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From the moment we are born, we give meaning to measurements. From our birth weight and height to the time and day we are born and our estimated life expectancy, everything has metrics attached to it. It’s just a part of life.
We use these metrics to gauge our performance – how we compare to others, how well we meet our own milestones, and more.
In our real estate careers, it’s no different. We have a scoreboard of measurements and metrics that we can utilise to ensure we are on track, and likely to meet our set goals.
Measure to manage
In real estate and business, we measure things to manage them. Like a scoreboard, these measurements allow us to see exactly where we are at, and identify potential areas for improvement.
The “money” we earn, our gross commission, our profit, is a scoreboard of the results we achieve through our hard work.
Our key performance indicators (KPIs), such as average sale price, days on market and appraisal to list ratios, reveal how good we are. It allows us to identify what needs refinement and what needs attention.
This scoreboard ensures we keep the big picture in plain sight. At any point in the “game”, we can look up and see exactly where we are at compared to our expectations.
We can then manage our performance more effectively, tweaking this activity, honing in on that to improve the outcome.
We can pull different levers to improve our scores, focusing on the core activities that we know get results.
Whether it’s refining our marketing, improving our listing presentation, or increasing the volume of prospecting calls, the scoreboard helps us determine what needs attention.
Measuring that activity then allows us to see what works and what does not. The scoreboard allows us to work backwards, reverse engineering and drilling in on the basic “plays” which ensure we are at the top of our game.
What gets measured gets done
The reality is, what gets measured tends to get done. The scoreboard keeps us accountable. Numbers don’t lie and they paint a telling picture of the work we’ve put in and what still needs our attention.
Those numbers won’t improve unless we do the necessary work. That needle cannot shift until we do the activities required.
The scoreboard keeps us on track.
The scoreboard helps create and predict future results.
The scoreboard acts as a motivator. It facilitates competition. Competition fuels performance.
What’s your half time score?
Each year of your real estate career is like a game that can be divided into four quarters. As of 30 September, we had reached quarter time. We are now in the second quarter and rapidly approaching half time.
It begs the question, what’s your half-time score likely to reveal? What do you want it to be, what do you need to do to stay ahead in the game?
When it comes to our work, everything revolves around the scoreboard.
If you’re stuck, if you find that your business is idling, if you are not sure where problems may lie, review your scoreboard. Measure, manage, get it done.
Understand what winning looks like to you and the scoreboard you need to have to reach that goal.
Play at your best. Stay ahead of the competition.
Manos Findikakis is the CEO of Agents’Agency.
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