Director of Tutis Estates in Holbrooks, Jag Chaggar noticed how scarce an investor’s time is on property matters. Many juggle demanding businesses or high-pressure jobs, with many navigating the challenges of raising a young family.
How can one minimise time input while maximising the benefits of property investment efficiently? Jag suggested infusing a fresh perspective into the traditional ‘Eliminate, Automate and Delegate’ framework.
He added that focusing on reducing the number of tasks requiring direct involvement and then expediting the completion of those remaining. Take a look below at Jag’s guidance.
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Step 1: Automate
The swiftest way to manage a task is to enable it to manage itself. This can be accomplished in various ways:
- Customise your Rightmove alert settings to receive suitable listings automatically.
- Arrange for bills to be paid automatically.
- Utilise GoCardless to collect rent via Direct Debit, receiving notifications for any failed payments, thus eliminating the need for manual checks on online banking.
There are numerous other automation possibilities. A practical starting point is to document every property-related task performed over a week, however minor. It’s often the tasks taking less than five minutes that slip our minds, yet automating them can reduce time.
Step 2: Delegate – Systemise and Outsource
If a task can be outlined in a process, it can be effortlessly delegated. Examples include:
- Scheduling viewings by contacting agents.
- Evaluating investment opportunities.
- Researching potential investment areas (or adopting existing favourites).
- Managing bookkeeping by reconciling bank transactions.
Even tasks lacking a structured process can be assigned to others, provided the delegate possesses specialised knowledge and decision-making authority. While the initial inclination might be to believe ‘it’s faster for me to do it myself than to explain it’, delegating pays dividends over time, even if the initial investment in explanation seems substantial.
Step 3: Accelerate
With only the tasks requiring your personal touch remaining, you should feel empowered to tackle them head-on! Nonetheless, I employ two principles to expedite their completion:
1. Batching: Group similar tasks together to minimize the cognitive strain of task-switching. Jag schedules calls back-to-back and consolidates emails to tackle in one concerted effort. The same principle applies to any task within your property business.
2. Setting Time Constraints: Work tends to expand to fill the time available. This is where being a part-time investor works to your advantage: limited time naturally prompts action. Push yourself further by setting a timer, challenging yourself with a slightly ambitious task list, and diving in!
In conclusion, adopting the ‘Eliminate, Automate, Delegate’ framework can revolutionise your approach to property investment, maximizing efficiency and optimizing results. By systematically reducing time-consuming tasks, automating routine processes, and delegating responsibilities, investors can free up valuable time and resources to focus on high-value activities that drive growth and profitability.
Through automation, tasks can be effortlessly managed, freeing investors from manual intervention and allowing them to capitalise on technological advancements. Delegation empowers investors to leverage the expertise of others, whether through outsourcing or systemizing processes, enabling them to scale their investment endeavours effectively.
Furthermore, by accelerating the completion of remaining tasks through batching and setting time constraints, investors can enhance productivity and achieve more in less time. These strategies not only streamline operations but also cultivate a mindset of efficiency and effectiveness, essential for long-term success in the dynamic world of property investment.
Ultimately, embracing the principles of ‘Eliminate, Automate, Delegate’ empowers investors to navigate the complexities of property investment with confidence, unlocking new growth opportunities, and achieving their investment goals efficiently and effectively.
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