Successful Investment Real Estate Strategies: Tick, Tock, Tick, Tock…
Our habits say a lot about us. And, as you know, habits are hard to break. I want to address some habits of apartment investors that I feel is keeping them from the success that they want and deserve, or rather, keeping success away from them longer than need be.
Remember, almost everything starts with the way you are managing your time. The reason is simple. You cannot get time back. Once its gone its gone – for good. So, knowing this we need to make the most, squeeze the most money and market share out of every minute we have during the working day.
Mistake #1. Not Having A Plan.
If you are too busy to sit down for an hour and make a business plan for not only the next year but the next few years, bubba, you got serious time management problems. All the more reason you need a plan. Make sure you have a firm picture in your mind of where it is you want to get to and always plan your time around the most productive things that will get you there. Your “competition” wants you to avoid planning and to have no plan. Don’t help the competition.
Mistake #2. Not Asking The Right Questions.
You need to be asking yourself this question all the time. Make it become a habit. Here it is: “Is What I Am Doing Now The Best Use Of My Time?” This will help you refocus on those tasks that will help you reach your goal and avoid those things that will not.
Mistake #3. Spending Your Time On Low Payoff Activities.
Budget arguments aside you need to calculate how much your hourly worth is. By the way, its more than you think since you only get on average about 2 – 4 hours of real productive activities done during the day. So, lets say its $100 per hour. Every time you do the $10 an hour activity just think that you are losing $90 per hour. The solution? Working ON your business.