As a luxury real estate marketing professional it is important to constantly improve the way you run your business. Inefficiency in any business is equal to amount of time wasted. In financial terms this is known as return on investment or ROI. First, you have to establish what your hour is worth. Then, keep a diary of all the things you do in a day and note the time you are spending on doing these items. What is your return on the time you spent doing that cycle of action? Could some of these items be delegated to someone else whose hourly rate is considerably less than yours?
Which items produce actual income? Those are the cycles of action that lead to a listing/sale. One of our clients has trained her assistant to shoo her out of the door on a daily basis. They both know that when she steps out the door to get a cup of coffee or have lunch, she will invariably run into someone who has a listing or a referral or a clue as to what may be for sale, or who is in the market. The longer she is out of the office, the more listings she gets.
Recently, we spoke to another one of our clients who plays golf regularly. This 4-5 hour activity (three times a week) has landed him several sales and listings in a month. Another is an exceptional tennis player, and he plays at the club in his marketplace and in all the local tournaments. This enjoyable activity leads to sales and listings.
Busy work and all the other minutiae that need to be done should be executed by someone who is good at it, and you should do what you are good at, which is bringing in the business. Delegating can be the springboard to increasing your business as well as increasing your discretionary time for yourself and your family. Do we practice what we preach? Absolutely, we have a virtual assistant and a local one. We have found that we are happily getting a great ROI on the time we spend working. Do you know what your time is worth?
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