One of the roles of a real estate agency is to help agents find success in the field. A way of doing this is by taking a closer look at the performance of your agents. With a solid grasp of your agents’ numbers, you’ll be able to examine the common challenges your agents face and provide them with training and coaching sessions that will let them come out on top. It will also help you identify pain points in the process that your agency is using, as well as see who among the people you are working with have what it takes to thrive in the industry.
Keeping detailed performance metrics not only benefits your real estate agents; it can also offer several advantages to your company. A robust broker metrics integration system will allow you to see all your numbers in one place so it’s easier to make sense of them. A good grasp of your numbers will help you set standards and achievable goals for your team members, and it can provide insights that will help you make sound decisions to help your company grow. Your numbers will also let you know for sure if your efforts are achieving the results you are aiming for. It will allow you to see exactly where you stand, and this will give you a better idea of the areas that you need to work on so that your agents—and the company, as a whole—can get closer to your idea of success.
What should you be looking out for? Here’s a list of the metrics you should be keeping an eye on:
Response time refers to the time it takes for the agent to respond to leads. This is a critical metric, as studies show that the speed by which an agent responds to inquiries significantly impacts conversion rates.
According to the National Association of Realtors, responsiveness is the second most wanted quality in a real estate agent, after only honesty and integrity, while being just above knowledge of the real estate market. An overwhelming majority of first-time home buyers and sellers go on to complete their transactions with the first agent they speak with. In addition to this, the chance of converting a sale goes down by as much as 400 percent if the lead was not responded to within the first 5 minutes of contact.
How can real estate agents and companies improve their response time? The first thing that needs to be done is streamline the process. Once a potential client sends an inquiry by phone, email, or contact form, engage the client immediately and schedule a meeting. This way, your agent can make contact with the client even before the client starts considering your competitor agencies.
Lead Conversion to Opportunity
Conversion refers to how a lead flows from an unknown to a client. For example, you can convert an unknown person to a contact by means of a newsletter campaign. A contact can then be transformed into a warm lead through campaigns that target a specific demographic or person. Nurturing a relationship with a warm lead can be a long process. However, take note that a warm lead can show interest in the services you are offering and get in touch with your agency. From here on, it’s up to your agent to convert the warm lead to a sale.
Keeping a close eye on your lead conversion funnel will let you know if you’re getting a return of investment (ROI) on your marketing campaigns. Google Analytics is a free tool popularly used for funnel reporting, but your agency can make use of a good CRM as well to see and make sense of your numbers.
Paying close attention to client surveys, in the long run, can help improve the way your company and agents do business. Real estate is an industry built on making connections, and it’s important to build a network of happy clients who are more than willing to recommend your agency to their colleagues and family. To do this, you need to have a clear idea of the aspects of the transaction that left a good impression on the client and the parts that could use a bit of improvement.
The client feedback can then be used to further improve your processes and transactions. You can also use reviews from your most satisfied clients as proof of the quality of service your agency provides. Feedback from clients that didn’t work out with your agency can also be used to identify the pain points in the system. In the future, this information can be used as a reference to make the said process less stressful for both the client and the real estate agent.
The success of a real estate agency partly lies in the achievements of the real estate agents that the company works with. Keep a closer eye on your agents’ metrics, and you’ll be able to provide them with the exact assistance they need. This way, they can achieve more, mature in the field, and help you grow your business.