MAKE SURE YOU DO THESE FOUR THINGS

By
Education & Training with Performance Development Strategies

Real estate agents and brokers are independent business owners.  As such you know you are accountable for your results.  

In my consultation with my business owners in Westchester County we work on success through focusing on their vision, their values, and goals. Then they execute their goals and measure results.

You need to have a strategic outlook on your business. Another way of saying this is that you look at the whole rather than the parts or you must work ON your business rather than IN your business.

What you measure is just as important as having and plan and executing it. For example, many business owners are familiar with the acronym EBITDA (earnings before interest, taxes, depreciation, and amortization), or more simply said profit. That, however, is a measure of what has happened in the past. It may not predict what will happen in the future.

Using measurements that predict whether you are on the right track and will predict and shape your future are far more effective than relying on measurements of what has already happened. Here are some important ones.

1. Let’s start with the measurement of customer loyalty. Customer loyalty is the measurement of how likely customers are to recommend your product or services to others. Customer loyalty has a direct correlation to future sales and profits.

2. Networking and lead development is required for business sustainability. What is the activity and frequency of activity that is required to have one conversion to a sale? It is important for you to measure the rate of activity that you need to get desired sales results. This rate of activity varies by industry, business, and business owner. It is important to track your sales development activities to determine the right level of activity to achieve acceptable results.

3. It is important to measure the results of your marketing and advertising activity. Business owners can waste substantial amounts of money on unfocused marketing and advertising. Before creating a marketing strategy make sure that there are measurements such as web site visits, converted sales, response to mailing, and the like.

4. If you have employees, make sure you measure the effectiveness of your workforce. This is done through clear description of duties and then holding your employees accountable for achievement of goals. Also, you should measure your staff engagement which is the employee side of your customer loyalty measurement.

 

Mountaintop

Organize all the measurements that matter to your business results into one area and create a “dashboard” to monitor overall results.   This serves the same purpose as your car’s dashboard. It is an overview to let you know about any malfunctions. You keep a dashboard to measure your performance against the goals you have set. In addition, you use it to track trends and make necessary adjustments in activities as needed.

This process really works. History has shown that businesses that have written goals, and measure and track those goals will outperform the competition.  For a similar post on our web site see MEASURE THINGS THAT MATTER.

Learn how to improve your business results with strategic focus.

Contact Us for a Free Consultation

or call 914-953-4458.

 

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Topic:
Real Estate Best Practices
Location:
New York Westchester County
Groups:
Coaching and Mentoring
Tags:
business coach in westchester county ny
business coach in armonk ny
success measurements for real estate
leading business indicators

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Rainmaker
480,912
Hella M. Rothwell, Broker/Realtor®
Carmel by the Sea, CA
Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea

Grant Schneider - Yes, having a strategic outlook on our business is super important. That includes where to put marketing dollars. If something doesn't work within a reasonable amount of time, rethink it. Even those that costs me my TIME like networking, needs to be pared to that which is getting results.

Apr 17, 2018 06:56 AM #25
Rainmaker
2,246,288
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

What a nice introduction to a free consultation....

Apr 17, 2018 07:19 AM #26
Rainmaker
166,328
L. Scott Ferguson
Ask4Ferguson - Your House-SOLD Name in Real Estate - West Palm Beach, FL
Sunny Florida Real Estate Professional

Wow! Next level stuff love it and see why you are a successful coach!

Apr 17, 2018 09:12 AM #27
Rainmaker
1,472,571
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Michelle - yes knowing your audience is very important.

Endre - oh yes, not contest there especially for solo.

Richard - right on.  If you can't measure it you can't manage it.

Dorie - the ROI measurement is important for measurement.

Gabe - thanks, I think that works.

Lise - that dashboard lets you eyeball critical things.

Wanda - yes, and also investing in the right things.

Hella - being strategic makes sure you see the whole forest.

Richie- thanks I appeciate that.

Scott - thank you.

