“If you aim for nothing, you’ll hit it every time.”
-- Unknown
You have finished your tracking and measuring and now the data from your key performance indicators (KPI) must be up and visible for quarterly and annual goals to achieve the success of real estate teams and its individual brokers and agents.
Your real estate business is not only a driver for your why passion but all the KPI data you have collected will show how well you did in the quarter and how you are doing as your annual review approaches.
The way to accomplish this crucial task of monitoring your business’s performance is technology – the real estate metrics dashboard. Everything you must know is in a single, convenient location.
The dashboard keeps you and your real estate agents in the know of how they are doing and what they can be doing better. Just like the dashboard in your car gives you immediate access to important information – your speed, what gear you are in, the amount of fuel in your tank, or the level of the electrical charge in your electric vehicle.
Because the present impacts the future, you must track your daily, quarterly and annual performances goals. This can include the number of visits to a property before a sale is made, the amount earned in commissions, actual sales compared to the targeted sales, and opportunities for your real estate business that revealed themselves over time.
Without this crucial information, you cannot gauge the future. You cannot know how you will be doing if you do not know how you have been doing quarterly and annually. You and your team need to know the numbers to judge the business’ performance and the indicators of future performance.
You can see continuing improvement by researching changes in the fluid real estate market and promptly adjusting to those changes; more recently, increased demand but dwindling supply.
Know your products and your clients
“Learn how to leverage technology, because that’s going to put you into this next generation of how business is being done.”
– Chad Nash, Ph.D, Real Estate Agent, Philanthropist
To be successful in real estate sales, you must know your product. How much do you know about a listing you are trying to move? These are basic – the location, the number of bedrooms and baths, any remodeling, improvements such as double pane windows, is there a pool, a fireplace, raised or flat roof, what is the school district, they do not want a west facing backyard, is the home owner willing to negotiate on the price, does the home owner have a real estate agent.
To be successful you must also know your clients, too. What type of home are they looking for, what location do they want, is there an alternate location they would consider, what is their price range, is there a time factor involved, what financing options would they prefer. Which category is the prospective buyer fit, a family, a do-it-yourselfer, or youthful first-timers?
Dashboard design and function
A dashboard on your laptop computer will give you the information you need to gauge the performance of your business and its KPI measures at your fingertips. But keep it simple. For example, all you need to know about a football game is who is playing, the current score, and how much time is left on the clock.
The dashboard also is the perfect tool for keeping everyone in your business engaged and they can tell at a glance if they are winning or losing.
The dashboard needs to be simple and easy to use. It needs to tell you how many times has your property listing been seen online, how long the visitor stayed, how many days it has been online, has anyone made contact to visit the property.
Technology challenged?That does not matter. You can have personalized help and assistance to develop your dashboard to your benefit through a coach who has been there many times before. These are ways to empower yourself.
Publish your listings on your website and watch after them reporting them to the dashboard. You can access and boost the quality of your listings by watching the traffic it generates. You may even be able to predict when or how long before your listing will find a buyer.
Sorry, just looking…
“Don’t wait to buy real estate. Buy real estate and wait.”
– Will Rogers, humorist and actor
Do not dismiss the web searching lookie-loos. These searchers may just be curious about homes for sale in their current area or one of their choice even though they are not in the market.
But even though they are in the ‘just looking’ mode you might be able to build their desire. Then you might be able turn these folks into prospective buyers. At least, and perhaps most promising, they have your name should they want to get back into the market. So be a good sport.
There are many possibilities and concepts for dashboard configurations. But they all share one thing: They all have a request to make contact with you.
Do not rely on the internet alone. Try the U.S. Postal Service. Many people who are not in the market to buy will not be looking online, but you have a better chance when your collateral shows up in their mailbox. An attractive 8.5 x 5.5 postcard with an intriguing description of the home along with three color photographs, and on the flip side is your contact information complete with a photo of yourself (the human touch). This just might move someone to contact you.
Free consultation for empowering yourself
I know dashboarding!
My coaching will help you achieve your real estate business success in a shorter amount of time and with fewer headaches. Begin your road to business success by scheduling a complimentary consultation with Real Estate Coach Justin M. Baker. I can assess what you are doing right and wrong and how to take advantage of the dashboard technology to meet your quarterly and annual goals. Leave the normal you behind and become the Super You. Call or email to get started on your future right now.