4 Ways to Track Your Real Estate Business
There is no “one size fits all” metric when it comes to gauging the health of your business. Tracking different aspects is the only way to get an overall picture of how well you’re doing.
Read on for tips on making sure you are getting the clearest picture of your performance.
You already know you have to pay attention to your expenses, but are you using all of the financial data about your business to its full potential?
Dig deeper to analyze how much you spend on lead generation and marketing--and the return on that spending as well. Put more money behind well-performing ads, and eliminate channels that don’t perform for you. Not sure what’s working? Consider testing different strategies to figure out the best way to speak to your audience--and then make sure you document your learnings for the future.
Productivity is highly subjective, in that there’s no specific standard for how well your business is doing in these terms.
The first step in improving efficiency is to figure out how you are spending your time. Use a timer app to keep track of how long it takes you to complete certain tasks, and consider charting these over time.
You should also examine your sales productivity in terms of the return you get on the investment of your time--examine calls made, conversion rates, and profitability to see how your outcomes stack up. If most of your leads aren’t converting into sales, it’s time to reconsider your methods.
Read more: Top KPIs for real estate agents
Are referrals a reliable way to gauge satisfaction? Yes and no.
Implementing a post-closing customer survey tool will give you consistent metrics by which to evaluate how happy your clients are with your performance.
Over time, you might notice a trend that you can use strategically--for example, are the sellers you represent consistently more satisfied than the buyers you represent? Data like this allows you to dig deeper and unlock valuable learnings about your business.
A lot of your business will come from people who found your website through a Google search.
In addition to making sure your site is clear, concise, and visually pleasing, you’ll want to look under the hood to see what’s going on from a technical perspective. How long do users spend on your site, and which pages get the most attention? Is most of your traffic from your market, or do you get tons of clicks from overseas?
Getting a handle on where your visitors are coming from and what they’re doing once they get to your site can tell you a lot about how well your Internet presence is serving you.