Calculating the value of each task in your business is the key to mastering delegation, something that property managers need to be good at.
Speaking with RPM's sister publication My Business on the My Business Podcast, Paul Glossop, founder of property buyer’s agency Pure Property Investment said his biggest mistake when starting his own agency was thinking he could complete every task alone.
When Mr Glossop worked out his yearly turnover and what it equated to per hour, it helped him see the value in delegating tasks which weren’t adding value.
“I'll look at that [hourly rate] and I’ll say, ‘Okay, based on that [rate], let’s break down everything that we do in this company.’”
Mr Glossop said everything needs to be taken into consideration.
“From literally going and buying groceries to have fruit in the office to running media campaigns to sitting in front of clients to processing settlements [and] everything in between,” he said.
Mr Glossop said once you’ve figured this out, you can work out which processes would cost less to outsource.
Busy PMs looking to make the most of their time should delegate tasks that do not fully utilise their skills to increase productivity and add value to their business.
Mr Glossop said it is also important to recognise that experts can make significant contributions to your business.
“Outsourcing and delegation and being prepared to pay professionals [to do] things that you’re not experienced with to do those roles,” he said.
“It frees up time and also allows you to sleep at night.”
[Related: 5 ways to boost productivity ]