The 80/20 Rule … and Real Estate (or, well, anything)
Besides the fact that 20% of the real estate agents do 80% of the business, there is a basic principle, the 80/20 Rule- by Italian economist Vilfredo Pareto, that explains how our individual business works.
20% of what you do creates 80% of your results. Only 20% of what you do, every day, really matters.
Woah… So that means that 80% of what you do is a waste of time? No, not really. It just means that if you can find that 20% of what you do that is the profitable part of your business- and focus on it, your business will grow by leaps and bounds.
So, what do you do with the 80%?
First, find out what your 20% is. Is it phone prospecting? Is it converting web leads? Whatever it is, IT should be your most-important, first-priority, no-inturruption thing that you do EVERY DAY during the time that you are most alert and awake. If there is something that isn’t going to be done, something that has to be postphoned, something that gets put on the back-burner… make sure it is not your 20%.
Next, compile all of your 80% activites and hire someone to do it for you. Get automated services in place to handle some of it- (sometimes Title Companies will do mailings for you for a small fee). Hire a virtual assistant or an in-office assistant.
Ok. Maybe you are not at a point in your business to do this? Fine. Your goal needs to be to get to that point in your business …FAST. Why? Well, If you can focus all your energy on the 20% that is making you money, getting you business, creating success… it will more than compensate the person/system that helps you get there.
This principle is amazing- as it applies to almost everything. How you apply it to your business can be the difference between “riding the real estate roller coaster” and accepting yet another Top Producer award at your next award ceremony. Posted By: Springs Realty Scoop – Colorado Springs Real Estate