How do you measure greatness? Is it purely subjective, or can it be quantified?
In a real estate business, greatness isn’t subjective. Your success or failure is dependent on data. That’s because numbers are completely objective and cannot lie. They take the clutter and emotion out of your business. (A great resource to help you start thinking about data and how to run your business over time is Traction by Gino Wickman) So even if you don't currently have thousands of dollars going out and coming into your business, getting into the habit of using scorecards and tracking your data over time will take your real estate business to the next level.
Bottom line: you can absolutely measure greatness in a real estate business, you just have to know how.
How to measure success
Measuring success may sound like a tall order, but it’s really just a matter of statistics. Statistics that, in many cases, you already have. You’re just not putting them to use.
There are many tools available to track the success (or failure) of your real estate team. These tools, once learned, are easy to use and take little time to manage. In fact, nearly all of the input can be managed by an administrative assistant if you have one.
REBS has developed several performance scorecards to help you track and assess the information you need to make decisions about your business. The scorecards, available in Google Sheets, are set up for a larger team. But they can easily be adapted to a smaller team if needed. Check out our deeper dive into these tools, and you'll quickly see how they can help you, your team and your real estate business achieve greatness.
#1 - Quarterly TEAM Scorecard
The Quarterly TEAM Scorecard is a team-level spreadsheet that consolidates your team’s weekly performance in a quarter on a single page. Just one glance, and you’ll have a good grasp on how your team is working toward their goals. Powerful stuff, right?
This scorecard tracks GCI, referrals, listings, closed deals and several other top-level metrics to show you how your business is performing. Essentially, you’re looking at a record of profits and losses.
The quarterly team scorecard also tracks commissions. Large real estate businesses should track what commissions are going out and when. This is especially true if the overall team hasn't had a great month, but there are a few agents who did very well.
#2 - Marketing Scorecard
Right now you’re probably employing many different marketing strategies to promote your listings and your business. But which ones are working? The Marketing Scorecard helps you determine which marketing tools are worth the dime and which are a waste of time.
The Marketing Scorecard tracks the total inbound seller and buyer leads by collecting data on calls, form fills, home evaluations, lead source and more. And it calculates total inbound referrals and total GCI for pending and closed business, organized by the lead source.
This tool also tracks your reviews on popular real estate and social platforms like Zillow, Google and Facebook. There’s space to input Google and Facebook analytics to determine page views, click throughs and more.
#3 - Sales Scorecard
The Sales Scorecard is a Google Sheet comprised of several tabs tracking marketing efficacy, individual agent performance and appointment follow through.
With this scorecard, you'll track agents' set, met and signed appointments giving you a clear picture of how often they're putting themselves out there. And how successful they are selling their services. This is a "performance at-a-glance" tool and prepares you with the information you need for weekly agent check-ins.
The Sales Scorecard also tracks team appointment conversion. This information demonstrates just how well your team is selling. So if you aren't meeting your goals, you have the opportunity to quickly identify shortcomings and adapt before the impact reaches your bottom line.
#4 - Recruiting Scorecard
Even if you’re already tracking these other metrics, chances are you’ve neglected recruiting. Measuring how effectively you’re recruiting, training and retaining agents is important.
The Recruiting Scorecard tracks total new prospects based on lead source (applications, Monster, referrals, etc). And every part of the recruiting process thereafter, including phone screening, interviews, second interviews, reference and background checks, is also reflected.
You’ll have a record of offers extended, accepted and starts. This way, you can see how many prospects successfully complete your recruitment process and address any areas that may be preventing entry. This tool also reveals the strengths and weaknesses of your recruiter.
Using the scorecards
This may seem like a lot. It isn’t. If used properly, the ROI on the few minutes a day your admin spends populating these spreadsheets could be worth millions of dollars in sales.
And using these tools will transform the way you do business. You'll have the ability to hold your agents accountable and empower them with the knowledge they need to optimize their own performance. Only then will your team drive real results and achieve greatness.
To learn more about what else you can do to achieve greatness in your real estate business, join our next live Master Class.