Not sure what challenges and opportunities are coming your way? Coach Darryl Davis provides the numbers to crunch so that you always know what’s going on in your real estate business.
At Inman Connect Las Vegas, July 30-Aug. 1, 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will be revealed. Join us.
I’ve been at this real estate thing a long time — in fact, more than 35 years. What I’ve learned is that you all wear a lot of hats and have a heck of a lot to keep track of like generating and managing leads to staying top of mind in your market to servicing your clients to navigating what can feel like a mountain of paperwork for a closing. That can all feel daunting sometimes.
That’s why I’m a big fan of putting systems and checklists in place that help you keep tabs on key metrics for your real estate business. After all, knowing these things is how you keep your fingers on the pulse of your business and will alert you when something is or isn’t working as it should.
Whether you use a CRM or a spreadsheet, the most important part is developing a system that you find easy to use and that will give you the information in a way that you find easiest to understand. There are many systems out there, but the best one is the one that works for you.
Daily checklist
- New emails received and replied to
- Follow-up emails sent
- Social media engagement (likes, shares, comments)
- Check website traffic and lead generation sources
- Return phone calls from clients and leads
- Review and prioritize daily tasks
- Check your calendar for upcoming appointments
These daily metrics are essential to keep an eye on so that you can respond quickly to any new leads or client inquiries. Potential clients will be impressed to hear from you so quickly, and emails and social media posts will keep you in front of potential leads.
Staying on top of your daily tasks will help you stay organized and ensure that you’re making the most of your time.
Weekly checklist
- Number of new leads generated
- Number of follow-up calls made
- Number of appointments scheduled
- Number of showings booked
- Number of offers received
- Number of closings completed
- Marketing budget spent and remaining
These metrics can help you assess the progress you’re making on a weekly basis and adjust your strategies as needed. For example, if you’re not generating enough new leads, you might want to increase your marketing efforts or try a new lead generation strategy.
If you are spending more on marketing but not getting a response, a change in marketing tactics or tech tools may be required.
Monthly checklist
- Number of new listings taken
- Average days on the market for listings
- Average sale price for listings
- Total commission earned
- Total expenses incurred
- Number of referrals received
- Website traffic and lead generation sources
Monitoring these metrics on a monthly basis will give you a broader picture of your business performance over time. You can use this information to make strategic decisions about how to allocate your marketing budget, which neighborhoods to focus your self-promotion and marketing efforts on, and how to improve your overall business operations to maximize the use of your time and money.
Annual checklist
- Total number of closings for the year
- Total sales volume for the year
- Average sale price for the year
- Total commission earned for the year
- Total expenses incurred for the year
- Client satisfaction survey results
Taking a yearly snapshot of your business can help you identify trends and patterns that can inform your long-term strategy. It can also help you set goals for the upcoming year and track your progress over time. Did you start a new coaching program and see results? Did you set more realistic milestones to better reach your goals? This big-picture overview helps you plan for your next year.
These metrics are like a roadmap. You know where you are starting, and you know where you want to end up, and each of these metrics is like a town or tourist attraction along the way. If you start passing towns and attractions that you weren’t expecting to, it could mean you are on the wrong highway, but a look at your road map will tell you if the road you are on will still get you to where you want to go.
There are many ways to your final destination, but using these metrics will keep you on track. (I love a good analogy like this. Don’t you?)
The takeaway
If you are a real estate agent looking to dominate your market, then keeping a close eye on your key metrics on a daily, weekly, monthly and annual basis is a must. After all, making informed decisions to improve your operations is the key to staying ahead of the competition.
Don’t settle for mediocrity in your business 一 with just a little effort and attention to detail, you can position yourself for success and achieve your goals and your next level. So, start tracking those metrics so you can move from surviving to thriving.
