inefficient things you do that keep you busy and initiating those high-priority activities daily.
This one step of refocusing your efforts on productive activities instead of busy activities can change your business forever.
3. Doing tasks instead of delegating
Similar to doing busy activities that are not the highest and best use of your time, many agents spend time doing tasks they should be delegating to others. Roughly speaking, for every $100,000 of annual income you make, that breaks down to an hourly value of $50 per hour. In other words, if you make $150,000 per year, your average hourly value is $75 per hour.
Understanding this, why do you keep stuffing envelopes for mailers, trying to figure out a description for your social media post, or calling to get showing instructions for your appointments? Those are tasks that could be delegated to an assistant or social media specialist who can be paid much less than the $75 an hour of value you have.
Delegate as many lower-cost tasks as possible. Reallocate that time to calling past clients or hot prospects. When you understand your value and do the tasks that are of the highest value for you, your net income and productivity will go up.
4. Perfecting a logo instead of having real estate-related conversations
People do business with people and not with logos. Yes, marketing plays a role in how you are perceived in the marketplace, but the lack of a logo is not the reason your business has slowed down. Your business has slowed down because you are not having enough real estate-related conversations.
Additionally, the number of transactions in most markets has slowed down. In this part of the cycle, you need more conversations than you needed when the market was hot. Based on this information you will need to work harder than before, just to maintain the business you have become accustomed to doing.
During a slowdown, it is human nature to look for ways to give your business a fresh look or to blame your slowdown on something your business doesn’t have. The only thing you really need to increase your business is to have more real estate-related conversations. Focus less on how you want to be perceived and more on the value you bring. In doing so, the business you desire will become a reality.
5. Being reactive instead of being proactive
How many days do you wake up without a plan of action for that day? Do you find yourself waiting on the phone to ring or are you making outbound calls? If you don’t control your schedule, the whirlwind of this business will keep you busy instead of productive.
The solution is to create a to-do list of activities the night before. This list should include your top five activities that we discussed above along with daily objectives you have for yourself. They should be time-sensitive and added to your schedule as appointments. These times should be uninterrupted until the task is completed.
Time is your most valuable asset. The more proactive you are with your schedule, the more predictable your success will be.
6. Focusing on quantity instead of quality on social media posts
Before posting anything on social media, ask yourself if the post is something that brings value to your ideal client. Wishing everyone a Happy 4th of July clutters your ideal client’s feed, and because it will lack engagement, these posts hurt your page more than they help. The algorithm is looking for content creators that post quality posts more than it is looking for people who post quantity.
Engagement and sharing are what drive social media success right now. Although every post or Reel is not going to perform great, by focusing on producing content that leads to engagement and sharing, your social media performance will be enhanced.
7. Spending time with unproductive people
The easiest way to guarantee yourself an unproductive day is to spend it with unproductive people. The people you surround yourself with are who you will become. If you’re the most productive person you spend time with, get a new group.
- Are you surrounding yourself with people who are avoiding making phone calls or people who hold each other accountable for being productive?
- Are you a part of a mastermind group focused on growing their businesses?
- Do you have a coach holding you accountable for the activities you need to do daily to achieve the level of success you desire?
The single most important factor in your success or failure in life is who you choose to spend your time with. Choose wisely.
We all aren’t as efficient as we should or could be, but there is another level for your business. The key is to refine your schedule to make sure you are limiting the time-wasting activities and focusing on the activities that help your business grow.
