Wednesday, December 10, 2008

Keeping Score

That Which You Measure Improves
Accomplished athletes keep accurate statistics about their performances so they can measure their improvement. Times for the 100-yard dash are recorded for the sprinter who trains week after week for a big track meet. The goal each week is to shave off a few one-hundredths of a second off of the previous low time. The sprinter may even have a time goal that he or she strives to reach.

We can apply the same principles to our real estate sales activities. We know that we need to contact people on a regular basis to develop leads that can turn into sales. We contact people through a variety of media appropriate to our industry. The people we contact fall into categories of sphere, FSBO, expired, neighbor, etc. We can tract the number of contacts made and the number of leads generated from those contacts.

Tracking the number of contacts keeps us accountable to activity goals that we set for ourselves. Tracking the number of leads per contact can give us a measure of our effectiveness. Both measures are important. Each reveals different aspects of our business that can be improved.

Agents that create and maintain a scorecard of their prospecting activities succeed. Agents that do not keep score are relying on luck and/or fate to bring business their way.

Keeping a scorecard can be easy and fun, if you want it to be. Some agents simply use their daily calendar and record hash marks with different color ink representing categories of prospecting activity. Some agent use spreadsheets where they record daily activity and formulas to calculate weekly, monthly and quarterly statistics. A scorecard could be scratched out on the pages of a pocket-sized notebook.

In my coaching experience I have found that many agents have become addicted to the flexible schedule the real estate profession offers. The addiction has unintended side effects, in particular, it creates the result of less time spent working on real estate activities. Many agents who claim to be full time agents are only putting in a part time effort.

Based on this experience I recommend that all agents record the amount of hours worked each day on their scorecard. This is also valuable for the overworked, overstressed real estate agent who needs to take some time off.

A scorecard for your real estate business could be the key to increased effectiveness and higher production.

No comments: