Is This A Waste Of Time?

Question

Got another one for you, see if you you relate- one of my
biggest problems in the business was the way I managed My time-can anyone relate? Time management is absolutely critical so learning how to management your time is something to be very aware of, something to work on
Some Examples of Time Wasters:

Constantly checking your email, CHASING real estate deals, surfing the web for the next breakthrough silver bullet productâ€¦These are things I did as a novice investor, and Iâ€™m sure others can relate. A lot of these what I call â€œprogress killersâ€ are complete waste of time.
Watch your Time and be more productive..

J Scott · Answer

Most people who have spent any time in a corporate or full-time job have been conditioned to believe that if they're not working at least 40 hours per week, they are not being productive and will not be successful.  In fact, many people believe you need to work 50-60 hours per week to be successful.

Unfortunately, when you have that mindset, you will do whatever it takes to fill at least 40 hours per week with work, even if it means doing menial or unimportant tasks.  The problem is, these unimportant tasks ultimately become part of your routine, and not only are you using them as time fillers, but you're prioritizing them over important tasks, as you've lost the perspective of what's really important.

If you can get your brain to accept that you can accomplish just as much -- if not more -- in fewer than 40 hours, and if you can overcome the stigma society has created about having to work at least 40 hours per week, you may realize they you can achieve just as much success in far less time.

One way to do this is to track all the tasks you do in a week.  Figure out those important tasks that take the most amount time, and determine how you can create systems and processes to allow you to accomplish those same tasks in far less time.  For example, I used to spend a LOT of time driving to stores to get materials for rehabs (I don't trust my contractors to pick out my finishes).  By consolidating my purchases to two main stores, creating spreadsheets of those items I purchase over and over (and only using items that are always in stock), and building relationships with employees of those stores, I can now order and have materials delivered to a rehab with about 15 minutes of work, one fax, and one phone call.  I don't even have to leave the house.

The creation of that system for my business saved me an average of about 10 hours of work per week.  Instead of filling those 10 hours with unimportant tasks, I instead just work 10 hours per week less in my real estate business, but accomplish the same amount.

I've done that with many areas of my business, and have found that I can accomplish the same amount now that I did 2 years ago, but working about 80% less than I used to. That's time that I can focus on other businesses or my family.

Mat Lewczenko · Answer

I can absolutely relate. It's easy to get sucked into non-revenue generatin activities i.e. tweak your website, read up on blogs, and go to a seminar, which can all be very productive - but if it gets in the way of making calls, drivin for dollars, putting out signs then it can easily become a time-suck.

We have a saying about our time blocked activities, the 20% activites (the stuff that you don't like doing) "If you have to erase then you must replace"

So if I have to take an appointment that cuts into my lead generation, I need to make sure I replace that lost lead gen time somewhere else.

Hardest part is being accountable to yourself. Or at least it's also my biggest challenge - or my best opportunity for improvement :)

Dale Osborn · Answer

Everyone has to decide what is important in their life and concentrate their time and efforts on these areas. The rule of thumb mentioned is you make 80% of your money from 20% of your activities. Your valuable time needs to be concentrated in the 20% to keep you prosperous!

Curtis Williams · Answer

I'm the world's worst at getting sucked into digging through websites.

But I found a free application called Toggl that basically you set a task and then hit "Start" and it times you the whole time you are working on it. I quickly found that i was spending an enormous amount of time doing everything but what I was supposed to do....

If you are familliar with Lifehacker they have a whole list of applications and ideas on getting control of your life: http://lifehacker.com/search/tasks/

One that I found best was simply to right down on one list the top ten most pressing tasks... then one with the top three... keep the top three on your desk and when done, move up the next three. Sounds goofy but it seems to work, the brain gets obsessed with getting those three tasks done.

Bienes Raices · Answer

This is a good topic....as a new investor I find that going back to visit a house multiple times before making a decision is generally a time waster. Now, if the house meets my criteria I try to just make the offer instead of vacillating.

James Vermillion · Answer

I am going to go a little off topic here, but this thread reminds me of something I have thought about for a long time.  I believe so many fail in real estate (and business in general) is because the idea of owning your own business, managing your own time, and being your own boss sounds great.  People have fun time thinking about how great it is going to be, setting up their website, getting business cards printed, etc.  But when it is time to get to work and actually put in the "work" they simply fail to do so.

The "time management" piece is a huge one.  By the way...I think this is an important thread and agree with the importance of focusing your time on "producing".

Jerry R. · Answer

I am in the continual process of creating and updating systems to get things done effectively. However this is going slowly as that in itself takes time. However I am getting it done bit-by-bit and figuring out how to get other people to do some of this work for me.

I work off a daily to-do list. Some things are priorities I wish were not, but nonetheless need to be done, so they automatically make the list.

Those tasks that make me the most or in some cases saves my money are also on the list.

I always try to leave room on the daily list for something less productive - otherwise these "other" things never get done (paying bills, reading, researching, visiting BP, etc).

I have a set number of tasks that I want to get done in a day.  I plan those out in the morning (many people that do this the night before). Then I do them.  I usually try to get 6 of these tasks done every day. Since I have been focusing the number of must-do-tasks to 6, I nearly always get them completed. Many times the number of tasks end-up being more like 7-9 due to pressing priorities.

Before that when I was just using a to-do list of priorities without daily goals I would not know when to stop working and be able to spend time with my family which ultimately is my #1 goal.

Rachel H. · Answer

J. Scott is right on. For me personally, I've found the best use of my time is to be out in the field and be right in front of people whether they be sellers, buyers, contractors, etc. Everything else is just busy work. (Though, there is work that is busy work but does need to get done!). The key is being able to prioritize. Hope that helps!  :D

Ed Man · Answer

Thanks J Scott ! That's an excellent example !

Jimmy C. · Answer

My to do list is simple (Notebook paper)  but works for me.  I put the immediate needs first, then put everything i would like to get done

Is This A Waste Of Time?

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