Performance Measured = Performance Increased – by Dana Sparks
We all know the benefits of goal setting; we have all taken a million classes on goal setting. If you fail to reach your goals or you wish to reach them faster, then you may be missing two elements vital to the success of your performance relative to your goals… tracking and accountability! When you track your activities (measure your performance) that performance increases; when you report your performance results (be held accountable to your goals) then those increases in performance accelerate!
Tracking your activities relative to what you want to achieve will give you so much relevant information that automatically, you’ll improve in that area and learn specifically what other elements need improvement. Measuring performance will always make a difference! The first tenet of every weight-loss program, is to track what you eat. Regarding real estate sales, when you track the activities you do to generate leads, you will not only get more leads, you will also find out where & how to hone your skills to be able to enjoy even more success. There are many times that agent are “busy” but not very productive. Take a week and actually WRITE DOWN how much time you spend generating new business and what you do to generate that business. You will probably discover that the majority of your day is spent on everything else OTHER than the most important element to sustaining your real estate career… generating new business!
You will also discover in which skills you are proficient and in which you need improvement. For example, if you generate new business by phone prospecting expired listings, withdrawn listings and FSBO’s here are some areas to track:
- Time spent on phone
- Number of calls made
- Number of conversations
- Number of appointments set
- Number of appointments attended
- Number of listings taken
- Number of listings sold
- Number of price reductions
- Time on market for listings sold
- Average commission per listing sold
Spend some time creating a list of the elements involved in your various lead-generation techniques: phone prospecting, internet lead capture, postcard marketing, sphere of influence visits, voicepad/sign-call lead capture, open-houses, etc.)
Here is the integral information you will glean from this performance measurement:
- If you are on the phone for hours and not talking to many people, perhaps you need to call at a different time of the day.
- If you are having lots of conversations but not setting many appointments, you need to work on your scripts to present some more compelling reason for that seller to meet with you.
- If you are going on lots of appointments but not getting many listings, you need to work on your listing presentation.
- If you are taking lots of listings but they are not selling, you need to hone your CMA techniques and pricing skills.
- If your average commission check is lower than you like, you need to prospect in a higher price range.
- If your listings are taking too much time on the market to sell, you need to look at your market statistics and work in a faster-moving market segment (either in terms of location or price.)
This information is essential to your financial success in your chosen field! You have heard, “work SMARTER not harder,” well this information provides the knowledge you need to work smarter!
The other critical element to having an amazing 2013 in real estate is reporting back your findings on a regular basis to a coach or accountability partner.
Consistent with the weight-loss analogy, if you go on a diet and you tell everyone, then every time you reach for that cookie, one of your friends will question you, “Hey! I thought you were on a diet!” Allow the people around you to keep you honest to the goals you say you want for yourself! Within the list of elements you create to track your lead generation, set a specific goal each week for each element. Find an accountability partner and have that person keep you on track! For example:
“Prospect 2 hours each day, set 5 appointments each week, take 3 listings each week.” When you know you have to report back your performance to someone, it’s a lot harder to hit that snooze button in the morning rather than get out of bed and go to work! It’s also more exciting when you are on the phone Friday morning and know that you only have to set 1 more appointment for the week and you will have achieved all your weekly goals & you can’t wait to share your success with you partner! A good accountability partner will NOT let you excuse your way out of achieving the business success that you want and can achieve!
If you really want to make it interesting, put some consequences on not achieving your goals! For instance, if you do not achieve your weekly goals, you have to wear mis-matched clothes the following day and tell everyone why or you have to donate $100 to the favorite charity of the last agent that you had some problems with!
You may choose to have your children hold you accountable to your goals as well. Tell your children that if you set 5 appointments each week, you will take them to Disneyworld for Spring Break. They will most definitely ask you EVERY week how many appointments you have set!
Try these techniques for the first quarter of the year and I guarantee your bank account will thank me!