Production is the lifeblood of a real estate business. Without production, you can’t even start thinking about profit, expanding your business or scaling operations. No wonder most professionals will want to increase production.
But increasing production is also one of the most challenging goals to set because it depends on so many things. Everything needs to line up… your marketing strategy, customer relationship management, leads, calls, following up and more. A lot of teams out there don’t know where to start and they might not even know whether they’ve succeeded or failed.
That’s why the first thing to do is put in place good measuring and tracking systems.
Measuring and tracking
The idea is to measure a number of very specific KPIs that are directly linked to overall performance -- and to production.
You’ll need to track production itself for both individual team members and the team as a whole. Then, some other KPIs you can track include Pending Deals, Income, Source of Business, Active Deals and Average Price. These all tie into production, so it is crucial to track them. Once you’ve tracked these numbers for a few weeks, you’ll be able to see what is going well and where things can be improved.
You can start tracking just one or two KPIs and see how you get on. No need to overload yourself with information from the start.
Over time, you’ll want to track as many things as possible and have all this feed into a central system, so you have a exhaustive overview of how your team’s performance is developing.
Read more: Top real estate business KPIs
Setting goals for individual team members and teams as a whole
Once you’ve been tracking your crucial numbers, you can start setting goals for yourself and your team.
To make sure they improve their performance, they’ll need to know what steps they need to take. And you need a way to monitor them. Setting goals will help you achieve this.
You’ll want to set goals for individual team members, and goals for the team as a whole. This allows you to track very precisely what each individual agent is doing and the exact steps they need to take in order to increase production.
When setting goals for your agents, try to make them as concrete as possible. Some examples would be:
“Make 50 phone calls over the next 2 days” or
“Arrange 4 open house viewings per month” or
“Increase number of listings by 3 every week”.
There’s an infinite number of goals that you can potentially set. Some are better than others, but the most important thing is to set them. You can always tweak and optimize later on.
Read more: How to keep real estate agents accountable
Mentoring and support
As a broker or team leader, you’ll need to spend a lot of time working directly with your team. They need your help and guidance. They need your expertise to help them improve.
In short, you need to have time to be their mentor.
In real estate it’s often the small things that make a difference -- you’ll want to share these small things with your team. Your agents will learn much faster with an experienced leader around.
So there’s no point in wasting time on complex spreadsheets and handwritten notes -- an efficient system will free up your time to mentor and guide your team.
Zipi will help you measure progress, set individual and team goals and will help you organize your business more efficiently. That means your team will be able to track their work and improve and you’ll have more time left to help your team increase production. You can try Zipi for free for 30 days -- no credit card required -- and see how you feel.