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It’s a concept that needs little introduction – the 80:20 rule. We’ve heard it time and again, 20 per cent of our activities generate 80 per cent of our results.
But the big question is what exactly are those high-value activities? Is it networking, marketing, prospecting? Is it appraisals, listing presentations, buyer work?
Well, let’s take a quick look at the 80:20 rule along with some tips from renowned real estate coach Tom Panos on exactly where to spend your time today.
The 80:20 rule explained
In case you missed it or need a refresh, the 80:20 rule is also known as the Pareto principle and notes 80 per cent of outcomes are derived from 20 per cent of causes.
In real estate, it translates into the fact 80 per cent of your results come from just 20 per cent of your activities.
For sales agents, that rule of thumb makes it really important to understand exactly where you spend your time. Is it on the high-value activities that yield results? Or is it on extraneous things that waste your time and energy?
A little insight from Tom Panos
If you really want to see the 80:20 in action, there’s no better inspiration than renowned real estate coach Tom Panos, who not only discusses the 80:20 rule, he lives and breathes it with a productivity schedule that’s truly inspiring.
He noted applying the 80:20 rule is all about working towards an outcome. It’s not about being busy for the sake of it but knowing the result you want to achieve, then focusing on the high-value activities that will get you there.
When it comes to those activities, Tom’s major focus is “dollar productive” one. More specifically, IT IS face-to-face buyer, seller appointments and high-return prospecting, in the knowledge these are the 20 per cent of activities that generate 80 per cent of results.
Tom’s top 80:20 tips
Recently, we asked Tom exactly what he believes are the 20 per pent high-value activities that agents should be focusing on right now in a bid to achieve success.
His answer involved simple actions that span both real estate best practice and overall health and wellbeing.
They are:
1. Three 45-minute call sessions a day (non-negotiable).
2. Three appointments per day.
3. Daily exercise.
4. Seven to eight hours of sleep per night.
5. Eating well.
“If you do that, you will smash it in real estate,” he says.
“Don’t miss your three 45-minute call sessions and your three appointments a day.”
Make today an 80:20 day
We all know the importance of focusing on the right activities at the right time, and the reality is most agents know precisely what they should be doing to generate results.
We also know how incredibly satisfying it is to end the day in the knowledge you have completed the key activities that underpin your success.
So why not make today an 80:20 day? Get crystal clear on the 20 per cent of activities that create 80 per cent of your results. Make call sessions and appointments non-negotiable.
Don’t get waylaid by distractions. Do those high-value activities without fail. It’s not rocket science. It’s not even hard.
Make today an 80:20 day and “smash it in real estate”.
Manos Findikakis is the CEO of Agents’Agency.
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