Time is Money: Mastering Time Management for Successful Prospecting for ListingsMay 31, 2023
The Oxford English Dictionary provides a succinct and unique definition of time management as the ability to use one's time effectively and productively, particularly in a work setting. Time management plays a pivotal role in the success of real estate agents. Real estate sales is a profession where inadequate time management can severely obstruct your chances of success.
In our role, as real estate agents, we might feel incredibly busy, spending substantial time interacting with buyers, networking with industry professionals, attending conferences, devising elaborate marketing campaigns, and hosting open houses, to mention a few. However, upon closer examination, it's often found that many agents are not making substantial progress in their marketplace or their real estate sales success.
Conversely, many of us real estate agents often operate independently, without constant supervision from a sales manager. Some agents find this lack of direction leads to procrastination, which serves as a significant hindrance to success.
Neglecting to prioritize time management can certainly affect almost every aspect of our real estate business, undoubtedly influencing our success and earning potential.
Without effective time management, we're likely to lack a structured approach to prospecting, leading our business to continually cycle between feast and famine in terms of earning potential. This lack of structure can impact our client relationships and might adversely affect our reputation.
On the other hand, when we prioritize time management, we align our business to engage in the right money-making activities. This alignment significantly reduces our stress levels and promotes a healthier work-life balance.
One of the most effective things any real estate sales agent who wants to leverage the money-earning potential of the effective use of time management can do for themselves is to create for themselves an Ideal day and Ideal week plan.
Knowing what you want to get done each day and week really helps you stay on track and keeps your energy focused in your job as a real estate agent.
Because we as real estate agents often need to align our schedules with others, especially when it comes to when they can meet to view or list a property, time blocking is the way to go when it comes to mapping out our ideal day and week.
Time blocking is a simple time management technique where you divide your day into chunks of time. Each chunk is dedicated to getting a specific task or group of tasks done. It's all about planning your day and week ahead, so you know exactly what you need to do and when.
Time blocking gives you some serious benefits like better focus, planning ahead, less stress, and a more balanced work-life schedule.
When you first start to map out your ideal week, some folks might try to plan out every minute of their day and week, thinking it'll really push their business forward. This usually means scheduling not just work stuff, but also breaks, meals, and other everyday activities. While this might sound super efficient, there can be downsides:
- Lack of flexibility: If something takes longer than you thought or if surprise tasks or issues come up, it can throw your whole schedule off. This can be stressful and end up messing with your time management.
- Time waste: You might end up spending too much time on planning and tweaking the plan, time that could be better spent actually getting stuff done.
- Lack of creativity and spontaneity: Super strict schedules can hold back your creativity and stop you from jumping on unexpected opportunities.
- Increased stress: If things don't go exactly as planned, it can make you feel like you've failed or increase your stress levels.
Time blocking is a way better fit for real estate agents.
And just a quick note for all my Get Listings Bootcamp members, your membership comes with the Mini Course, 'The Ideal Week for Real Estate Agents'. In this course, I'll walk you through the best ideal week for a real estate agent looking to successfully list and sell multiple properties monthly, and you can also download a template to use when you're creating your own ideal week plan.
The most crucial activity any real estate agent, who is in the growth stage of their career can engage is to time block out their prospecting activities
Taking it one step further, you should consider this time block as non-negotiable.
That means, no matter what, this time is set in stone for prospecting and shouldn't be interrupted or moved for someone else or another activity.
Following this rule is actually the quickest way to break the cycle of unpredictable earnings and start lining up consistent listing opportunities, contracts, successful property sales, and steady commission payments.
The curse that afflicts many real estate agents is they attack they're prospecting activities in spits and spats, this will doom your business to a constant cycle of feast and famine in earning potential and will spend an eternity trying to make that breakthrough to being a high earning, professional and the trusted go-to real estate agent for your marketplace.
Prioritizing the high-value activity of prospecting can really push your business forward. It sets you up to build a fulfilling, financially rewarding career in real estate sales. This can have a huge impact, providing you with the resources and authority to maintain a healthier and more enjoyable work-life balance.
The key here is time blocking and making prospecting a top priority - there's no other way around it.
For all my Get Listings Bootcamp members, you're aware that I teach how to effectively time block within the Bootcamp and how to excel in your prospecting time block activities is by splitting your weeks between action-oriented and passive prospecting, working in 4-hour blocks.
If you're not a member yet, I'll include a link for a 7-day free trial. Once you're logged in, you'll find that this strategy is one of the first things I teach in the Bootcamp to set you up for success.
Another huge advantage of prioritizing and time blocking the high-value task of prospecting is that, once you've met the criteria of your ideal week, allocated the right time blocks, and applied the energy of consistency, you won't just see more listing opportunities, more signed contracts, more buyers, more sales, and more commissions - you'll also have more time on your hands.
You won't be bogged down by the stress of procrastination or the feeling of not meeting your prospecting target. What you'll have is more free time to engage in other activities that can improve your work-life balance.
This extra time lets you engage more effectively in activities like learning to use technology even better, further increasing your effectiveness throughout the day and your presence in your marketplace.
An example here would be actually having the time to learn how to use tools like online listing presentation sites. These tools let you create impressive templates that can enhance your face-to-face presentations and cut down on the overall time needed for the preparation of property market updates, pre-listing presentations and face-to-face presentations.
With effective time blocking, you'll also have more time to fine-tune your marketing activities and social media presence to position your business to bring in more leads more automatically.
Effective time blocking even allows you the mental space to work out which of your low priority tasks can even be outsourced – which will free up your time even further.
All of this ultimately leads to a better work-life balance and allows more time for those critical money-making conversations that push your business forward.
All these benefits spring from a strong foundation of time management and time blocking for the high-value, high-priority task of prospecting.
In conclusion, mastering time management is an essential skill for successful real estate prospecting. The practice of time blocking can significantly streamline the process, helping agents focus their efforts on high-value activities such as prospecting and yielding positive results. With it, agents can avoid common pitfalls, such as procrastination, and can ensure a steady flow of opportunities, which ultimately translates into steady earnings.
However, a word of caution, being overly rigid in planning could lead to stress and hinder creativity. Striking the right balance in structuring time is therefore crucial.
Implementing time-blocking strategies like dividing your weeks between active and passive prospecting, maintaining consistency, and prioritizing high-value activities can all contribute to a fulfilling and financially rewarding career in real estate sales.
While the process of refining and perfecting these techniques may take time and effort, the benefits are worth the investment.
Improved time management can lead to better focus, less stress, increased productivity, and a healthier work-life balance. In the long run, it empowers real estate agents to develop their business in a balanced and sustainable manner.
Remember, effective time management is not merely about filling every minute of the day with tasks. It's about intelligently organizing your time to focus on activities that matter most for your business, ultimately so you can make more money and enjoy a better work-life balance.