As a professional realtor, you know that you can’t build a successful business in real estate without buying and selling properties. But did you know that you also can’t build a successful realty business without measuring the effectiveness of your business activities?
Providing great customer service and developing direct mail campaigns will not be enough. Because in order to truly succeed you’re going to have to be proactive and become well informed about your real estate business and the effectiveness of your efforts.
You’re going to have to measure
Your experience as a real estate agent may have taught you that the smoothest transactions take place when your client knows what they want and they understand the market trends.
It’s the same deal with metrics.
Understanding the elements that need to be measured and measuring them will no doubt enable you to build a plan that will bring you more clients and help you close deals faster.
SMART metrics measure specific, measurable, achievable, relevant and time-based targets.
At the beginning of developing your business, you may find it difficult to set SMART metrics; you may not have any idea about how many social media followers or shares you can expect; no benchmark for the number of leads your direct mail campaign will produce; neither do you know how many leads a single advertisement will create. But by the end of your first year in business (if not before), you’ll be able to look back on each of your activities and measure your impact on social media as well as your conversion rates - that is how many and which activities have turned into paying jobs. These numbers, the ones that your activities generate, will give you an indication of how you’re doing and what changes need to be made in your plan.
They will also provide you with a benchmark by which to measure your future efforts and goals. And they are crucial for your success as a freelance realtor.
I’ll give you an example. If you think your sales pace, on average, has been slow, your metrics will be able to give you a more accurate picture. And if it has indeed been slow, you have the opportunity to do something about it by evaluating what aspects of the deal are in your hands to speed up, or alternately looking into other areas where transactions are known to close at a more rapid rate.
One thing’s for sure. You cannot afford not to measure. It will end up costing you too much time and too much money. And without figuring out what doesn’t work, you’ll continue to waste time and money and risk finding yourself in a perpetual cycle of loss.
What this means is that everything must be recorded: your social media interaction (Facebook, Twitter, LinkedIn), how much traffic was driven to your site, what specific activity drove the traffic to your site, the outcome of your direct mail campaign, customer referrals - everything. Be diligent in recording the different aspects of your business. It will pay off.
Measure the effectiveness of your business.
Make sure your metrics follow SMART criteria.
Record all actions related to your goals. After your first year in business go back and measure. How did you fare? What worked? What didn’t? Where should you invest more time and money? Where should you invest less?
Make an action plan for your next year based on the metrics of the previous year. This time don’t wait an entire year to measure. Measure at every quarter or six months. How did you fare? Repeat as above.
Google Analytics is a powerful service that can generate detailed statistics about your site’s traffic and its conversion rate to sales.
Buffer will help you schedule content and automatically post it to the channels you select. Its helpful dashboard will enable you to view what posts are getting the most attention.
Written by Liat Behr
Liat is a content wordsmith at WiseStamp and copywriter at Ink of Imagination. She delights in creating and sharing valuable tips and helping businesses craft effective content.
When she’s not writing content, she can be found in the world of fiction, embarking on adventures with her characters.