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Time for a Quarterly Review: Where Am I Right Now?

Jul 9, 2014

Posted by

Carla Cross

About Carla Cross, CRB, MA                           Read more

Recently, I was driving down a residential street, and I saw an Edsel (remember them? Ask your dad….) with this license plate: Where Am I? We’ve all been there…..my question to you is,



Do you know where you are in your business this year?




The quarter has ended, and it’s a great time to review your business (and your business plan) to date and see where you are, and the changes you want to make.



Here are the 2 major areas you’ll want to review (and ones that most agents leave out, and thus leave lots of $$$ and time on the table). In this article, I’m also including a 3-month business review document for you to use.



The Mundane Review You Already Know About

You know you should analyze your listings taken, listings, sold, and sales and compare them with your goals. No big deal. Go ahead and do that, using the free giveaway analysis sheet I’m providing this month for you. Let’s say you find you’re not achieving the goals you want to achieve. What’s wrong? What adjustments do you need to make? Here are 2 areas that will surprise you, and greatly affect your business results.

1. Your Time Management

Agents say time management is their biggest challenge. And, it all comes down to prioritizing your activities. Here’s the secret: Are you spending more of your time in



Business-producing activities (lead generation, interviewing/qualifying, showing, selling, listing, listing sells)




or



Business-supporting activities (everything else)



In my business start-up plan for new agents, Up and Running in 30 Days, I break all real estate activities into the 2 categories above to create a business start-up plan for success. Why? To give new agents a precise, correct model for a successful business.



We are creatures of habit. Without a different model, we tend to do whatever group of activities which appeal to us because they’re easy and don’t take us out of our comfort zone. Unfortunately, then, we create a business activity plan that leads us to failure, not success.

How to Analyze your Time Management

How do you know which ‘business plan’ you’re following? (because you’re following one, whether you’ve written it down or not!)? Simply look at your schedule for the last 2-3 weeks. Put your activities into the two columns above. How many business-producing activities did you do? Is your activity schedule highly ‘tilted’ toward business supporting activities? Why? What do you want to change?

 

2. Your Listing Habits

My analysis sheet for your 3-month business plan review provides an area for you to put in your listings taken to listings sold. But, here’s the important part. Not only do you need to know your facts, you need to compare them to your MLS. Then, you can figure out how to promote your successes. Here are some areas to look at:




What percent of your listings sold in normal market time?



How close was your sales price to your list price?



What are your MLS figures for these two statistics?




Now: If your listings taken to listings sold in normal market time aren’t high enough,what changes are you going to make? How high do you need these to be for you to promote your successes? How will you promote those successes in your marketing plan for the rest of the year?



List price to sales price: What’s that ratio? Is it high enough for you to promote that to FSBOs, expired listings, your farm, your clientele? If not, what do you want to do about it?



Comparing yourself to your MLS. Can you beat the MLS figures? You should. And, if you are creating higher figures than MLS, you should be letting potential sellers know about it. Now, to get really fancy, compare your numbers to the competitors in the area. Are you beating them? How can you optimize that in your marketing?

Dynamic Marketing Ideas to Leverage Those Great Sales Statistics

So many times, we are doing a great job selling real estate, but, we don’t know it, because we aren’t keeping our statistics, and/or comparing our results with others. Your potential clients want to know your sales habits. Help them out!



One of the most successful agents in a 1400 agent company, an agent in my office, did a great job of promoting her successes. To those whose listings had expired, she let them know through various marketing mediums, that she had sold 97% of her listings in much less than normal market time (she even told them the number of days on the market versus the norm) and, at 99% of list price (she also compared that to the MLS). Do you think sellers know the MLS statistics? No, of course not. Sellers think all listings sell—it’s just a matter of time. Show them you are on top of the market, and separate yourself from the majority of agents who are blithely unaware of these statistics.



The 3-month business plan review has other areas for you to review, too. Take about an hour and see where you are, so you won’t become an Edsel of the real estate business (Edsel only lasted a few years as a Ford product. That’s why you don’t remember it, and had to ask your dad!). Here’s to a great ‘rest’ of 2012.



Don’t have a business plan yet, or want more detail in your plan? Check out my two business planning programs, now all online: Beyond the Basics of Business Planning. I walk you through each part of planning with videos and all the planning documents you’ll need to really laser-focus your business.



Brokers: Use this review with your agents every 3 months. You'll provide meaningful support AND show them you care.