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Technology for Real Estate Business – Friend or Foe?
Today I want to discuss something that really annoys me and lots of business professionals are guilty of doing and it’s a huge mistake. There are too many people attached to their cell phone, their e-mail, and their computer. Real Estate investors fall into this category as well. It’s amusing to me when I’m in a public restroom and the guy next to me answers his phone while he’s using the bathroom!
To me it doesn’t make sense. You’re telling me that you could not wait to pick up that call until after you finished using the bathroom? If you’re reading this post and you’ve been guilty of that, hopefully you will start to change your ways because it’s sucking the time out of you. Plus, you do not impress anyone by talking business in a public restroom, restaurant or department store. In fact, it comes across as very unprofessional and disorganized if you can only do business somewhere where you can’t be entirely focused on the business. Make sense?
Really, I think that these cell phones and these e-mails and these computers are great. Don’t get me wrong. In fact, I use them and we use them in my business all the time and without them we would be lost. But these electronic business necessities are also a tremendous procrastination tool and they need to be turned off once in a while and you need to go out and get dirty.
If sellers and buyers are calling you and asking you questions about a house or calling you because they’ve got a house for sale and it’s going right to your cell phone, then something is wrong with the structure of your business. You need to recognize that.
Whether you believe me when I tell you this or not, you do not need to be accessible every second of the day. You may think that you need to be accessible every second of the day, but you do not. I don’t have a problem with people using e-mail and cell phones and computers in their business. I mean, they’re phenomenal tools. But if you’re going to use them, use them wisely. Do not let them secretly force you to procrastinate.
If you’re going to check e-mails, I would advise you to check e-mails later in the day. Check them during your lunchtime. Do the important things that need to get done in your business first, and then check your e-mails. It’s okay if phone calls go to a twenty-four hour voice mailbox. It’s okay if they go to a live operator system.
Think about some of the things that you can do to help manage your time better, because once you recognize how valuable and important your time is, you will soon start to recognize that you need to spend more of it doing things that are productive. A lot of times cell phones and e-mails and computers do not result in productive time. It’s easy to get caught up in just using the device and not accomplish what you initially set out to do which was check something off your to-do list.
Recently, one of my staff shared a conversation she had with one of our VIP members. This member is actively pursuing real estate investing, has a couple deals in the works and is excited about the opportunities ahead. The only problem is this individual is struggling to make the most use of time. While working throughout the day, being tied to the computer and phone, time has the upper hand. You need to have systems, you need organization and you need to stick to it. Setting up the systems will take a little focus in and of itself, but once you have something in place you will be amazed at how much you can accomplish in a short amount of time. Part of doing this is getting away from the phone and emails from time to time. And for goodness sake, when you run errands, have lunch with a friend, are in line at the bank, using the restroom, don’t answer the phone!
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Meetings with Your Real Estate Team and Partners
Meetings With Team Members
Meetings with team members are less frequent than other meeting types but are no less important. I think these are some of the easiest meetings to work with, because you can have a set agenda and expect that it can be followed with little deviation. For example, you schedule a meeting with your realtor to discuss a new market niche you want to pursue. While you aren’t exactly sure what the meeting will produce as a result, you should have a pretty clear idea of what you are going to talk about and that will make the meeting go easier.
When meeting with team members, let them know in advance why you are meeting and how long you expect the meeting will last. This is referred to as the meeting before the meeting. Ultimately if you want your meetings to be successful then the appropriate parties should know what to expect. This allows them to prepare and also is respectful of their likely busy schedule. As far as meeting conduct goes, be sure you are on time and, minus a little friendly chitchat, keep things on task so nobody feels like their time is being wasted. I suggest also summarizing the meeting when it ends so each party knows the answer to ‘So where do we go from here?’ When you can do these basic things, your professionalism as a goal-oriented and organized entrepreneur will shine through and impress your team members.
Meetings With Business Partners
Some of you have formal business partners, some of you are married to your business partners, and some of you may simply be considering whether or not a partner is right for you. For many investors, partnerships can be good ways to capitalize on the strengths of the members and should result in more overall productivity. Some partnerships are simple relationships between a financier and an investor for a particular deal. Others are more detailed relationships, which impact the business on a more regular basis. Regardless, your meetings with them will have some similarities.
Chances are your association with a business partner has already been at least partially established so the whole first impression thing is less of an issue. However, if you’re in charge of getting something ready for a meeting or have progress to report on, then it is a good idea to have done what you were supposed to do. This is very logical but is also often overlooked. It is wise to make sure partners have proper accountability to each other and that each partner is comfortable with both receiving and giving opinions or criticisms as warranted.
Whatever you do, if you decide to operate with a partner make sure that you get everything in writing up front. Each partner should know at the outset of the partnership what the other person is accountable for. I’ve personally seen and been involved in business partnerships that have succeeded as well as those that have failed. Sadly, partnerships seem to end because one person is doing more than the other that in turn creates bitterness and hostility. Know your roles and do what you say you are going to do to the best of your ability. Another option you may choose to consider if you are unsure about establishing a long-term partnership is to create a partnership on a deal by deal basis. This way you are not locked in to any long term commitments to anyone. If you can’t or don’t want to be accountable to anyone then don’t go into a partnership. The good news is a partner is not at all needed to be wildly successful in this business.
As you’ve seen from my little discussion here, meetings in this type of business are critical to your success. Sometimes meetings are cut and dry, right to the point if you will. Sometimes they are speculative and involve a lot of brainstorming. Sometimes they are a mystery, giving you little advance notice of what to really expect. Regardless, your approach to meetings and ability to handle them will be a huge part of your business arsenal. Treat each and every meeting as if it was worthy of your full and undivided attention and your various clients will never be left feeling like they were a waste of your valuable time, even if the meeting doesn’t end up being as productive as you might have hoped.
The way to approach meetings is a lot like approaching a client for the first time. In an initial meeting, the first impression a client has of you will have a lot of bearing on whether they choose to do business with you or not. Similarly, a scheduled meeting is basically a continuation of that first impression a client has of you. You may have to use a little intuition or gut instinct to gather what their first impression may have been. Beyond that, you have a great opportunity with meetings to either:
- Continue a good relationship that started off on the right foot
- Right the ship if your first encounter with a client ran into some snags
When you are organized, attentive, task-oriented, and just plain personable, the general flow of most meetings will be in your favor. Clients know that you are meeting for a reason and, more often than not, they will be expecting that you will dictate the flow of meetings. Be prepared to run the show, have an agenda, and be ready to adapt as needed. When you can do these things, you will get the most out of meetings you have and your productivity will shine.
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