Though we may wish we could triple the amount of time we have to get our checklist conquered, we’re each given the same 24 hours in a day. Running a business is challenging. A real estate brokerage can present its own unique set of challenges as we represent many agents who are also running their own business. After managing a real estate company for the past 15 years, I’ve added these tips and tricks to my tool belt, which can help you structure your day to be the most productive when running your brokerage.
Plan Ahead
We all have heard this age-old advice. Planning ahead can include everything from giving yourself enough time to make it to a closing during rush hour or packing an umbrella during your showings if rain is in the forecast. This is simple advice that stands the test of time.
How much do you plan ahead? I have found that allocating my time is critical to allowing me to balance everyday tasks, perform business development and still enjoy time with my employees. I plan out my day, week and month. If you’ve avoided planning at all costs for most of your business career, take a small step to start off with planning your timeline for the day.
The Daily Three
As CEOs, owners and those in the driver’s seat of a business, you may feel like everything that needs to get done is resting on your shoulders. While it is true you may have many responsibilities, I focus on just three objectives each day. I call this my “daily three.” I write down three things I must accomplish every single day on a Post-It. Even though I have momentous, courageous goals to achieve, this little note keeps me on target. Anything else I accomplish is icing on the cake. Following this daily three checklist successfully builds confidence — which leads to momentum to move forward and accomplish more.
Track Your Time
Do you currently track your time? If not, you’re missing out on a tremendous way of increasing your focus, boosting your productivity and saving yourself unnecessary work and hardship. As a leader of a company it is very easy to get pulled into different directions as various people seek your guidance and many situations in the real estate world seem urgent.
By tracking your daily habits, you’ll quickly be able to see where your time goes. And you’ll probably be surprised to find that you lose a significant chunk of your day to nonessential things such as constantly checking your emails, chatting with colleagues, scrolling through social media posts and daydreaming.
Synergize With Others
It may be tempting to take on the business on your own, but know as a managing broker, you can’t do it all. As explained by Dr. Stephen R. Covey: “When people begin to interact together genuinely, and they’re open to each other’s influence, and they begin to gain new insight. The capability of inventing new approaches is increased exponentially because of differences.”
I like to think of synergy as a rope. When you have one string it is weak, but every time you add another string to form a rope it multiplies its strength. In addition to the magnification factor, it also creates energy and momentum, a shared mission for accomplishment. The sum of the energies and passions by teammates is what increases the overall production and eventual win. Utilize your employees, your company’s agents and even your local chapter of relevant associations to collaborate and come together to find new ways of thinking.
Delegate
Just as important as it is to synergize with others, it is also important to delegate. As an entrepreneur, you wear 17 different hats when starting a business. You are the CEO, accountant, attorney, secretary, janitor and everything else. As you become successful, it is key to growth for you to hire others to help you and to whom you can delegate tasks. This will allow you to spend your time doing whatever is most productive to push the business forward.
Mind Dump
I like to end the day the same way every time. I prep for the next day to reduce surprises and list out all of my future to-do items so that I do not have to take “the office” home with me. I perform a “mind dump” and set up my action items for the next day. I do this by making a note on my phone and removing everything from my head, so that I can rest peacefully after leaving the office.
There is nothing better than seeing your business ideas and hard work come to life — that there is only so much time to manage and run your business. Use the resources around you and tap into the talent at your office to help make your day successful.