3 Highest and Best Use Hacks
3 Highest and Best Use Hacks
Most Real Estate Agents will be familiar with a basic concept of appraisals. Land is valued based on it reasonable, legal, and probable best use.
Many drive-in theatres in the United States of America were faced with a dilemma in the 1970’s and beyond. For many, the decision to be made was rather or not to continue to operate as a drive-in theatre, which were experiencing a decline in revenue, or sell the land for other uses. “A good-sized drive-in sits on 15 acres. A lot of the time that property is only generating income for part of the year because running a show in the rain or the snow takes away from the experience. Fifteen acres close enough to population big enough to support a drive-in is big enough to support something more lucrative than a drive in. Thus, the drive-ins are turned in malls, housing, and car lots. “ Web Source: https://www.quora.com/Why-did-drive-in-movie-theaters-lose-popularity – Paul Turner
Like it or not the Highest and Best Use usually ruled the day. The drive in closest to my home long ago was replaced by a Home Depot.
Hacks for Real Estate Agents
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Start with H.B.U.T.
H.B.U.T. stands for Highest and Best Use of Time.
I have so much that I want to do. I hate wasting time. – Stephen Hawking
Read more at: https://www.brainyquote.com/topics/wasting_time
Most of us, I would probably say all of us, have things on our to-do lists that have to be done. We also have things that can be postponed, that really don’t need our full attention, and things that don’t really need to be done.
Along the way we have things that come along that seem like they need our immediate attention and probably don’t. How can we decide where to focus our time?
- Let Your Priorities Guide You
One solution that is often recommended is what is known as the Eisenhower Matrix. This was developed by our 34th President Dwight David Eisenhower. Prior to serving as President, he was a General in the United States Army, Allied Forces Supreme Commander during World War II Dwight D. Eisenhower was the 34th President of the United States from 1953 until 1961. Before becoming President, he served as a general in the United States Army, served as the Allied Forces Supreme Commander during World War II, and was the first supreme commander of NATO. The demands of his various posts and the Presidency required that he make tough decision daily. This led him to develop the Eisenhower Matrix (Principle) to prioritize tasks based on urgency and importance.
All the tasks on you to do list should be written down and placed in one of the four boxes above.
Let’s look at an Open House as an example. If the Open House is today, then it is Urgent and Important and needs to be done today. It is helpful to have a checklist of all the things that need to be done for an open house, when they need to be done by, and who will be doing them.
If an open house is scheduled for a week away it is important but less urgent. It needs to be on your calendar but many of the things you need to do for an open house are not urgent. Some may be urgent though, such as ensuring you have enough open house signs. Designing flyers for the open house in advance is also urgent, but if they is someone that can do it for you at a reasonable price, let them do it. Use a service like Fiverr.com. Checking the sports scores and really neither urgent not important while you are at work. Don’t do it till later if at all.
One way of dealing with the various boxes is what is known as, “Eating the Frog”. Basically, all that means is tackle the biggest, hardest, and most urgent task first. Not only will it give you a sense of accomplishment but it will make doing all the other tasks more tolerable.
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Block your Time
Is prospecting urgent and important? It is if you want to grow your business. You need to block out a time each day for it. Is your family relationship urgent and important to you? I better be. You need to set aside time for it. Do not mingle them. Do not be prospecting during your family relationship time.
When you are working keep focused on the task at hand. Also, remember that being busy is not necessarily being productive nor H.B.U.T.
Checking e-mails, Facebook, and text messages all day will keep you very busy. But it is almost certainly not H.B.U.T. Negative comments about colleagues, your broker, clients, other agents, and others is never H.B.U.T.
