Coventry Investors

My 3-step method for time-poor investors

During a recent gathering with our clients, it dawned on me just how scarce their time for property matters truly is. Nearly all of them juggled demanding businesses or high-pressure jobs, with many navigating the challenges of raising a young family. This aligns perfectly with why they chose to collaborate with us in the first place!

Having a team dedicated to sifting through hundreds of deals to present only the finest options undeniably saves an immense amount of time. But beyond partnering with professionals, how else can one minimize time input while maximizing the benefits of property investment efficiently?

My approach is to infuse a fresh perspective into the traditional "Eliminate, Automate, Delegate" framework. Initially, I focus on reducing the number of tasks requiring my direct involvement and then expedite the completion of those remaining.

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 undoubtedly 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 yield significant time savings over 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. I schedule calls back-to-back and consolidate 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.