Here are the 10 Tips I use to overcome procrastination when working on my Real Estate Deals and Projects. As a busy Real Estate Investor who has demands of family, tenants, clients, and a part-time job to contend with, I tend to be always putting out fires and putting something on the back burner for later. Over the years I've learned various coping methods to help with my real estate investing business.
5 years ago I missed out on a deal of a lifetime (really, I've not seen another like it in this neighborhood since!). The owner of 2 duplexes died. Previous experience with brokerage property management left a bad taste in their mouth. His family called me and asked me to take over the property because they knew me and trusted me. Well, I was also working on a rehab project that was going all wrong. Instead of communicating that, I delayed my response to the family because I was waiting to run the numbers and have a proposal for them.
When I finally got back to them, guess what – they moved on and put the duplex property for sale. It received 3 offers on the first day. I had no chance and was not prepared to “out bid” the other contracts. Oh well that was a hard and expensive lesson to learn.
10 Tips For Real Estate Investors Who Procrastinate
- Break the task down into smaller pieces/tasks. Note: It works best when you limit time for small task to about 15 minutes.
- Assign yourself a deadline, write it in your planner/email task bar, and make a public commitment to someone you respect and who won't let you “off the hook”. Be clear on what you want to do, by when and you could even ask them to check up on you.
- Do the task early in the day. Waiting till “later” creates anxiety. Doing it early also frees up your juices from thinking too much or worrying about it.
- Delegate the task to someone else or delete it/cross it off the list. Ask your self – Do I really need to be doing this task after all?
- Ask a real estate mentor or real estate investor expert for advice. Subscribe to their blog or Face Book feed.
- Tie the task or goal to another larger project/personal-development values.
- Change your self-talk Instead of saying – “I'm a procrastinator – say: “I honor my commitments; I will do this; I keep my promises especially to my self”
- Establish an environment or dedicate a space for work. That goes for a time slot as well. Remove any distraction that would encourage a loss of focus.
- Reward your self when you don't procrastinate! Feed your self-esteem with the satisfaction of completing a job on time.
- Cut down on other commitments, and consider putting volunteer or other activities on hold short-term.
I still struggle with procrastination but when I have to buckle down and get serious, the 10 Tips above helps me to overcome procrastination in getting my real estate deals done. Tip #1 and #10 work like a charm to get the ball rolling on big real estate rehabbing projects or when working with private money partners.