When you Google “most successful actors of all time” a list appears ranking the top eight actors and actresses, according to their cumulative box office revenues (Samuel L. Jackson was number one with $5.753 billion).
These people worked for years, decades in some cases, to reach this level of success. But are box office revenues their only measure of success? Certainly not.
Katharine Hepburn won the most Academy Awards of any actress or actor—four wins and 12 nominations. However, Meryl Streep is just behind with three wins and 21 nominations. Who is more successful? The person with the most wins or the most nominations?
The highest grossing movie of all time was Avatar, making more than $2.7 billion worldwide. But it’s lead actor, Sam Worthington, has never been nominated for a major award and has spent most of his career in action films of little acclaim.
Are you measuring the statistics of your success?
What do these numbers and comparisons tell us? That there are many different metrics to consider when measuring success. This is just as true in the real estate business as the entertainment industry. So today, the question is: are you measuring the statistics of your success?
With this question in mind, Real Estate B-School founder Lars Hedenborg created a Sales Scorecard to provide insights on the specific metrics that determine success or failure in a real estate business. Today we're taking a deep dive into this single tool that will help you track everything from individual agent performance and marketing efficacy to conversion and more.
Set it up
The Sales Scorecard is a Google Sheet comprised of several tabs. Get started by customizing the set-up to meet the needs of your real estate business. From agents to outcomes, what you set up will populate to the rest of the Sheet so you're tracking the data you need in several different areas.
Every spreadsheet within the Sales Scorecard relies on information added to the appointment tab. This is where each lead is tracked, from its inception to (hopefully) close. The information contained within this sheet populates the other spreadsheets within the scorecard. The importance of its accuracy cannot be understated.
Train an administrative assistant to use this workbook. Show them how to set it up and input information on the appointment tab. Once they understand how to use the tool, inputting the data should only take a few minutes out of their day.
In this spreadsheet, you’ll track each week’s set, met and signed appointments for both buyers and sellers. You can also organize that data based on inside and outside sales if you need to.
With this information, quickly comparing your goals with your team’s actual performance is easy. And you're in a position to address both shortcomings in conversion or commend good work when warranted.
Sales Agent Quarterly Tab
The Scorecard includes two separate spreadsheets, one for inside and one for outside sales. If you don’t have inside sales, just delete or hide that tab. Make the scorecard work for you!
Again, this tab shows set, met and signed appointment for both buyers and sellers for each of your agents. With this information, you have agents' performance at-a-glance, and you're prepared for weekly agent check-ins.
Along with the appointments tab, this is the only other tab that requires data input. Regardless, the information needed for this piece is easily added by support staff.
The marketing scorecard tracks leads and expenses according to the lead source. You’ll see how many appointments were set, met and signed for each lead type. And, most importantly, the cost per lead based on the original marketing costs and how many leads were garnered is shown.
This tool is a game changer, because you'll easily be able to see which marketing tools are worth the money and which are a waste.
Don't feel intimidated
The Sales Scorecard can be intimidating. But what you learn about your real estate business from tracking these metrics is worth it. To work properly, you need quality data input with a keen attention to detail. Otherwise, the spreadsheet won’t work, and the information is useless.
That means the accuracy of the information is important too. There’s no one measure of success in real estate, so you must have a tool that tracks and calculates the many metrics needed to determine the health of your business.
If data isn’t an important part of your real estate business, just like so many others, you’ll flounder and eventually fail. To learn more about what you can do to start building a successful, real business today, join my next live webinar.