I went to a Keller Williams Base Camp on October and I attended three sessions. The topics were on Business Planning, Accountability, and Keeping Talent. I wanted to share what I learned about the "perfect" day for a real estate agent, which is based on the 80/20 rule, where 20% of what we do will produce 80% of the results.
Keller Williams International did research on the top agents and teams in the business and came to the realization that a productive agent's typical week was often structured around the same types of activities.
Using a 40 Hour work week, the most productive agents worked on the top 20% of the highest dollar-productive activities, which were LEADS, LISTINGS (buyer or seller agreements), and LEVERAGE.
- 80% of the Hours should be spent in your top 20%, which is 36 HOURS dedicated each week to the things that will keep you in business, no matter what your market is like.
- Of the 36 Hours, 20 HOURS should be set aside for Prospecting and Lead Generation. This can be cold calls, door knocking, calling your SOI, networking, etc.
- We have 16 Hours left. 7 HOURS should be spent on Training & Coaching. Use this time to train yourself or better yet, others. Keller Williams believes that if you train or coach others, you will increase your skill level in that area. If you are week in a certain skill, teach it to someone else. This is the best way to improve because you have to present the skill well enough for someone else to learn it.
- 5 HOURS should be spent working with current clients. This is presenting offers, showing properties, etc. This can be controversial since a relatively small amount of time is allotted to current deals, but the philosophy is that it's easier keeping a client who already agreed to work with you than generating a new lead. This time isn't for referral calls, lunches etc. Five hours per week should be enough time to present offers, but if you need more, you can use the flex-time (see below).
- The remainder if your 40-hour work week is 8 HOURS for "Flex Time".
I coach my agents to have this type of week because it helps them have a more clear idea of what their schedule should look like. It won't be like this every single week, but should be for the most part. Emergencies and most things can be handled during the "flex time" of eight hours per week. The flex time, of course, can be also used for additional training, prospecting, or working with clients.
Additional Training can be found in the Millionaire Real Estate Agent Book, which I modeled my business after.
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Dee: Thanks for sharing this crucial information. I think it's invaluable. Time management is such an important aspect to the success of our business. I learnt that pretty well when I turned full-time a month ago. There's no one to answer to and it's so easy to "slack" off unlike working in a corporate setting.
I think I will implement some of these strategies.