When people hear the word “coaching,” they often think of the qualitative aspects, like improving motivation, adjusting mindsets or setting higher goals. And while a coach does help with all these things, it isn’t simply done through encouraging words. Growth in profitability also comes from tracking key metrics and making strategic, informed changes in your business.
Key performance indicators (KPIs), allow you to clearly understand where a business is in relation to where it should be. When using KPIs, focus on tracking the activities that generate the results you’re looking for. For example, many agents and brokers focus on lead conversion or sales, and while both are important, the number of new leads coming into the database, the number of conversations and the number of appointments set are more effective to track than leads and closing percentage.
Some agents are used to working with data, but many avoid numbers whenever they can. As leaders, it’s our job to help our agents feel comfortable using these numbers to take their business to the next level.
Improve Online Lead Generation
Real estate professionals often focus on in-person or referral-based lead generation. Working your SOI and generating a system for referrals is effective, but it’s more effective to have three additional pillars of income.
Take advantage of tools such as Google Analytics, HubSpot or Grow to keep tabs on your online presence. It’s important to be aware of how your website and online ads are performing so that you can adjust accordingly. If an ad isn’t getting any attention, determine how it differs from ads that are doing well.
Track Daily Success Habits
The Daily Success Habits Tracker allows you to measure each of your daily activities with points given for activities that generate real income, or what we call “money-making activities” (MMAs). Any agent or broker can use this tracker to measure how much time they actually spend on MMAs. Tracking activities that directly affect profitability is a strong motivator to change work habits and develop a productive routine. Tracking keeps you highly aware of your level of productivity and profitability, and accountability is how you choose to react to the numbers.
As you commit to tracking key numbers and discover the value of hiring the right coach who asks and tracks the right things, you’ll find that growing your business isn’t that hard. For a copy of the Daily Success Habits Tracker, email me at firstname.lastname@example.org and I’ll personally send you a copy as well as give you some pointers as to how you can best use this tool with your clients.
Verl Workman is the founder and CEO of Workman Success Systems (385-282-7112), an international speaking, consulting and coaching company that specializes in performance coaching and building successful power agents and teams. For more information, visit www.workmansuccess.com.