Not sure what challenges and opportunities you face? Coach Darryl Davis provides the data you need to analyze so you always know how your real estate business is going.
Held July 30-August at Inman Connect Las Vegas. On January 1, 2024, the noise and misinformation will be cut away, all your big questions will be answered, and new business opportunities will be revealed. join us.
I’ve been in the real estate industry for a long time – over 35 years, in fact. I understand that you all wear many hats and have a lot to keep track of, such as generating and managing leads, staying ahead of the market, servicing customers, and navigating what can feel like a big mountain. Work. It can all feel scary at times.
That’s why I’m so passionate about building systems and checklists to help you keep tabs on key metrics for your real estate business. After all, knowing these things keeps you on the pulse of your business and alerts you when something is or is not normal.
Whether you use a CRM or a spreadsheet, the most important part is developing a system that you find easy to use and that provides you with information in a way that you find easiest to understand. There are many systems on the market, but the best system is the one that works best for you.
daily checklist
- New emails received and replied to
- Follow-up email sent
- Social media engagement (likes, shares, comments)
- Check website traffic and lead generation sources
- Return calls from customers and potential customers
- Review and prioritize daily tasks
- Check your calendar for upcoming appointments
These daily metrics are crucial to keep an eye on so you can quickly respond to any new leads or customer inquiries. Potential clients will be impressed by receiving your message so quickly, and emails and social media posts will keep you in front of potential clients.
Staying on top of your daily tasks will help you stay organized and ensure you’re making the most of your time.
weekly checklist
- Number of new leads generated
- Number of subsequent calls
- Number of appointments scheduled
- Number of appointments for viewings
- Number of quotes received
- Completed checkout quantity
- Marketing budget used and remaining
These metrics can help you evaluate your weekly progress and adjust your strategy as needed. For example, if you’re not generating enough new leads, you may need to step up your marketing or try a new lead generation strategy.
If you’re spending more on marketing and not getting a response, you may need to change your marketing strategy or technology tools.
monthly checklist
- Number of new listings
- Average days on market
- average selling price of list
- Total commissions earned
- total costs incurred
- Number of referrals received
- Website traffic and lead generation sources
Monitoring these metrics monthly will give you a more complete picture of your business performance over time. You can use this information to make strategic decisions, including how to allocate your marketing budget, which communities to focus your self-promotion and marketing efforts on, and how to improve your overall business operations to maximize your time and money.
annual checklist
- Total number of transactions this year
- Total sales for the year
- annual average sales price
- Total commissions earned during the year
- Total expenses incurred during the year
- Customer Satisfaction Survey Results
Taking an annual 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 coming year and track your progress. Have you started a new coaching program and are seeing results? Have you set more realistic milestones to better achieve your goals? This big-picture overview can help you plan for next year.
These indicators are like a road map. You know where you start and where you want to end, and each indicator is like a town or tourist attraction along the way. If you start passing unexpected towns and attractions, it might mean you’re on the wrong highway, but looking at a route map will tell you whether the road you’re on will still get you where you want to go.
There are many ways to get to your final destination, but using these metrics will keep you on track. (I love a good metaphor like this. What about you?)
takeout
If you are a real estate agent looking to dominate the market, you must keep an eye on your key metrics every day, week, month, and year. After all, making smart decisions to improve operations is key to staying ahead of the competition.
Don’t settle for mediocre business – with a little effort and attention to detail, you can set yourself up for success, achieving your goals and beyond. So start tracking these metrics so you can move from surviving to thriving.
