It’s the beginning of February and time for reflection, for measuring and for weighing what we’ve done against what we’ve planned for.
I don’t recommend spending a copious amount of time on this, if you’ve planned your real estate business for this year, then it should be relatively easy if the only metric you are measuring is income.
If you are going to measure momentum, then that might take some time and a little more effort
Measuring the Income Goal
If you are tracking your real estate business then you should know where you sit so far this year in relation to your goal.
Did you plan for $200,000 in revenue?
Then January should have seen about $16,700 in commissions either being paid or earned.
If that’s the case, great you’re on track to hit your goal so long as you stay consistent with the plan you put in place to generate business from each lead pillar.
To go just a little deeper though, are you on track to hit your numbers under each business source? If you don’t know, then you aren’t tracking properly.
Every deal you do should have a source, if I ask you at the end of the year how many sales you made from your SOI, you should be able to read that number off your tracker and also be able to give me the revenue.
Measuring Momentum
In the Simon Sinek video below, Simon uses a visual to show you how companies that are singularly focused on the goal, are messy in terms of how they got there. Which in turn shows how chaotic the journey was for the company with low morale, attrition and financial instability.
He then shows how a different company focuses on great morale, medium performance (as opposed to high performance) and team work which in turn yields moderate growth with the same end goal in mind financially achieved over a longer period of time.
I want you to think about momentum in terms of you and your business. How would you measure momentum in your real estate business if you are a solo agent?
Here are a few key metrics I would key in on to measure the momentum in my real estate business:
- How is my mental and physical health? Am I focused? Do I have a lot of energy? Am I continually hungry?
- Do I know where my business is coming from and am I working inside of those sources daily, weekly, monthly?
- Is the pipeline full? Am I moving clients from one column to the next? Am I committed to that process?
You should know if you are in a low period or coming up on a lull in your business just by looking at your pipeline.
The Greatest Tool I Have Found
The greatest tool I have found to measure the momentum which in turn, measures against the goal of my sales business is to grab a piece of paper and follow these instructions:
- Draw a line at the top of the page and down the middle of the page
- On the left side title it: Prospective Clients
- On the right side title it: Current Clients
- On the left side write down anyone and everyone that you’ve talked to, emailed or texted with that might be looking to buy or sell real estate this year
- On the right side write down everyone you are currently working with, buyer’s and seller’s and label them as such by using B or S or B/S.
- Tape the page to your desk, it will become a constant visual reminder of your commitments
Seems easy enough, right?
Next I want you to commit to three things:
- Filling the left side of the page with new people inside and outside your SOI that are looking to buy or sell
- Moving the people from the left side to the right side
- Crossing the people off on the right side and writing SOLD beside their name
I know it sounds basic but look, every day when you sit down at your desk you will be reminded of the work that you need to put in to keep up the momentum inside your business.
That momentum you build will be the difference maker in creating a repeatable and consistent, professional level of income.