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.

 

close

Re-Blogged 3 times:

Re-Blogged By Re-Blogged At
  1. Debbie Reynolds 04/22/2018 12:00 PM
  2. Tony and Suzanne Marriott, Associate Brokers 04/22/2018 06:26 AM
  3. Gabe Sanders 04/28/2018 11:00 PM
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

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
407,324
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
442,709
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
1,545,206
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
350,643
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
1,545,206
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
2,629,803
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
1,618,907
Lottie Kendall
Pacific Union International - San Francisco, CA
Serving San Francisco and the Silicon Valley

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
187,518
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
3,719,869
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
1,627,460
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
1,545,206
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
Rainmaker
1,233,822
Wayne and Jean Marie Zuhl
Samsel & Associates - Clark, NJ
The Last Names You'll Ever Need in Real Estate

Great advice, Grant. We struggle with #3 - it seems overwhelming to track.

Apr 21, 2018 09:30 AM #48
Ambassador
2,585,113
Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

All 4 points are well-taken, Grant! As I've mentioned to you before, one of the biggest mistakes that agents make is forgetting to run their business LIKE a business - because it IS a business! I read comments all of the time (even here in the Rain) that demonstrate that many are definitely not. Flying by the seat of your pants just doesn't do anything to build a business, does it?

Have a wonderful weekend...

Apr 21, 2018 05:15 PM #49
Rainmaker
1,545,206
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Wayne and Jean - that is a tough one to measure sometimes.

Debe - you are right.  The entry is so easy and many do not really commit.

Apr 22, 2018 05:57 AM #50
Rainmaker
4,316,946
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

Good morning, Grant Schneider congrats on your very worthy featured post...every post you write is feature worthy....

Apr 22, 2018 06:34 AM #51
Ambassador
3,440,029
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams fox cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Wise advice and important for all of us business owners to learn and follow these 4 things.

Thanks, bob

 

Apr 22, 2018 05:18 PM #52
Rainmaker
2,784,947
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Wise words as always...plugging in to the networks that will light up your business is sooo  important !

Apr 23, 2018 03:36 AM #53
Rainmaker
1,545,206
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Barbara - thank you.  I really appreciate that especially coming from you.

Bob  - yes, I find those 4 focus areas provide breakthrough results.

Sally and David - networks and spheres of influence certainly light it up.

Apr 23, 2018 05:03 AM #54
Rainmaker
889,229
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Great post!  Written goals do make a big difference in focus and accountability.  Good thing I only have to keep track of me!

Apr 26, 2018 09:14 PM #55
Rainmaker
1,545,206
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Thanks Jan - that does matter.

Apr 27, 2018 09:38 AM #56
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
1,545,206

Grant Schneider

Your Coach Helping You Create Successful Outcomes
What is success to you?
*
*
*
*
Spam prevention

Additional Information