Let's face it. We all have a love/hate relationship with time both within and away from real estate. How you approach it could be the difference between a successful or a "lost" real estate project. I had a real estate investor student I was coaching and she had found and vetted an upcoming deal. Our scheduled time began with her telling me how much she had to get do within the next couple of weeks in order to make her transaction happen. She saw it as a big problem because she still has her "day job" (that she can't wait to get out of) and her other personal obligations to contend with.
Her concerns included monitoring the paperwork for the new LLC she formed specific to this investment, preparing her new website and social media strategies to market the property she was about to acquire, final reviews of all of the paperwork, coordinating with the title company, and having contractors ready to go. She was overlooking the good news that, to this point, there was nothing out of the ordinary which needed addressing in order to make the transaction happen. "I don't have the time it takes to get this done!", she proclaimed.
Time management is typically not something I go into when coaching real estate investors or brokers. However, I knew this was the solution to what she envisioned as being a big problem. Some of the "work" she needed to do could be done during non-business hours including the weekend. I let her know that her problem is NOT a real estate problem, and for that she should be thankful. It is a "simple" time management matter.
My suggestion was to clear 30 minutes per day for the next 10 days, including her weekend. By doing so, I reminder her that the time would total five hours. I quickly followed by pointing out that the tasks she was faced with should not take up that many hours, and her tone changed as she agreed. Next, I pointed out how this gets her necessary tasks to be able to close on the property completed in well under the two week time frame she has. The line I used to close her on this idea was to point out that she "can use your EXTRA time to work on your website and social media" to get a head start once the property closes.
To me, I did my job as her coach because I was able to turn her important real estate concern and "need" into a positive. At that moment, my student got the vision how how she could "easily" get the same tasks completed she was terrified of completing minutes earlier. This is very similar to providing a buyer or seller with the vision they need to want to pursue a transaction. Many people benefit from a successful transaction.
By the way, she found the property she was so anxious about upon utilizing the research techniques I had previously explained to her. No one else, including myself, found her that opportunity she was about to close on. Those of us involved in making real estate deals happen need to be doing whatever we can to provide solutions for others.
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