6 Steps to Master Organization in Your Investing Business

by | BiggerPockets.com

When pressed to meet deadlines and make magic happen, many people say they don’t have enough time. However, a highly organized person knows how to make time, sometimes out of thin air.

How is that possible? Can time really be created?

Of course, but not like it sounds. There are only 24 hours in the day, but those who are able to create time are skilled in the art of task management—the tool that gives you the power to create your day as you wish.

If you’re investing in real estate, you need to be organized. Being organized will help you effortlessly track current investments and stay on top of new opportunities with ease.

Here are some tips to weave more organization into your life.

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6 Steps to Master Organization in Your Investing Business

1. Erase the concept of “time management.”

Time can’t be managed, so it’s best to erase that concept from your mind immediately. You only get 24 hours in the day. Think of it as task management instead to generate better results.

It seems too simple, but the words you choose to represent your method of managing your day will influence your attitude. Time is frustrating and uncontrollable; trying to manage it is crazy.

Related: The 3 Benefits of an Organized Landlording Business

With “time management” you’ll be incessantly looking at the clock, rushing around to get things done “on time.” With “task management” you’ll be more focused on completing your tasks and achieving the goals you’ve set.

2. Keep phone logs of everyone you talk to.

Ditch the post-it notes and scratch paper. You need a centralized location to log all of your contacts and conversations with people. Excel is a great (and free) program for this. A log will be your biggest time saver.

This real estate investor swears by keeping a phone log. It was one of the first lessons he learned as a new investor.

With a log in front of you, you won’t need to put someone on hold while you dig through scattered notes to find information.

3. Organize all of your investments.

You probably have outside investments that aren’t real estate related. Having all of your investments organized is the only way to keep your mind free from distraction.

First, take stock of all of your investments. Next, examine them to find out if they’re worth keeping. Don’t keep them unless they’re bringing you ROI and don’t require a lot of time.

If you don’t know if one of your investments is worth selling, look it up. You might be surprised to learn that it’s actually a good time to sell some of your investments. For example, FedEx route sales have been increasing for several years, and are now up by 15 percent. It’s the perfect time to sell, for those who are looking for a new investment opportunity.

Remember that any investment you hold onto is going to demand some of your time and energy. If you’re trying to squeeze more time out of your day for your real estate investments, ditch the investments that take up time you’d rather spend on your properties.

4. Plan your entire week on Sunday.

If you show up to your office on Monday and don’t have a clue what you’re doing that day until you look at your calendar, you could use a little help with organization.

Plan your week on Sunday to the best of your ability. Unexpected meetings, calls, and tasks will always pop up, so leave room throughout the day to handle them. Just make sure you schedule out everything you’ve already committed to and stick to it.

Related: 4 Practical Ways to Keep All Your Real Estate Documents Organized

By scheduling tasks, you eliminate overlap and double booking. You’ll never have to call someone back later to verify your availability before making new plans.

investing-is-easy

5. Review the next day’s tasks.

Always review the next day’s tasks before you end your day. Give yourself a head’s up. Otherwise, you might decide to sleep in and miss an important meeting. It happens all the time.

6. Keep a digital camera in your car.

Instead of relying on your smartphone, keep a digital camera in your car for taking photos of properties. If your smartphone breaks, or you leave it at home, it won’t affect your plans to photograph a property.

The more organized you are, the smoother your days will be. You’ll have more time to consider new investments, and tend to your current investments.

 

Any tips you’d add to this list? 

Leave them below!

About Author

Larry Alton

Larry Alton is a professional blogger, writer and researcher who contributes to online media outlets and news sources. A graduate of Des Moines University, he still lives in Iowa as a full-time freelance writer and avid news hound. In addition to journalism, technical writing and in-depth research, he’s also active in his community and spends weekends volunteering with a local non-profit literacy organization and rock climbing.

4 Comments

  1. Michael Dahlheim

    Organization has to be one of the top priorities for investors whether you are doing it yourself or paying someone else to keep track of all of your business information. The more organized you are, the easier it is to look up any statistics you would like as well as easier for your accountant come tax time!

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