If something is worth doing, it’s worth tracking. Wouldn’t you expect a financial advisor to keep close records of your investments. Is it safe to say that you want your bank to have an accurate count of how much of your money they have? Can you even imagine sporting events where a score wasn’t kept?
So how are you measuring your efforts?
Each day there are two things a real estate has to do; Business development and business support. That’s also like saying when it comes to your finances, there is earning the money and not spending it all. The first is critical. The second only happens if the first has taken place.
So how do you know what you’ve done this week to grow your business? How many calls have you made? How many emails have you sent? What percentage of your initial appointments with customers have converted into listings or buyers? How many written offers does it take you to pull a deal together?
“The biggest mistake regarding record-keeping is not writing things down or not remembering where you wrote it down.” – David Mellem
There are some critical numbers that you must know in real estate. Figures such as:
- Your list/sale price ratio
- Your average days on market
- Your average price
- The number of homes you show to a buyer before an offer is accepted
- The numbers of showings on a property before an acceptable contract is received
Some other really good numbers to know might include:
- The number of calls you need to make to get a contact (#’s dialed until an actual person answers)
- The number of contacts to set an appointment
- How many appointments do you need to have before you get a signed listing or buyer representation form
- How many homes are currently available in your local market place
- The average price and DOM for those properties
- The number of sold properties in your local area as well as the DOM and list/sale price ratio of them
If you have a personal trainer, doesn’t he or she track your repetitions and sets when you lift weights or track your distances on a treadmill or bike? I know as a runner who has trained for one full marathon and several half marathons, I need to know the miles I am running as well as my pace so I can be sure that on race day I can achieve my desired results.
If you’re not “keeping score” of your business development activities, perhaps it’s time to grab the scorecard and pencil and start counting your stokes. And just like the boxes on a golf scorecard, there’s no room to pencil in any excuses for your results.
Just write down the number and move to the next hole.
1st Photo Credit: Derek Gavey Creative Commons 2.0
2nd Photo Credit: Orphan Jones Creative Commons 2.0