Do you know how to analyze your business? Do you know what to analyze? What “numbers” to track? What you track, you can grow but you must have a starting point. So what are the numbers of your business?
The appropriate numbers to track totally depends on how you choose to run your business. Growing your real estate sales hinges on lead generation and lead conversion. What do you do to generate leads? For example if you prospect by phone then you track dials, contacts, appointments set all against time. If you generate business online, then you would track internet inquiries, email responses, conversations, etc.
Basically you need to analyze the time you spend actually generating new business, the number of conversations you have, how many of those conversations turn into listing appointments and buying appointments, the number of sellers and buyers you convert from appointments to clients and then convert those clients into closings. Once you track your numbers for 1 – 3 months then you will know exactly where you need to focus your efforts to grow your business.
|Dials per Day|
|Dials per Appt Set|
|Dials per Appt Done|
|Contacts per Dials|
|Contacts per Day|
|Contacts per Prospecting Hr|
|Contacts per Listing Taken|
|Contacts per Listing Sold|
|Appts Set to Appts Done|
|Appts Done to Listings Taken|
|Prosp Hrs per Appt Set|
|Prosp Hrs per Appt Done|
|Prosp Hrs per Listing Taken|
|Prosp Hrs per day|
|Listings Sold per Listings Taken|
|Listings Taken per Month|
|Total Hrs per Day|
|Total Hrs per Listing Sold|
|Price per Total Hour|
|Use these on Listing Presentations:|
|Ave. Sales Price|
|Total $ Volume|
|Sales Ratio (Listing Sold to Listing Taken)|
|Sale Price to List Price Ratio|
If you are not logging many dials/day then you need to prospect more each day. If you do not get very many contacts, then you need to find a different group to prospect. If you get a lot of contracts but not many appointments, then you need to work on your scripts… what you say to those prospects to get the appointment. If you are going on a lot of appointments but not getting may listings or buyer brokerage agreements signed, then you need to hone your presentations. If you are getting listings but they are not selling, then you need to work on your pricing strategy.
By tracking your numbers specific to your methods of attracting customers, getting appointments and converting those appointments to clients and closings you will know EXACTLY on which portion of your business to focus in order to grow, help more people, make more money and be more efficient with your time!
Click link (or contact Managing Broker, Dana Sparks – Dana@MaximumOneRealty.com for tracking sheet provided courtesy of Maximum One: Numbers Tracking Sheet for Business Planning