One of the biggest differences I have found in the most successful real estate investors is their ability to manage their time.
Quite frankly, the most successful investors I know and work with:
A) Focus on the projects and activities that will help them achieve goals.
B) Are fierce about how they spend their time, and who they spend their time with.
C) Work consistently like this until it becomes a habit.
Given this, here are some specific time management strategies to consider:
1. Have a Clear Objective In The First Place.
You have probably heard the quote, “If you do not know where you are going, then any road will do.” The best place to begin thinking about time management is to have a clear goal in mind, given whether you want to be an active investor or a passive investor.
Take some time to determine exactly what you want your financial picture to look like in 12 months, 36 months, 60 months, and 10 years.
Once you have your “end picture” in mind, you will be much more effective in determining what kind of properties will help you achieve your goals. Remember that the investment properties are simply an investment vehicle to help you get to your ultimate financial goals.
2. Block Time to Work “On” Your Investment Business.
This is one of my biggies. Every single week, without fail, block 2 to 3 hours out to work “on” your investment business. The idea of working “on” vs “in” your business is something I got from Michael Gerber, and it works like magic.
Here is what I mean:
Set aside time to strategize on your business, without interference. This is more difficult to do these days with phone calls, text messages, emails being a source of interruption.
When you block time off, include blocking off ALL interruptions. This is your time to focus on how to increase the income from your investment real estate. Where can you increase income? What type of property would be your next purchase? How can I decrease expenses, and increase cash flow? Questions like these are what you should focus your efforts on. I like to do this at the beginning of the week, and the ideas I get during these sessions help guide my activities for the rest of the week.
3. Ask Yourself The Right Question.
Consistently ask yourself, “Is what I am doing right now going to help me get the results I want to achieve?”
This is a great checkpoint of whether you are being most effective with your time. Are you working on the projects and activities that will help achieve your finanicial goals?
What I am really sharing with you here is that successful time management is all about your habits, and maintaining focus on your results. Make the decision to be more effective in your business and I guarantee you will be rewarded handsomely.