As one of the fundamental keys to real estate investing success, a strict schedule may be just what your business needs to get to the next level. Like any other area of your life, repetition will make you more comfortable. Practice makes perfect, right? Following a strict daily schedule is, in fact, one of the best ways to set you up for success. Instead of waking up every day and searching for ways to grow your business, a strict schedule gives you a blueprint for what to do and how to do it. You still need to put the work in, but it is much easier when you know what to do. A new schedule may take some getting used to, but after a few weeks it will start to become second nature. Before you know it, small wins will become habitual.
Make sure the schedule you set up is something you can actually adhere to. If you are trying to lose weight, for example, set a realistic goal. One of the biggest hurdles most people have is trying to lose too much weight. They have every intention to put the work in, but fail to realize just how much they have committed to. More often than not, this will result in going back to square one. That’s not to say that your schedule and new routine shouldn’t strive to push you, but you need to know your limitations. Not all investors are at the same stage of business. It is important to tailor your schedule to where you are at in your business.
A real estate investing schedule is critical to your success. The following is an example of a routine that could help your real estate business:
6:00 a.m.: Waking up early is one of the best changes you can make to your daily routine. An extra hour of work in the morning and again in the evening will add 10 hours a week, not including weekends. If you do anything for ten more hours, it will have a positive impact. Waking up earlier gives you the chance to get thirty minutes of exercise, read the newspaper, make lists or surf your favorite websites without cutting into your work days. If you get these out of your system first thing in the morning, you can hit the ground running once you start working.
7:00-8:00 a.m.: Remember what is truly important to you: family. Use this time to get your kids ready for school, make breakfast or connect with your spouse. This may be the most important hour of your day. Not only for the obvious reasons, but if you leave your family on the wrong note you will end up thinking about it all day.
8:00-9:30 a.m.: This time should be spent on reviewing current deals or projects. Review where you are and what needs to be done. Without revenue from these deals coming in, your business won’t get very far. It is always better to be a step ahead rather than one step behind. Make any pertinent phone calls and reach out to everyone in the deal. If need be, drive by any rehab or rental properties and check in on the progress. Before you can look ahead, you need to make sure any and all current deals are moving along.
9:30-11:00 a.m.: Once you know your current deals are in place, you need to spend time building your pipeline. This means following up with any phone calls or emails. It could mean going to a local networking group or meeting potential contacts. It is important not to rest on your laurels and pat yourself on the back for whatever deals you currently have in place. If you can’t back those up with new ones, your business won’t get very far. It is important to be as hungry with your networking and lead generation whether you have five active deals or none.
11:00-12:30: Review emails and make plans for the afternoon. If you have a lot going on in your business, it is important to stay on top of it all. Any calls that you miss should be returned as quickly as possible. Use this window before lunch to get on the phone and stay in touch. Sending emails and texts may be easier, but nothing replaces a phone call.
12:30-1:30 p.m.: Lunch time! It is a good idea to have lunch with a new business contact once a week. Four new contacts a month should equal at least two or three new deals a year.
1:30-3:00 p.m.: Afternoons are typically witness a lull in activity. Use this time to your advantage and generate leads. This could be used to get a new mailing together or work on an email campaign. Call a dozen realtors, mortgage brokers or wholesalers to see if there is a possibility of working together. Dedicate this time specifically to networking and lead generation.
3:00-5:00 p.m.: Things typically never go as planned. Allocate this time to putting out any fires that may have come up during your day. You can bet that there will be at least one task that needs to be taken care of during this time.
6:00 p.m.: Stop working. There is no punch card real estate investors need to worry about, but it doesn’t mean you shouldn’t know when to stop. When you are with your family, you need to give them your full attention. Work when you are working, but know when to take some time off. Learning this lesson can be hard for some, but it is so valuable to every aspect of your business and your life.
8:00-9:00 p.m.: You should be prepared to spend at least one night a month at local networking clubs. Additionally, you should spend one night a week on growing your education. Forty-five minutes of education on a new topic may be just the thing that helps with your next deal. Spend the other fifteen minutes writing out what you need to accomplish tomorrow. By doing this the night before, you can just wake up and go without wasting any time.
Things will always come up that need your attention, but try to stick to your schedule as much as you can. Do it for one day and see how it goes. Then have a goal to stick to it for a week. Before you know it, you will have an efficient and effective routine that works for you.