This is such a crucial question we must ask ourselves as real estate leaders. Do we know what are time is worth in our real estate business? It's not so much that I want you to get in the mindset of trading time for money. What I am going to unpack with you today is going to help you wrap your mind around the fact that you can de-link time for money.
I want you to come up with a number where it shows what you want your time to be worth and what it’s worth now.
My goal starting off when I started in real estate in 2007 was to make $250 an hour. This forced me to switch my mindset of how I looked at my business. I realized that I had to build systems around my business in order for me to save more time and make more money. Some of those systems are creating content, mastering the marketing side of the business, leading and managing folks to achieve an outcome of the business that I didn’t need to be involved in.
I have two questions for you:
- Based on your AGI from your tax return from last year divided by the number of hours you worked, what was your hourly wages?
- Where are you in the journey of what you are currently making and where you want to be?
You need to figure out what’s holding you back in meeting that expectation and find people that will work for you and help you fall into your sweet spot. Getting in your sweet spot will naturally help you earn more dollars per hour.
Every 90 days you need to take an inventory of what you do on a regular basis and figure out what you can delegate to others. The more regularly you do this you will be left with more DPA’s (Dollar Productive Activities).