Real estate professionals are hard workers — often working so hard on maintaining a business that other important areas of their lives get neglected. Many of us are motivated people, but we don’t have the tools that allow us to slow down and spend time on our hobbies or with our loved ones. Of course, being driven toward success is important, but it’s equally as important to be able to take breaks from work to focus on the other facets of life. Everyone deserves to have leisure, even while running a highly demanding real estate business. Can you do both? Here are four simple ways you can earn more and work less at the same time.
1. Earn More and Work Less by Expanding Your Team
No one achieves success alone. Many entrepreneurs who try to build a business without help end up sacrificing their personal lives, but you don’t have to do that. To be able to scale your business, you need people you can delegate tasks to. Each team member can focus on their area of expertise, and you’ll be able to have a broader reach and impact. If you haven’t started building your team yet, click here to learn about the optimal structure for getting started!
An administrative assistant or a client care coordinator is an important member of your team. In fact, this role is so essential, that it should really be your first hire. This team member will be your first line of support when it comes to delegating tasks that come up as you increase production.
It’s important to have a mindset of abundance in real estate. Some people are worried about hiring team members because they have a mindset of scarcity. When you hire new team members, they’ll increase your ability to bring in revenue by such a large amount that the amount you pay them will just be a drop in the bucket.
2. Increase Efficiency By Tracking Daily Activities
Unless you carefully track your daily activities, you may not realize how much time you spend being unproductive. It’s important to know how much of the day you spend performing money-generating activities. When you understand this, you’ll be able to cut out or delegate the activities that aren’t dollar-producing.
To easily track time spent on money-generating activities, use the Daily Success Habits Tracker. This tracker allows you to have more clarity and control over how you spend your time. It also creates accountability and ensures you aren’t working on anything that isn’t bringing in revenue.
3. Improve Operational Excellence With The Top 50 Referral System
Many real estate agents spend all their time working with hundreds of people trying to build the types of relationships that are necessary to convert leads and obtain referrals. You’ll burn yourself out trying to work with everyone in a database that large, and many of them will likely not be the highest quality leads anyway. Instead of working with hundreds of clients, you need a Top 50 List.
Your Top 50 is a list of 50 people that already know, like, and trust you and will likely send you at least one referral per year. Client referrals, especially when you’ve built sincere relationships with those clients, convert at higher levels than other types of leads. Implementing this system will bring in more leads each year, even though you’ll be working fewer leads. The amount of time and energy spent on lead generation will drop significantly, while your relationships with your top 50 will grow tremendously, leading to an increase in revenue with less personal effort.
To nurture these relationships, you should be staying connected through regular personal touches. Whether that’s an in-person event, a phone call, or catching up over lunch, be sure you’re communicating with these 50 people consistently.
4. Build A Safety Net With 4 Pillars of Income
No matter how well things are going, it can feel like you can’t relax because there’s no safety net to cover you financially if an unexpected problem arises. To be able to earn more and work less you must be able to step away from your business without worrying about your financial situation, you should have, not one but four pillars of income.
As you add more pillars of income, your revenue will match, and even exceed, your income goals before you know it. Plus, you’ll be able to take weekends and vacations off because you know that even in an emergency, your multiple pillars of income will support you.
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