A lot of real estate businesses are booming at the moment. We see teams whose production has been growing every month for the past year, and they show no signs of stopping!
If this is your team, you might be wondering what to do next. If everything is going well, what should you and your team focus on most?
Here’s a few best practices:
Ferociously track every possible metric
You probably know how to track your most important business metrics. Hopefully, you also have a good way of looking through them on a weekly (or daily) basis, so you never miss a new insight into your business.
But, maybe there’s more you can do. Go through your metrics again and see if there’s anything you haven’t been tracking yet that might be good to track.
Once you have all the data you need, try to find out whether you can gain better insights. Is a spreadsheet really the best way to visualize your data? Maybe you need to look at more advanced -- or more tailored-- solutions.
Automate your processes and integrate your tools
Every real estate business needs to automate their processes as much as possible in order to be successful. This includes lead generation, backoffice, accounts, payments -- everything.
This will allow you to spend more time with your agents coaching, guiding and helping them -- and ultimately grow your business.
Next step is to make sure the tools you use can be linked to each other. For instance, the transaction management system Dotloop can be integrated with Zipi. This allows you to seamlessly switch from one task to the next and all important information is automatically transferred between the two.
Think of the future.
Sure, things are great now, but what will they look like in a few months? What about a few years?
The housing market may be doing well at the moment, but that’s no guarantee for the future. You might be feeling a little squeeze already, and who knows what the Fed has planned in terms of interest rates.
These are things you can’t control. But there are things you can and should take control of.
Where to start
Always keep your eye on the ball. That means always being aware of
1) what is in your pipeline and
2) having a plan for when production takes a dive.
If you look at your forecasts and they’re not as high as you’d expect, try to find out what the problem is. Is one of your agents just having a bad month or do you need to step in and closely monitor the situation?
It could be that some of your agents aren’t performing. But, the problem could also be the market
In any case, you should have a plan ready. If sales are going down, doing more of the same probably won’t help. You should look into pivoting to a different strategy. That could include using new lead generation methods, focusing on other types of real estate or looking at moving into neighboring areas.
If you follow even half of the above practices, you’re more likely than most of your competitors to keep growing -- even when the going gets tough.