“If you can’t measure it… you can’t manage it!” This adage is especially pertinent to being successful as a Real Estate Salesperson! When you chart your productivity, two key pieces of information result: you will be able to predict and duplicate your business and you will be able to target those skills which need improvement.
Want to control how much money you’ll make each year? Start tracking your productivity numbers and you will be able to determine how many hours each week you need to prospect (generate new business) and how much income each hour of client generation is worth. Go get a calendar, or use a calendar program on your smartphone or tablet and go through the entire year and plan your days off, vacations and holidays so that you will know how many working days you have in 2014. Then use the forms provided in this article (or use ones you create) to start measuring your effectiveness in your chosen career of real estate and having total control over your business and income!
Until you “know your numbers” you will be spinning your wheels and potentially spending your time on aspects of your business which do not need attention. How do you know which of your skills need attention and which do not: do you need to generate more leads or do you need to convert more leads to clients? Do you need more listings or do you need to price your listings better? Do you convert leads to clients easily and need to generate more leads? Do you need to pump up your lead-generating website or send more postcards? How do you know these answers unless you track your business? For example, once you determine that when you talk to people you are not able to get them to meet with you, then you need to work on your appointment-setting skills; you go on plenty of appointments but don’t get many listing contracts or buyer brokerage agreements signed, then you need to work on your objection handling; getting plenty of listings but they’re not selling, then a CMA class is in order! Is the primary source of your business referrals from current clients, postcards, your internet site, sign-calls, Agent-on-Duty? Until you know this, how do you know in which part of your business to invest? If you spend $650/month on postcards and $20 on a lead-generating website… wouldn’t you like to know what type of return you’re getting on your investment? If you get more from that agent-website… perhaps you should create another one! If you are buying leads from Realtor.com or Trulia or Zillow, is that a source of revenue for your business or are you getting leads that never turn in to closings? How do you know unless you approach your business as a business!
Below are some forms to help you track and chart your business so you can actually run your business like a business! Once you know your numbers, then you can choose how much money you will make each year and how many people you will help!
Useful Tracking Forms: