What Metrics Should I Track to Grow My Real Estate Business?
To Grow Your Real Estate Business There Are Three Key Numbers to Track
1) Opportunities to Sell 2) Agreements Signed 5) Transactions Closed
Growing a successful real estate practice is the goal, but how to you know you're on the right track? By carefully tracking these three Key Performance Indicators (KPIs):
1) Opportunities to Sell - This is the number of times per month you met with a person and asked them to sign a listing agreement or buyer's representation agreement.
2) Agreements Signed - This is the number of agreements actually signed.
3) Transactions Closed - This is the net number of transactions that actually closed.
As you know, there are many things you could track, including volume of real estate leads and referrals, percentage of market share by geography, average transaction value, and many more. So why these?
Because knowing these three metrics helps you quickly see if you're on track, which weaknesses you need to shore up, and how your actions today impact your income tomorrow.