Treat your business like it’s a mathematical equation.
The numbers don’t lie.
Test – Track – Measure – Improve – Repeat.
In business, it’s important to approach your business with a systematic mindset.
If you don’t track and measure what you are doing, you are simply flying by the seat of your pants. If you fail to track and measure your progress, you’ll be left in the dark about what’s working and what’s not. That’s why it’s crucial to identify your key performance indicators (KPIs) and regularly monitor them. By knowing your ratios, you’ll have a deeper understanding of your business and what you need to do to succeed.
What you need to improve.
You need to know your ratios.
Prospecting
What prospecting sources are you using to get you into the door to appraise property?
Without prospecting for business or having systems in place to generate leads, you will be sitting on your backside waiting for the phone to ring. If you don’t secure the initial appointment, you will be doomed to fail. You must commit to extensive efforts to generate leads and to make sure you follow up on your leads.
You must keep track of which prospecting sources returned the most amount of leads as well as the best leads.
Know the numbers.
Lead to appointment ratio.
Another important ratio in real estate, is your lead-to-appointment ratio. You need to measure the number of leads you generate, compared to the number of appointments you secure. By tracking this ratio, you can identify the most effective prospecting sources for you and adjust your strategy accordingly.
Know the numbers.
How many appraisal appointments have you been to?
As we know, if you don’t have conversations with property owners about selling and you don’t do any appraisals, this, in turn, equates to no listings. The more people you speak to, the more qualified seller appointments you do, the more listings you will get.
How many appraisals are you converting to listings?
You need to have the ability to close the deal.
Always perfect your listing presentation.
You need to ask for the business.
Know the numbers.
Reverse Engineer:
So let’s say your goal is to sell 50 homes this year and your appraisal to list ratio is 50%. For the ease of this scenario, this means you must do 100 appraisals a year, assuming you sell 100% of your listings.
Test/Track/Measure/Improve/Repeat.
In today’s digital age, data is king. We are data driven. By leveraging data and assessing analytics to track and measure your KPIs, you’ll be able to make more informed decisions.
Always look to optimise your approach so that you can aim for maximum results.
