While it may come as a surprise to many, taking a much needed break away from the rigors of the investing industry can actually be more beneficial than many have come to understand. A lot can be said for taking some time to yourself and recharging your batteries. It is in these moments that investors are able to refocus their priorities and gain a fresh perspective. Taking intentional time off with goals can compound the benefits even further and have investors making major gains.
There are many little regular tasks which seem like work, take time and yet are required to be done consistently in order for real estate investors to realize success. However, some of the biggest gains can be made effortlessly. Many of these moments actually come when investors and real estate CEOs commit to taking time off. So how can taking a break actually be more profitable than putting in more hours?
1. Preempt Burnout
Far too many real estate CEOs and investors wait until they are already burnt out, or even completely incapable of carrying on before taking a break. This is extremely counterproductive. It means poor work before taking a break (probably for months), and longer recovery and reboot periods. Regular days off and vacations can preempt this and actually boost overall performance and profit.
2. Time to Think
Real estate can be a chaotic industry sometimes. So much so that some find that they don’t even have time to think. Even the weekends are spent catching up on work and personal must-dos with barely a moment just to think. Time out to think can bring better ideas, strategies and tactics; increasing the ROI on every hour on the ‘job,’ and sometimes preventing years of going in the wrong direction. Thinking on the fly, under pressure is a great talent, but even for the genius it doesn’t provide for maximum quality thinking.
3. Networking
Slogging away from a home office or even just with the regular crew often restricts new contacts being made. Savvy real estate pros know that their success is directly linked to the number of new contacts that they make each day. So taking some time off can produce many new networking opportunities and actually sometimes be more profitable than hitting up existing lists.
4. Inspiration
Real estate education and sticking to proven systems is not only smart, but sometimes it’s those lightning bolts of divine inspiration that yield the biggest breakthroughs. Some real estate investors are so busy they might not even realize they’ve been struck by lightning. Take time out to tap into your inner genius, and travel to find new inspiration too.
5. Fresh Market Research
As real estate investors go about their daily routines they develop a lot of knowledge about their markets. But they can also suffer from tunnel vision and end up running with blinders on. It’s critical to stay on top of the competition, new industry trends, consumer patterns and more.
6. Quality Time
While the scheduling flexibility real estate investing offers is a dream come true for most, some find they slip into always being on call. This can be disastrous for all types of personal relationships. Take regular quality time off – unplugged to make sure your family doesn’t fall apart and disrupt your business in a huge way later.
7. Real Profits & Success
Success isn’t just about money. Even lots of money in the bank means little unless you are enjoying the journey too.
Sounds great, right? But how do you find time to take time off? Find more hours each week. One European nation is now testing a six hour work day, citing it is more productive. More than a day a week off is better too. For vacations – block it out in advance, spend the money on reservations and you’ll be less likely to come up with excuses not to go.