Apr 17, 2018 09:48 AM #28
Ambassador
3,522,012
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude - Carlsbad

Great advice here, Grant. The ROI is so important to track and something I keep working on. I have found close tracking of this along with expenses has helped me to cut costs where needed - amazing how you can easily spend money on things that are not yielding results and how that can add up.

Jeff

Apr 17, 2018 11:12 AM #30
Rainmaker
144,655
Corey Martin
Martin Presence Group - Ruston, LA
Real Estate and Management Solutions

Treating your business as an actual business as well as an investment can dramatically change how the business runs. Thank you for sharing.

Apr 17, 2018 11:41 AM #31
Rainmaker
645,834
Nick & Trudy Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtors, Philly Main Line

Good reminder to keep checking the dashboard to see how you are doing.

Apr 17, 2018 12:14 PM #32
Rainmaker
1,358,038
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Great advice Grant Schneider, measuring and making the necessary adjustments is a must.

Apr 17, 2018 04:36 PM #33
Ambassador
3,426,909
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Grant all four are good points.  Number 2 is big in my book.

Apr 17, 2018 05:13 PM #34
Rainer
398,036
Dörte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton & rest of Maryland

Dear Grant,

Good ideas.

Apr 17, 2018 06:52 PM #35
Rainmaker
431,313
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Specializing in Brookside, Waldo, Prairie Village

Important points..esp #4.  tracking these things take time but worth it, esp since you are the boss of your own business!

Apr 17, 2018 08:17 PM #36
Rainmaker
1,472,571
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Jeff - the ROI and the track can really saving spending unnecessry money.

Nick and Trudy - yes the dashboard keeps you on track.

Beth - right, and keep the dashboard lets you know where you are.

George - yes, you do that one for sure!

Dörte - thank you.

Mary - yes, you have to keep track.

Apr 18, 2018 03:52 AM #37
Rainmaker
324,713
John Wiley
Right Move Real Estate Group- EXP Realty - Fort Myers, FL
Lee County, FL Real Estate GRI, SRES,GREEN,PSA

Grant, this is a great 4 point post on the value of measuring.

If you don't measure, you don't know.

If you don't know, you only guess at what you don't know.

You have to measure to know where to make adjustments.

Apr 18, 2018 04:33 AM #38
Rainmaker
1,472,571
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

John - thank you for stating it so clearly.

Apr 18, 2018 09:04 AM #39
Rainmaker
2,517,603
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Great blog and feature Grant, still do not know how to ever get a feature in the rain.  Make it a good one.

 

Apr 18, 2018 09:30 AM #40
Rainmaker
1,595,396
Lottie Kendall
Today | Sotheby's International Realty - San Carlos, CA
Serving San Mateo County and San Francisco

Grant, I always enjoy reading your posts, and always come away with a nugget or two. Thanks for today's gem.

Apr 18, 2018 11:51 AM #41
Rainer
181,015
Greg Mona
RE/MAX Platinum Living - Scottsdale, AZ
YOUR Local Real Estate and Design Resource in AZ!

Good, sound advice Grant Schneider. As others have commented, keeping track is one thing, but making the necessary adjustments is quite another. This is something that has to be ongoing to be the most beneficial. Thanks for the reminder! 

Apr 18, 2018 03:32 PM #42
Ambassador
3,583,477
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Each one of us is in real estate is in business for ourselves and need to act like business owners and have a plan and strategies in place.

Apr 18, 2018 07:20 PM #43
Ambassador
1,619,609
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Grant, for a business to succeed, various measurements need to be in place.  Your post highlighted the important ones.

Apr 18, 2018 09:08 PM #44
Rainmaker
1,472,571
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Will - thank you.  I am fortunate the the fairy blessed it.

Lottie - thank you for that.  I appreciate it.

Greg - keeping track means staying involved and then making the changes.

Debbie - that is correct.  A real estate agent is a business owner.

Jennifer - thanks for recognizing that.  Some are more important than others.

Apr 19, 2018 03:07 AM #45
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