In my consulting practice, there is one phrase I always follow and remind our real estate team leaders and brokers of its importance over and over again: “If you don’t write it down, you can’t measure it. If you can’t measure it, you can’t improve it.”
What we measure (our key performance indicators or KPIs) is vitally important. In real estate, there are many KPIs we can measure. Real estate agencies and team leaders often start with these, each of which has its own subset of important measurement criteria:
- Agent Recruitment
- Agent retention
- Agent Productivity
- References from buyers and sellers
- Company income from operations
In my business, Real Estate Webmasters Inc.My job can be summed up very simply: generating net profits for my clients. That's it!
Yes, we make you look great and help you win design awards; our Search Engine Optimization (SEO) and PPC Services They are top-notch and our custom engineering capabilities are unmatched in the real estate industry. But all of those things are just necessary parts of the process.
Introducing 'REW Deals': A Game Changer in Real Estate
Have you ever wished there was a button you could press that would tell you how your real estate business is doing? All of your important conversion and ROI numbers? How much have you spent on each marketing source and which ones are generating positive returns?
I've done it! I've dreamed about this for years! In fact, the number one problem I encounter when working with brokerages is not being able to access the numbers. It's not that they don't share them, it's much worse than that. It's that they don't have them.
Imagine running a team or brokerage firm that generates billions of dollars in annual sales volume and not being able to answer these questions:
- How much have we spent on marketing this quarter? This year?
- How many leads have we generated?
- What lead sources have generated deals for us?
- Where do we get our best return on investment?
It's simple, isn't it? We should know these things!
Unfortunately, there are no clients who can tell me these numbers when I first start working with them, at least not without doing a lot of research and talking to multiple departments. And when they do present me with this data, it is usually not reliable or accurate.
As we dig deeper into this challenge, there are many variations as to why we don’t have these metrics at our fingertips. But across all clients, what we have in common is that it takes a lot of work.
Often, these metrics are owned by different departments (marketing, IT, closing coordinators) and there is no single tool that enables collaboration between these groups. There is certainly nothing that takes the critical next step of calculating and measuring KPIs and results.
REW Deals aims to solve these problems.
With our new budget attribution and source tracking system, combined with comprehensive transaction workflows and reporting, brokerages can now easily run reports on the health of their business.
- How was the last quarter/year?
- How are we right now?
- Is our pipeline healthy for the next quarter?
- Where are we winning?
- Where are we failing?
As with any system, the result is only as good as the data that goes into it. To meet this challenge, we have created a transaction tracking system for agents that gives them the same reporting and forecasting for their business.
The year 2024 is a brand new year. If brokerage firms and team leaders want to get ahead and gain market share, they need to start incorporating data into their businesses.
Remember: “If you don’t write it down, you can’t measure it. If you can’t measure it, you can’t improve it.”
Let's improve our business together!
