‘PRODUCTIVITY’ is a bit of a buzzword, not just in the real estate industry but across all sectors – corporate, government, sports… But what does it really mean? What does improving your productivity do for you and your business?
Productivity is about getting the most from the daily, weekly and monthly activities that are the drivers of your current and future income. It’s well known that, in real estate sales, prospecting or relationship-building is the key driver, the core of your business.
So if your productivity levels are low in this area, what steps can you take to improve them?
Focus. Understand that what you focus on is a choice. In life, what we focus on expands, often to the exclusion of everything else! Choosing what to focus on is where the magic lies. The two criteria to apply to your decision-making on focus are things that matter and things you can control; where they overlap, that’s where your focus must be applied. Not haphazard focus, not some weeks on, some weeks off; but dedicated, razor-sharp, pinpoint focus and planning. It’s your choice.
Time management. Time is the great equaliser, the common denominator of us all. The number one thing I hear from agents is that they don’t have enough time. This is really saying they are not managing their time.
The ability to successfully manage time includes having strategies that create space for your focus activities. There are three key areas to master: self-management, environment and structure.
Most agents still don’t know the formula behind their numbers and the impact each one has.
You must draw awareness and understanding of how your emotions, beliefs and core values are either holding you back or propelling you forward. Your internal and external environment has a massive impact on whether you protect your time or give it away. The boundaries and rules that you put in place will either support or hinder your success, and keeping your mind and your business ordered and clear will enable you to manage more and achieve more.
Measurability. To know whether you are improving your productivity, you need to measure your actions and activities. The majority of agents still don’t know the formula behind their numbers and the impact each one has. Do you know how many conversations you have a day, a week, a month? How many conversations you need to have before you book an appraisal? How many market appraisals you do before you get a listing opportunity?
You must know these numbers and measure against them on a weekly basis to see whether you are improving or you need to change.
Benchmarking. Tracking your numbers delivers reliable benchmarks. As you continue to track your numbers you will know, in more specific detail, how you are going on a weekly basis against industry or personal benchmarks.
Do you need to dedicate more time to your prospecting, to your skill development? Have you met your benchmarks for the week? Are you blitzing those benchmarks, and have they now become your base level? Information provides the power to make better decisions which will improve your productivity.
Accountability. Once you have mastered focus, improved your time management and know your benchmarks, the final step is embracing accountability. Consistency is king; it breeds growth and expertise, so being accountable and on track for your plan will ultimately drive your productivity.
It can be incredibly challenging to do this alone, so the solution is to find an ‘Accounta-bila-buddy’! This can be your principal, sales manager, colleague, coach, family member, mentor or a target within a structured accountability program. The winning ingredient is that it is a formal and structured arrangement, so there is visibility to yourself and others on your actions and results.
What you need is a framework for support that keeps you motivated, inspired and true to the reality of your progress. This is not just a feel-good arrangement, but one where you want to face your weaknesses, recognise your strengths and stay in the productivity zone.