In my consulting work, there's one quote that I always keep in mind, and I stress its importance over and over again to real estate team leaders and brokers: “If you can't write it down, you can't measure it. If you can't measure it, you can't improve it.”
What we measure – our key performance indicators (KPIs) – is very important. In the real estate industry, there are many KPIs that can be measured. Agents and team leaders often start with the following KPIs: Each KPI has a subset of metrics that are important to them.
Agent recruitment, agent retention, agent productivity, buyer/seller referrals, company revenue per transaction
My job at my company, Real Estate Webmasters Inc., can be boiled down very simply to generate net profits for my clients. That’s it.
Yes, we can help you look great and win design awards, our SEO and PPC services are world class, and our custom engineering capabilities are unmatched in the real estate industry, but these are all just necessary parts of the journey.
Introducing “REW Deals”: A Game Changer in the Real Estate Industry
Have you ever wished you had a button that told you how your real estate business is performing, all the important conversion and ROI numbers, how much you’ve spent on each marketing source, which ones are generating profits, and more?
Yes there is! I've been dreaming about this for years! In fact, the #1 problem I encounter when working with brokerages is not having access to the numbers. It's not that they won't share the numbers. It's much worse than that. They don't have the numbers.
Imagine running a team or brokerage with billions of dollars in annual sales and not being able to answer questions like:
How much did you spend on marketing this quarter, this year? How many leads did you generate? Which lead sources generated deals? Where are you getting the best ROI?
Simple, right? You should know this!
Unfortunately, when I start working with clients, none of them can tell me these numbers, at least not without a lot of research and discussion with multiple departments, and when they do provide this data, it usually lacks credibility and accuracy.
As we dive deeper into this challenge, there are many different reasons why these metrics aren't easily available, but the one thing that all of our customers have in common is that it's a huge amount of work.
Often these metrics are owned by different departments (marketing, IT, closing coordinators) and there is no single tool that allows for collaboration between these groups, and there is certainly no tool that takes the crucial next step of calculating and measuring KPIs and results.
REW Deals aims to solve these problems.
Our new budget attribution system and source tracking, combined with complete deal workflow and reporting, makes it easy for brokers to report on the health of their firm.
How did it go last quarter/year? How are you doing now? Is your pipeline healthy heading into next quarter? Where are you winning? Where are you failing?
As with any system, the quality of the output is only as good as the quality of the data put in. To address this challenge, we built a transaction tracking system that provides agents with reports and forecasts about their business.
It's a whole new world in 2024. If brokers and team leaders want to come out on top and gain market share, they need to start incorporating data into their business.
Remember: “If you can't write it down, you can't measure it. If you can't measure it, you can't improve it.”
Let's grow your business together!