Real estate is a business that requires constant attention to detail. In order for newcomers to succeed in the industry, they need to be aware of what activities are most important and how tracking those activities can affect their success. This blog post will go over key business activities agents should track to both grow their business and gain overall success.
Think: What’s the point in setting goals you have no intention of pursuing?
Additionally, agents should set goals that are specific and measurable so it is easy to determine whether they were successful in achieving their objectives or not.
Agents should be tracking leads in a couple ways, firstly by using an efficient CRM to keep all info securely organized for quick reference (we go over this in our online course). But also tracking the progress of those leads in order to determine which activities are most effective at bringing new clients into the picture. By knowing where new leads are coming from, agents can spend more time on those means of client acquisition and waste less time –and money– on others.
#3 Expenses + Income
Agents should keep close track of their expenses. Expenses can include anything– agency fees, marketing materials, mileage, supplies, etc. By keeping up with how much money is being spent on different activities, agents can ensure more money is being brought in than is going out. Which brings us to the next activity.
Agents should track their income. It’s no secret real estate is known for the opportunity to make a great living, but the industry can also require a bit of an investment at times. Similarly, there are highs and lows of real estate so budgeting for the lulls is crucial. By tracking the total amount of money made through sales and expenses over time, agents can get an idea of how well they are doing (see #5) and what changes need to be made in order for them to improve.
Success in this industry doesn’t come without hard work, tracking your progress in these areas is detrimental to your growth as an agent. Keep tabs on the performance of events, as well as your personal performance as an agent (see #1).
For example: Open houses are a huge part of real estate, and every agent will host one in the career. However; without tracking the outcome of events like open houses, it’s difficult to gauge success or performance.
Sales is a huge indicator of how well an agent is performing (but shouldn’t be your only way of gauging success) and should be tracked accordingly. Tracking sales over time is beneficial for agents to see where to focus their energy and resources for maximum return.
By tracking progress over time, agents can get a better idea of where they stand against other agents. By setting goals, keeping on track with leads, staying within budget and making more money than they spend, agents can ensure their future in real estate is bright.
Cheering you on!