The 80/20 rule, also known as the Pareto Principle, states that roughly 80% of effects come from 20% of causes. In the context of a real estate business, this means that roughly 80% of your results are likely to come from 20% of your efforts. Here are some ways you can apply the 80/20 rule as a real estate agent:
Identify your most productive activities: Take a close look at your business and identify the activities that are most productive in terms of generating leads, closing deals, and building relationships. These are the activities that are likely to contribute the most to your success.
- Focus on the 20%: Once you have identified your most productive activities, try to focus on them as much as possible. This might involve setting aside dedicated blocks of time to work on these tasks or hiring additional staff to help manage your workload.
- Cut out or delegate the 80%: On the other hand, try to minimize or eliminate activities that are not as productive. This might involve delegating tasks to staff or outsourcing work to freelancers or contractors.
- Prioritize your time: Use the 80/20 rule as a guide for prioritizing your time and efforts. This will help you focus on the most important tasks and activities that are likely to drive the most results for your business.
- Monitor and adjust: Regularly monitor and track your progress to see how well the 80/20 rule is working for you. If you find that certain activities are more productive than you thought, or that other activities are not as productive as you had hoped, adjust your approach accordingly.
Overall, these principles suggest that a small number of factors or activities can have a disproportionate impact on outcomes. By applying the 80/20 rule to your real estate business, you can focus your efforts on the activities that are most likely to drive results and maximize your productivity and success.
Ken Goodfellow
Coach Ken International