If you work for yourself, like many do in the real estate industry, it's important to know the true value of your time. Driving to and from appointments, working on contracts, attending CE classes, and networking, among other activities, can take a toll on your day. Before you spread yourself too thin, you'll want to understand just what you're giving up when you commit to one more thing.
When you understand the value of each hour of your day, you'll be in a better position to schedule your tasks and to decide what you want to outsource and what you can tackle on your own. For certain responsibilities, you may find it more financially viable to hire outside help for a lower rate than your own time is worth.
Say that your free time is worth around $20 per hour: If hiring an employee will cost you about $12 and save you an hour compared to doing the work yourself, then it might be the right call. If it’s going to cost you closer to $20, you should probably reconsider. You can use your new knowledge to help you figure out:
- Whether you should order in or cook
- Whether you should hire someone to organize your office
- Whether to hire someone to manage your social media accounts
- Whether time spent on the phone with customer service to save $X is worth it
- Whether or not it's time to move on from a stalling client
The calculators linked above are meant to act as guides, not gospel truth. You will also want to factor in your personal budget, your own enjoyment of certain tasks, and more. Regardless, knowing your value is always a good thing.