Looking to drive your business forward and create a high performing team? Then you will need to set objectives for your company. In the world of real estate sales and productivity are key, but how do you measure progress? You can use KPIs.
What are KPIs?
Key Performance Indicators (KPIs) are metrics that verify how well your business is doing. High-level KPIs demonstrate overall performance, while low-level KPIs examine performance in a particular area, such as marketing. KPIs should be clear and easy to understand.
Excellent communication is essential if you want to make it in the real estate industry. Keep up with the requirements of current clients and take the time to contact potential clients too. Business can fluctuate (a busy month can easily be followed by a quiet period), so make useful contacts ahead of time in an effort to secure future business.
- KPI Idea: Set a target number of calls to make to current contacts and potential clients, this could be a daily target or a weekly amount spread over a number of days.
Are your clients satisfied with the service provided? The best way to attract more custom is to build a solid reputation, so getting good feedback is a must. You’re only as good as your last deal or interaction - make sure clients are saying positive things about the company.
- KPI Idea: Feedback scores from clients are a great KPI of how well you’re doing as a business.
Building up a robust network of fellow professionals is an effective way to stay connected and abreast of changes in the real estate industry.
- KPI Idea: The number of useful contacts who can offer support and generate potential leads and opportunities for new business.
Let clients know who you are and what you have to offer. Word-of-mouth will get you so far (as long as it’s all positive), but you also need to be pro-active and seek out ways to generate new leads.
- KPI Idea: Set goals relating to the promotion of the business in order to stay competitive.
Diagnosis and Accountability
Setting goals will motivate individuals to do well, and also provides accountability. Monitoring KPIs will allow you to identify if leads are being followed up and provide the opportunity to check out sales performance.
You can use this information to make positive changes. If you have a large and diverse team then KPIs might need to vary slightly, those new to the world of real estate might need more support, whereas more experienced agents are expected to achieve more.
Keep it simple wherever possible, complex spreadsheets can cause confusion. Opt for a digital platform that can track goals based on any objective. Incorporate a KPI dashboard, which will allow you to see how your business is performing whenever you like.
Ready to take the next step?
Ready to make a move on setting up KPIs for your real estate team? Read the next part of our series on our top suggested KPIs for real estate agents here.