Tracking Metrics for Real Estate Agents
Tracking for Beginners
There seems to be a lot of hesitation and resistance against tracking in our industry. As a coach and as a manager, I’d ask agents where their business came from and they would tell me things like, “mostly open houses” “referral” or “my sphere” but when we sat down and wrote things down, many times we would find a different result.
Why is tracking important? Tracking is important to know if we’re on target to hit our goals. Tracking tells us if we’re heading the right direction or if we’re heading down the wrong direction. It takes a lot of the guesswork and the emotions out of running your business.
So what should you track? There are so many things that you could track in your day and I’d like to offer you some recommendations if you’re new to tracking. When agents aren’t used to tracking or haven’t tracked before, I recommend that they start with just the essentials. Let’s start with tracking your prospecting numbers, your current pipeline, and your growth & education.
The tracking sheet I’ve made has seven tabs and is made so you can just spend 10-15 minutes a day and get the essentials down. The first tab is to track your prospecting. You’ve got to find your numbers to know how effective you are with how you’re finding business. Do you know how many people you need to meet to pick up a client? Do you know many cold calls you need to make to pick up a listing appointment? What about how many of your sphere you need to call to get a referral? Also on the tracking sheet are tabs for you to put your sphere of influence, leads, your pipeline, the transactions you have in escrow, your closed escrows, and education you’ve done. What I tell agents is that once your clients go into escrow, they fall out of your pipeline into an in escrow pipeline.
Hopefully, this tracking sheet can help you to be more efficient and mindful of your actions.
THE LCA BLOG
Weekly articles that cover every aspect of the real estate industry, growing your business, personal development & so much more.
As a real estate agent, you know how important it is to have quality leads. So it’s frustrating when you run into wrong numbers and bad information that waste your time. And with all the different companies who claim their leads and data are the best, it can be difficult to know where to put […]
The future of the real estate industry has never felt more in flux. Unpredictable market conditions, changes in consumer preferences, concerns over commission structures, and the rapid proliferation of technology tools are all driving major upheaval. These market forces are creating fierce competition among brokerages as everyone fights to stand out from the crowd, battle […]
Have you heard of FRBOs? A lot of agents haven’t, which is why they’re such a lucrative lead type in an otherwise overcrowded prospecting market. In this article, we’re going to teach you what FRBOs are, why they’re an amazing lead source, and how to have successful conversations that can lead to a lifetime of […]