How to Prioritize Revenue Generating Activities
Last week, I held a massive real estate webinar in which myself and a group of top industry insiders dove deeper into some of the most powerful strategies from the Success Summit. These superstars shared so many mind-blowing plays to help agents attract and win more listings and buyers that I strongly encourage you to catch up on the full webinar: Beyond the Summit: Idea to Implementation.
In this blog, I want to expand on one of the things I talked about, because it’s the starting point for every other play you run. It has to do with your priorities for right now.
Prioritize What Matters Most
You’re running out of time before the end of the year. Between now and then, there’s an election cycle during which things may slow down – but it does not mean that you should.
As I shared in this recent blog about economic trends, the businesses that not only survive but thrive during recessions and periods of decreased spending are the ones that go all in on strategic marketing and brand awareness.
These businesses…
- Set strong goals
- Align their priorities with their goals
- Align their actions with their priorities
- Make necessary sacrifices that don’t affect their priorities
Clearly, your priorities are the centerpiece of this, and right now, your priority should be on generating revenue – that means revenue-generating activities.
Did you know that of every task that you have to do, only about 8% generate revenue? That means that the other 92% are standing in your way.
What Are Revenue-Generating Activities in Real Estate?
Simply put, the activities that generate revenue are the ones that help you attract new leads, set appointments, and close deals:
- Making calls
- Sending texts
- Sending emails
- Creating social content
- Responding to comments and messages
- Going on appointments
Ideally, you’d spend 90% of your time going on appointments and making calls, but if you don’t have a team to manage the rest of your business this can be tough. Still, it’s important to clear as much out of your way as possible to prioritize the above activities. It requires getting really clear about how you spend your time and how you can fill in the gaps.
Let’s have a look at some of the things you need to do to clear space for revenue-generating activities. These will apply to both solo agents and those running a team.
Clearing Space, Tip. 1: Conduct a Time Audit
Conduct a time audit of what you do throughout a typical day. Track every activity, from checking emails to attending meetings. This will give you a clear picture of how you’re spending your time and where you can make adjustments. You might be surprised at how much time is being eaten up by non-essential tasks.
Clearing Space, Tip 2: Harness the Power of AI & Other Tools
AI is consistently evolving, and you need to keep up with it. There are tools that can arrange your calendar, bots that can respond to comments and DMs, editing programs tools that can fix audio and cut short social clips from longer videos, and so much more.
For real estate agents, there has never been a tool with anywhere near the capabilities and knowledge of TomAI+. This all-in-one super tool hosts cutting-edge features such as MLS Analysis, Market Info, Business Reviews, and more! We’ve even introduced push-to-talk live Roleplays where you get to choose the roles, the difficulty, the mood, and the specific situation, and then speak naturally to TomAI+ in a completely realistic conversation.
Clearing Space, Tip 3: Outsource Wisely
When it comes to outsourcing, I strongly suggest you start with a virtual assistant who can take care of the administrative tasks that bog down so many agents. An in-house assistant or transaction coordinator is preferable, but a VA is still a great start.
Next, hire a social person or a videographer to film content in batches, edit it, optimize it, and post it. This alone will save you tons of time. You can even equip them with tools to help them do it faster.
Here are some other tasks you can look into outsourcing:
- Lead Generation Services
- Design: for social thumbnails, branded images, web design, etc…
- Sales Calls: Just like VAs, Inside Sales Associates can have an incredible impact on your business. If I was working with a team of ISAs, I’d have them train their conversion skills on the live Roleplay feature in TomAI+.
Clearing Space, Tip 4: Time Block & Set Daily Non-Negotiables
At the Success Summit, young up-and-comer Zach Callicutt shared his strategy of “going for no” when making sales calls. He doesn’t stop making phone calls until he’s been told no a certain number of times every day.
It’s about setting non-negotiables for yourself and sticking to it. If Zach wants to hear “no” 10 times during his call session, makes 10 calls, and gets three yeses, he’ll keep going until he gets those three extra nos (because there may be a few more yeses in there!).
I’d start by time-blocking your entire day and leave enough space to hit those goals. If you hit your numbers early, keep going until you complete the block of time you set aside. Be realistic with how long each task will take you. Track your time every day and adjust accordingly.
Clearing Space, Tip 5: Take Care of Yourself
Last but not least, don’t forget to take care of yourself. Burnout is real, and it can seriously impact your productivity. Make sure you’re taking regular breaks, getting enough sleep, and setting aside time for activities you enjoy. A well-rested, healthy agent is a productive agent.
Prioritize Until It’s Painful
Now is the time to start. Never is the time to stop. Getting hung up on the 92% of things that don’t produce income is wasting your time and your potential. You’re not getting any younger.
When you clear the way for your highest and best use of time, it may feel the need to go back and cling to control, but you just need to fight that feeling.
I strongly encourage you to watch the entire webinar to get all the strategies that will make your priorities a reality – Beyond the Summit: Idea to Implementation.
Now, here’s my last tip, and it’s the most important… When attempting to make major changes and take your life to the next level, it’s best not to do it alone. The right coach can not only get you where you want to be – they can make you the person you need to be to get there.
Schedule your growth assessment today.