7 Productivity Boosters To Help You Work Smarter

2011-06-14T08:27:00.000-07:00

Most busy real estate professionals struggle trying to find time to do all of the things we want to do in our day. We need to always be prospecting yet busy work can keep us away from the tasks that really make a difference to the bottom line. While we can never create more time, we can work smarter. Here are seven productivity boosters to make the most of your day.

1. Evaluate your effectiveness.

Take one day and write down everything you do and how long it takes. Don’t skimp on the details – write down EVERYTHING. Now go back and categorize your task into the following areas: Business Development, Administrative, Health & Wellness, Family, Fun, Other. What percentage of your day is spent on business development? The results may be shocking to you.
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TIP: Download the Boost Your Productivity Action Plan & Worksheet for step by step instructions to evaluate your effectiveness.

2. Calendar money producing tasks first.

Never have enough time for prospecting? Calendar it. Every day. Generating new business is one of the most important jobs for a real estate agent and yet it is often the first item that slips off the daily schedule. Sure, you have other ‘stuff’ that needs to get done but ignoring your money producing tasks will come back to bite you later. Set a regular working schedule and stick to it. Take a half hour to check your email and handle essential tasks when you first start your day, then get to prospecting. Earlier in the day is better before your day starts to run away with you.
TIP: Get started early. I like to get to the office early so I can knock out my most important tasks before other people arrive or the phone starts to ring with the inevitable fire drills of the day.

3. Outsource unproductive tasks.

Outsource unproductive tasks so you can focus on items that will make you money. Virtual assistants can be a cost effective solution for agents looking to outsource administrative tasks so you can focus on those money producing tasks. Listing management, transaction management and marketing are just a few of the tasks a skilled assistant can take off your plate to make you more productive. Need more ideas on what to delegate? Check out this article on how to ramp up productivity with a virtual assistant.

4. Delete unnecessary tasks.

Go ahead, delete them- I’m not kidding. There are some tasks that we should simply just delete – they have absolutely no value. If it can be deleted – do it. And don’t feel guilty. TIP: If you really can’t delete it or delegate, set a timer. Some tasks are simply time sucks. They can run away with your time before you know it so use a timer to keep you on track.

5. Manage your inbox.

Manage your inbox, don’t let your inbox manage you. Email is like a bottomless black hole. It’s important to be responsive to clients on your email, but most email is busy work. Use filters to help you focus on the important emails and delete/delegate the rest. Close your email when you doing your most important tasks to make sure you don’t get distracted.

6. Don’t multi-task.

We used to think mult-tasking was a productivity booster yet studies have shown that multi-tasking actually decreases concentration and productivity. Focus on your task at hand, finish it, then move on to the next item on the list.
TIP: Do your least desirable tasks first and get them off your plate. You’ll save time by not having to worry about them later.

7. Systematize.

Without systems, we spend time reinventing the wheel time and again. Repetitive tasks can be simplified to save you time. Create document templates for questions you frequently get asked. I save all of my frequently used phrases, pages, scripts and more in Evernote so I can easily pull them up later. Tools like text expander are helpful to eliminate repetitive typing of frequently asked questions, listing information and more. You save your frequently used text snippets and simply use a short code later to pull them up.
TIP: Shaqualyn Mitchell, a REALTOR from Brooklyn, New York uses the auto-text feature on her Blackberry to reduce repetitive typing and quickly respond with listing information requests on the go. People are impressed by both speed and quality of her response.
It’s easy to fill our time with busy work that doesn’t benefit our production or enhance our relationship with our clients. Understanding what your time sinks are and how to minimize them will help you work smarter and find more time to do the things that really matter.
What do you do to maximize your efficiency and get the most out of your day?

Tenant Disputes and Best Resolutions

2011-04-01T03:51:00.001-07:00

Tenant disputes are a normal occurrence with investment properties. They arise with regular frequency and so it’s important to have procedures in place to handle them quickly and effectively. If they're ignored or not handled well, they can spiral out of control and can potentially be harmful to cash flow and the investment. Normal tenant disputes can range from who's responsible for unclogging the drain to rent increases to security deposit refunds to insurance claims.

This past winter Buffalo received a tremendous amount of snow and we seemed to hit record level temperature lows. As a result of this, when it begins to thaw, both snow and ice melt can potentially cause severe problems. One tenant living in a 2nd level, 2 unit duplex had been parked in the driveway when an icicle fell from the roof and landed on the hood of his car. Fortunately no one was injured, but his car received some real damage. The tenant arrived in the office expecting a rent credit equal to the cost of repairing their car. We explained to the tenant that this is a tenant issue for which they are wholly responsible. The tenant insisted that they should be able to deduct the amount of their car insurance deductable from the rent. Fortunately our lease clearly outlines these kinds of situations and specifically states that the landlord is not responsible for damage to the tenant's property for any reason; it recommends renter's insurance and of course car insurance is already mandatory. In this case, having a solid lease, along with patient staff, proved to satisfactorily resolve the dispute.

Other issues can call for more creative solutions. When there are multiple units within a building, upgrades and capital improvements may be staggered over a number of years as tenants, rents, and investments allow. But what happens when a tenant feels their rent is too high in comparison to another tenants' apartment? These discussions come up from time to time. Last month, we had a long term tenant come to us complaining that her rent wasn’t fair compared to our asking price for the vacant unit on the other side of the building. We explained to her the rationale for the asking rent on the vacant unit and also that it didn't have some of the upgrades in her apartment. But she persisted, and the discussion continued. Our leasing agent handled the conversation gracefully and tactfully, hearing out the tenants’ concerns - oftentimes, just being patient with tenants, and fully listening to their problems, can reveal their true motives. In this case, it became apparent that she had split up with her spouse and was left to care for the children on her own. With the loss of the 2nd household income, she was worried about not being able to afford the higher priced unit. In the end, given her new unforeseen financial hardship, we put a plan together to allow her to move into a less expensive unit. Because we were accommodating to her, she was accommodating to us and allowed us to show the apartment regularly so we could secure a new tenant and avoid any vacancy. Changing lease terms mid term isn't common practice, but sometimes it can prove to be the best option for all parties involved.

Occasionally tenants will plug their drains and call our Maintenance Department for assistance. This is a standard occurrence for which we clearly tell the tenant before we dispatch our workers that they will be charged for the cost of the work. We are always happy to help, but it’s important to have clear communication upfront. All rental units are tested prior to being rented to ensure good working order in water pressure, drains, and toilets. In this case, it turns out that one of the children living in the apartment tried to flush a toy down the drain. We had to remove the toilet, snake, and reinstall. It was a straightforward job and the tenant was happy with our quick response. These kind of jobs are important for the owner too, as not responding quickly could result in the possibility of accidental flushing and an overflow which could be damaging to floors and ceilings.

Regardless of the problems that may come up, having our experienced and accommodating staff to work for fair and quick resolutions provides tremendous value to your investment and piece of mind. Our company wide real estate experience exceeds 125 years here in Western New York.

To your success,

Jeremy Bates

BCG Real Estate & Property Management