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A career in real estate allows you to experience life as an entrepreneur. It's exciting when you have unlimited earning potential and you are no longer being paid by the hour.  But realize that you will have to put in the time to make that money and if you don't manage your time well, you will work more than you are getting paid for. When you add up the amount that you earned in commission over the past month and divide by the number of hours that you "worked" you can get a sense of your effective hourly rate of earning. But how will you know if you don't keep track of your hours? To unleash your full earning potential, you want to be really efficient at managing your time. After all, you know what they say, "time is money!"

Most real estate agents are independent contractors and create their own schedule, structure, and business. One of the biggest reasons that new real estate agents fail is because they don't manage time well. This leads to burnout and a lack of sales. To be successful, structure your daily, weekly, monthly and even your annual routines. When you work for yourself there are a lot of lines that start to be blurred. Many real estate agents feel like they are constantly working because they always are working. They check email, look up listings, take calls and respond to emails all day and night. They operate without a plan and react to everything that comes at them. They are not in control of time and their business – it controls them. 

How can you control your time? 

First, you must know how you spend your time. In order to get a handle on how you spend your time, challenge yourself to spend a week tracking your time. Document everything you do from the time you get up until the time that you go back to sleep every day. Be specific and detailed about each activity. Make sure to capture exact amounts of time. At the end of your week of tracking, take a look through each day to get a sense of your patterns. You will likely notice that your time is consumed by work, self-care and maybe even a social life. Categorize how you spend your time.  This way you know how much time you are putting into your business. This will allow you to assess whether you are doing too much or too little to reach your goals. This is a defining moment! Now you get to decide how to maximize your time and take control of your business.

One of the best ways to think about time is found in Stephen Covey's book, The 7 Habits of Highly Effective People. Covey talks about four quadrants for time:
  •  Urgent and Important- unexpected emergencies or problems, deadlines, last minute requests and pressing problems. 
  • Important but Not Urgent- preparation, planning, research, relationship building, intentional phone calls or emails, planned marketing and true rest and recreation.
  • Urgent and Not Important -  draining interruptions, unimportant meetings, phone calls or emails and unnecessary reports.  
  • Not important and Not Urgent- complete waste of time, mostly activities where you are just spinning wheels and making no progress.  Some examples include recreational internet surfing and social media, busy work, irrelevant phone calls or emails and "escape" activities.

At Joseph James, we want our agents to make the best use of their time. We want to help them achieve success in their business and real estate career. You won't be wasting time checking out a switch to work with Joseph James Real Estate. Use the form below to learn more.

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