Ways Real Estate Agents Can Measure Success

Want to get more listing leads and referrals? Get out your measuring tape. As famed management consultant and author, Peter Drucker, famously said, “If you don’t measure it, you can’t improve it.”

What Drucker was saying is that you need to keep track of how you’re doing in specific areas of your business. Otherwise, you’ll miss opportunities to make changes that could get you better bottom-line results.

For example, you might think your website is pretty good and generating lots leads. But is it, really? Have you run a report on how many leads are coming from your real estate agent website each month? You might be in for a surprise!

Let’s say you discover that you’re only getting a trickle of listing leads from your site. That’s good news, in a way. Now you know. Now you can make some changes to get better results, such as improving your blog or adding a lead capture form.

Not tracking how your business is doing in key areas is like driving your car blindfolded. You could be going in circles and getting nowhere — and you don’t even know it. (You could also crash!)

So, what do you measure?

Here’s where it gets tricky. You don’t want to keep track of things that don’t play a significant role in your business. You can’t measure everything. Otherwise, all that data will just look like a blur.

Cathy McPhillips, writing for Content Marketing Institute warns about this. She points out the dangers of tracking unimportant analytics, such as number of twitter followers.

For real estate agents, some of the best analytics to track in your marketing are:

• Website leads. Number of phone enquiries, leads from lead capture forms, etc.
• Referrals. Sources of referrals, which contacts are emerging as the best sources, etc.
• Contacts in your real estate CRM. How many you’re adding each month that are worth staying in touch with.
• Keep-in-touch activities. Number of past clients, hot prospects and geographic farm residents you’ve connected with each month.
• Listing presentations. How many you’ve done. Percentage that resulted in a new listing or buyer client.
• Number of calls made. Leads generated.
• Social media. Connections made with clients and hot prospects. Number of website visitors coming from your social media posts.
• Advertising. Which ads are working? Which media is working best.
• Direct mail. Leads from newsletters, mailers, etc.

By keeping track of this type of data, you’re keeping your fingers on the pulse of your business. And like a good CEO of your business — which you, of course, are — you’re able to quickly make decisions that will get you better results.