The Importance of Business Tracking
Have you ever wondered why we talk so much about systems and processes at Real Estate B-School? It’s not the fun flashy side of owning a real estate business and some people just aren’t interested in hearing about it, but we still keep talking about it.
There are plenty of reasons, but the most important one is that it makes your business and your activities trackable.
Business tracking is one of the key factors that will lead to either your overwhelming success if done correctly or your ultimate demise if ignored.
When running any business you need to understand your money coming in vs. your money going out or your profit and loss statements. You should be reviewing this at least on a monthly basis and as you dive deeper you will understand how a simple report can actually give you insight into so many areas of your business.
You will understand your lead sources better.
Through tracking your business activities you will have a better grasp on where your business is coming from. You will look at numbers like how much you’ve invested in Zillow this month and how many leads you got in exchange.
Through following a simple chain of events on this one report you can know if you’re investing your money in the right places and how to adjust to
Through following a simple chain of events on this one report you can know if you’re investing your money in the right places and how to adjust to increase your lead numbers and ultimate sales next month.
You will understand your agents better.
Agent success isn’t quite so easy, however through business tracking. you can know simple numbers that might indicate a bigger issue.
Are your agents making their daily call quota? Are they converting their leads and at what rate? Are they functioning at the same level as their fellow team members? By understanding their daily activity and ultimately their productivity you can find and address issues much faster.
You will understand your business better.
By understanding your P&L, your lead source success, and your agent success you can typically get a pulse on your overall business success.
Watch our Director of Coaching, Stacie Peterson as she discusses the importance of business tracking for your real estate business success.