If there was ever a call that represents my purpose, it's this week’s MMPT. I want to introduce to you a "Life Hack" I’ve recently added that will help you survive the craziness of this industry you undoubtably experience throughout the year. This simple, annual planning process can provide you the necessary downtime required to thrive personally and professionally. I wish I would have used it earlier in my life.
Before we go into detail, I want to lay out what I know is true (most of time) about real estate brokers and business owners in general:
- We're nuts. Let's call it what it is. We're borderline addicted to the dopamine drip that each contract, closing gives us and that "gear" allows us to stay with it. It's hard to explain to others even our spouses and best friends who are not in the industry.
- Most brokers suck at living and risk putting everyone and everything else first. Being in a service industry, we are programmed to assist others before thinking about ourselves.
- Most brokers wear "hustle" as a badge of honor despite those closest to us to slow down.
- If not intentional about it, most brokers plan travel and downtime once we are burnt out.
- We work on most every vacation. It's not uncommon, unless tempered, to have dinners interrupted by time sensitive negotiations.
- Real estate brokers get paid what we get paid because few can do what we do consistently over a long period of time. Less than 10% of brokers make it through their first year.
None of this will change without intentional effort on our part and we know it. It was the book “Rest” by Alex Soojung -Kim Pang that made me realize that creating downtime was an essential part of high performance. Most real estate brokers and entrepreneurs just don't know the "how" Here are some ideas that I've used to get better at managing the pressures of the business. (Yes, managers and leaders deal with it too. Rarely do I get calls when things are going great for a broker. We are the ER doctors for the industry). Here are my thoughts on how to move towards living a life and running a business that is more enjoyable:
- Be self-aware. Embrace who you are. Make the decision to be more proactive about what your mind and body can take before you get a "negative return".
- Take note of your daily, weekly, quarterly and annual "rhythms". (Jim to explain in detail on podcast)
- Plan your days, weeks, months, quarters and year in advance.
- If you are not intentional about your life planning, don’t be surprised if you are in a constant state of overwhelm.
So, some further detailed thoughts:
- Everyone needs at least 1 hour of "me time" each day. I would not be who I am without my Morning Ritual. It's the only time I have for myself. All hell breaks loose at 8:00 a.m. every day for the rest of the day.
- Do you work 7 days a week? Not smart. Take 1 day a week where you don't take appointments.
- Quarterly, as part of the 12 Week Year, the 13th week of a quarter should be used to celebrate, review and relaunch. Take this week seriously. Get off site, out of your routine and plan accordingly.
- On an annual basis, plan out your vacations and downtime in advance based your annual business rhythms.
Let me give you some examples of what has worked for brokers who are successful at this. Again, all based on your market. These tips will be based on a Chicago market where 60% of our volume is generated in March, April, May, and June:
- Plan all of your spring listing launches to go live in February (if possible), Mid to late January at a minimum. Take the month of January to find time to recharge from the holidays with a vacation or to plan personal downtime locally. The public doesn't travel in January as frequently so options should be plentiful.
- If you have children, Presidents Day weekend or "winter break" is a time that should be scheduled way in advance. 4-day weekends can be super effective in February to escape the cold, have a change of scenery and recharge. 4-day trips are my favorite.
- Same goes for March and April. Find those times that you, your families or your friends can travel. Get it on the calendar way in advance for optimal options. It's hard to plan last minute if your trip will require flights and lodging.
- Once you get to May, June and the rest of the summer months, local, short drive get aways are plentiful, but you need to plan those too in advance especially those during summer months. July, August and September is why we live in Chicago. Stay local and use your travel funds for winter.
- October is my favorite. Create fall experiences for your family and/or friends.
- If you travel in November and December, most need to plan way in advance. In my family set up, the week between Christmas and New Year is literally the only week of the year we can travel without any other work or school commitments.
Further tips from someone that has crashed and burned more than I would like to admit (and it's not pretty):
- I must say, this call is focused on travel, but I've spent a lot of time on my MMPT's on creating boundaries and capacity in your business. What I am talking about today is not a replacement for building a highly evolved business that creates the capacity to focus on what you do best. You must continue to build a life that a business fits into not the other way around.
- Build travel into your budget. If your budget is tight, get creative. The brokers and businesses that I respect the most are those where the broker makes the attempts to put them and their families/friends first. It's not about the extravagance but the level of effort.
- Take the annual planning process seriously. We go into each year thinking it will be different. It doesn't change. High performance requires one to recharge.
- Hire a travel agent and start a travel profile on how you like to travel. What's the downside? Let them do the research. They have access to opportunities that you might not.
- Set expectations with your family and friends. Being in this business is no joke. Plan and create experiences as a benefit to counteract the negatives that come with being a broker.
- Make it part of your vision to purchase a property in a market that you can get to quickly. Rent it out and keep it for yourself for strategic weekends. Talk to your accountant about the IRS rules related to this.
- When traveling, identify a location that is comfortable. This decreases the amount of time it takes to unwind.
- Your clients deserve the best version of you. 50 hours a week is the max. After that, you lose effectiveness.
- By planning your travel and downtime in advance, you are giving yourself something to look forward to which is an underestimated value of planning.
Team, I was going to make this a shorter episode. I'm actually up early writing this from a comfortable writing spot here in Key Biscayne, FL practicing what I am preaching in this call. My battle cry is "Happy Agents Sell More Real Estate" so I had a lot of important thoughts on this topic. Please, please, please take me seriously on this.
Taking care of yourself does not mean you'll make less money.
In fact, you'll be more successful in every category of your life especially your health and relationships.