Most of us have heard of Tim Feriss’ book The 4-Hour Work Week. Could these same principles be applied to the Real Estate Industry? Lisa B examines how your week can be streamlined to allow you a better lifestyle.
After reading The 4-Hour Workweek by Tim Ferriss about three years ago, I felt inspired in so many ways. It made me think about all the ways to streamline, systemise and automate business practices and how to work as remotely as possible. I’ve been in real estate for over 20 years, and for the last few years have been following my passion: helping real estate agents work fewer hours whilst making more money online.
From studying the likes of Tim Ferriss and other top Internet marketers, it’s plain to see that the old ways of real estate don’t cut it anymore. Times have changed. There are better ways to get business than letterbox dropping, phone prospecting and door knocking. Technology is at our disposal 24 hours a day, seven days a week, and there are systems we can set up that will help eradicate the old ways. Let’s face it; no one likes cold calling, door knocking and so on. If people say they like it, they lie about other things too.
In The 4-Hour Workweek Tim talks about the ‘New Rich’. He says how the ‘New Rich’ are living a better lifestyle whilst making more money and working fewer hours. Is that possible in real estate? Tim Ferriss challenges you to assess the tasks you can give someone else and produce systems to help you achieve more in less time. Think about the Pareto principle. The 80/20 rule says that 20 per cent of your efforts normally lead to 80 per cent of your income. He encourages you to strip down the 80 per cent of the time you waste and focus on the 20 per cent that gets results.
I’d better be clear here; I’m not saying that after reading this article or buying Tim’s’ book, you can implement everything Tim suggests and only work four hours per week. (Tim doesn’t claim that, either.) After all, we are in a job where it’s ‘us’ and our ‘personality’ that wins us the business.
What you may very well achieve instead is a better-systemised foundation to your business that allows you to have more time with your family, more holidays a year and more income. As real estate agents, that has to sound good!
Tim talks a lot about technology and how it can support you in many ways:
- assist you with your professional image
- help you get rid of mundane tasks
- help you systemise
- get you to prioritise
- the list goes on.
Technology can be your friend, but beware – it can also get in the way of you performing. If you are checking your emails every five minutes, or checking Facebook, LinkedIn, Twitter and your SMSs hundreds of times a day, this will cut into your productive income-generating time.
Tim suggests checking emails just occasionally. Rather than every time your phone beeps, or every time an email alert flashes up on your screen, have set times and diarise to check twice daily. To be more productive, you must cut the distractions!
Tim says just because an industry has been doing something one way for a long time, it doesn’t mean we have to keep doing it the same way. We must challenge the status quo. However, we need first to challenge ourselves in order to challenge the status quo. In the book Tim gets you to do some pretty crazy challenges. For example, you have to go into a crowded place, lie down on the floor for a few seconds then get up and walk off. It’s all about getting out of your comfort zone.
Tim encourages you to regularly ask yourself this question: Am I being productive, or am I wasting time? Put this message on your screen saver on your computer and your phone, and set your clock to send you a reminder. Be honest with yourself. What are the things you do to look busy and feel good? For example, you might clean your desk or check your emails.
- The main points of the book are:
- Decide what you want to achieve.
- Get clarity and set goals.
- Eliminate distractions. Get rid of the negatives. Keep asking if what you are doing is productive. If not, stop!
- Automate and systemise. Hire personal assistants for the things that need doing that you don’t want to do.
Try and work remotely. Whilst your assistant is working, doing what you would normally do, let go and have time off with your family. After all, don’t you deserve it?
For more tips on how to implement the four-hour work week in your real estate business, visit my website at www.dominatetheinternet.com.au.
