Want to Maximize Profit? Track Your ‘Billable Time’
How much time do you spend on activities that make money? How much on support work? Tracking “billable time” makes it easier to set priorities.
NEW YORK – Every 30 minutes, note what you’re doing for at least a few days. At the end of each day, make a note next to each time slot or activity in your log, and mark it as “income-producing” (IP), “income-servicing” (IS) or “stuff” (S).
Income-producing refers to activities with a clear monetary outcome, such as prospecting, lead follow-up, presentations to buyers and sellers, negotiating and closing deals.
Income servicing must be done, but it does not produce profit directly, such as inspections, following up on deals and issues in the pipeline, such as marketing and prepping for appointments.
“Stuff” refers to the miscellaneous things you do during the day that have no productive value, some of which can most likely be eliminated.
The goal of identifying types of activities should be to spend at least 50% of your time spent on income-producing activities. Simply logging time can help many agents become more aware of how well they’re managing time during their day.
Source: RISMedia (09/16/20) De Grote, Debbie
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