FREE Success Tips: Measuring and Monitoring Your Real Estate Business

By Tips & Strategies

Happy Monday!

How are you beginning your week? Are you coming off a victorious week of closings and a super-busy weekend meeting with clients? If so, do you have a system in place so you don’t lose momentum this week?

Or, was last week slow for you? Perhaps you’ve decided today is the day to buckle down and refocus on your career. You know the winter months are around the bend and if you don’t put a system in place, you may not make it to the spring selling season.

Maybe you aren’t sure if you are even on the right track or not! Things seem fine, but business could be better.

Well, here’s a simple checklist to measure your activities last week—if you find yourself answering no to two or more of these, then you know you have some weak areas in your business that you need to work on. If last week was an “off” week for you—you were on vacation, for example—then think back to your previous work week or shift the questions forward to think about and prepare for your business building activities this week.

Last week did I:

◘ Manage my time with buyers & sellers, leaving time to prospect for new clients?

◘ Add people to my database daily?

◘ Spend time enhancing my online presence?

◘ Reach out to my farm?

◘ Prepare & execute a successful open house?

◘ Meet the FSBOs/Expireds in my farm/near my open house?

Where do you see yourself falling short? Put a plan in place to spend more time in each of the categories above this week so that you can achieve a more balanced business that consistently churns out closings. Focus on turning your weaknesses into strengths and you will stop the cycle of starting over after each closing—strive for a continuous loop of gaining new clients and closings.

If you answered yes to all of these, but are still in a rut, may I gently suggest you fine tune your sales skills. Yes, you are in the business of selling houses, but what you are really selling is yourself.

◘ Do you have a branding package in place so that you are memorable in the minds of the people you meet? Are you consistent with using your branding?

◘ Do you talk more than listen? This applies in and outside of business. Fight the urge to use words to prove your value—people are all about themselves, listening to them will get you much further.

◘ When you are talking, are you asking the right questions? Don’t ask questions that can be answered with conversation killers. Instead, ask ones that elicit open-ended answers that really get the other person talking. Which question do you think is more effective?

  • How many bedrooms does your family need?
  • If you could create your perfect home, what would the floor plan be like?

◘ Do you consistently follow-up with people or throw chance to the wind and think they’ll call you when they’re ready? There are no shortages of real estate agents in this world, if you’re not in front of your leads/database/sphere of influence/farm, someone else will be—guaranteed! Commit to a schedule that tells you when to contact your people so you don’t lose track.

Speaking of keeping track, you need to track where your clients come from. You can qualify your data through closed sales only so you can learn what is truly working for you. For example, you can create a simple Excel spreadsheet similar to this:

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The data in this example proves that your Internet presence needs some beefing up, and you are neglecting the FSBO/expired segment of your career. The data speaks for itself and is a telling sign of where your business has imbalances—keeping track is an important tool in your business. When you see deficiencies, work toward improving those areas of your business without ignoring the things that have been working well for you.

How do you achieve this? The best way to do this is to write down your schedule each week and make sure you’ve set aside time for each area in your business. Without a clear, written plan, it’s nearly impossible to keep track of your weaknesses and stay on the path to success.

In my most recent book, Prospecting with Purpose, I dive into how a balanced real estate career should look like and strategies on how you can achieve it. Get your copy today and get on a focused track to success!

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