Time for your real estate agent 6 month performance review...

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Education & Training with HD Realty BK662006

Time for your real estate agent 6 month performance review...

Here we are... halfway through the year.  Time to take a look back at the last 6 months and see where you've been and what your results were.  Set aside at least a half hour to complete this...

1. Look at your closed transactions so far this year: How many? Average transaction size? Average gross commission? How many buyers vs. sellers vs. both? How many short sales vs. REO's vs. "regular"?  This will give you an idea of what "niche" you've been working whether you realize it or not!

2.  Look at your marketing: How often did you send out a mail piece? What were the results? Did you send a newsletter? Where did most of your closed transactions come from? Did you Blog?  If you see a trend for where your business is coming from, step it up! Do More! It obviously worked!

3.  Look at your personal self: How many hours did you work? Did you eat right? Did you excercise? Did you take a vacation (even a weekend?)? Did you partake in your favorite hobbies?  It's important to balance work and home!  

I just did this exercise myself and it was kind of shocking!  So far year to date I already have 1 more closing than ALL of last year!!! Yayyy!!! Except the Gross Commission Income is almost exactly HALF of last years! Booo!!! So I can honestly say I'm working twice as hard for half the pay!   Why is that? Because my average transaction size is so much smaller. Those $20,000 condos really take your average down! (but take the same amount of work!)  

Based on this information, I'm going to tweak my marketing for the next 6 months. And that's what we're going to talk about next week... what to do with this info and make positive profitable changes for the rest of the year!

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Rainer
406,660
Randy Ostrander
Lake and Lodge Realty LLC - Big Rapids, MI
Real Estate Broker, Serving Big Rapids and West Central MI

Excellent post Andy. Time for many to not just do a check up but maybe a tune up as well. I have similar results...more closings for less commissions. Probably our new life until we lower the inventory of foreclosures and bank owned properties. Thanks.

Jul 22, 2010 02:51 AM #1
Rainmaker
914,426
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

Great info.  We all need to actually evaluate where we stand.  For years, I never did a budget or evaluated where I was at.  Since this down turn though, I've been forced to do so.  It is amazing what you find out if you get in a review the books every so often and see where you money goes and what deals you put under your belt.  Where did the year go?

Jul 23, 2010 02:59 AM #2
Rainer
128,627
Dan Quinn
Berkshire Hathaway HomeServices PenFed Realty - Silver Spring, MD
Dan Quinn

We don't do those reviews I think because we are afraid of seeing the results.  This is great advice.

I review at the end of every quarter and make note of the # of sales, where the leads originated, and what marketing I used to find those leads.  The personal side is all important as well, since what good is it if we make a lot of money and our life and health is a wreck?

You can't determine where you are going unless you know where you have been.

Jul 28, 2010 03:01 AM #3
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Rainmaker
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Andrea "Andy" Tolbert

Broker, Safety Expert, Instructor
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