5 Strategies to Sell 60 Homes in 2024: Strategy #4 – Understand Where to Focus with the Right Real Estate Metrics   

So far in our 5 Strategies to Sell 60 Homes in 2024 series, we’ve covered how to cultivate the right mindset, how to consistently generate leads, and the importance of real estate sales training. In this article, I’m going to talk about where you should be focusing your primary efforts every day, and how you should be measuring your progress towards your sales goals.

Because if you’re not measuring the right real estate metrics, then you won’t have any idea if where you’re focusing your efforts is actually paying off.

First Things First – If You Could Only Achieve One Thing per Day, What Should It Be?

As a real estate agent, you only have a limited amount of time and resources. So, if you can only achieve one thing per day, what should that thing be? The answer is finding buyers/sellers who can transact with you and convincing them to actually do it. At the end of the day, that’s really the whole deal when it comes to your real estate business.

Your primary focus needs to always be on generating new business, and that’s what your real estate metrics need to measure.

Now, Sooner, or Logical Next Step

Many leads aren’t going to be ready to work with you when you first reach out to them. Of course, ideally, they are ready to buy or sell now. But if they aren’t, then you need to find out when they will be ready. It’s also important to remind them how long the process takes and why it probably makes sense for them to start taking the first steps now, rather than later. If their timeline is six months out or longer, then your job is to tie them to a logical next step.

One of the most challenging aspects of speaking with a lead who is not ready to buy right now is giving them a compelling reason to talk with you again in the future. When you’re speaking with them, think about when you will meet next, why you will meet next, and what they will get out of meeting with you again. And be specific. Don’t just say “give me a call when you are ready to move.” Tie them to something that they want to talk to you about. Focus on the benefit they will receive from meeting with you at that time.

A logical next step contains three parts:

• When you will talk next
• Why your will talk next
• What the lead will get out of it

Not a logical next step:

“I’ll send you some listings and follow up later on to see where you’re at.”

“I’ll add you to my Homebot, so you can see where home prices are. let me know when you get closer to being ready.”

A good logical next step:

“I’m setting you up to receive listings directly from my MLS service based on the criteria you gave me. I’ll give you a call tomorrow morning to make sure you are getting the emails and to see if you want me to change any of the criteria.”

“I have a great home value monitoring tool called Homebot. I’ll set you up to receive updates on the sales in your area. I’ll give you a call tomorrow to make sure you’re getting the right information for your neighborhood and make sure you know how to interpret it.”

The difference with the second examples is that it’s clear when and why you’ll interact next and the value the lead will receive from the interaction.

Your focus needs to be on finding buyers and sellers and convincing them to work with you. If they aren’t ready to buy or sell now, then you have to give them a solid reason to talk with you again in the near future.

Now the question is, how do you measure your success?

What Real Estate Metrics Are Most Important?  

A lot of real estate agents focus mainly or solely on lagging indicators, like active, closed, and pending listings. The problem with lagging real estate metrics like these is that they are kind of like standing at the back of a ship looking at where you came from in an attempt to figure out where you’re headed. It’s not super effective.

Don’t get me wrong, looking at active, closed, and pending is a great way to review past performance. But they won’t give you clear idea of where your business is headed or how much fruit your methods are going to bear. For that, you need leading indicator real estate metrics.

Here are the most important leading indicator real estate metrics:

• Number of leads generated
• Number of contacts made
• Number of appointments set
• Number of contracts signed

These metrics allow you to see how much business is currently in the door, how much is right outside the door, and what business is on the horizon. They also give you a good idea of how successful your efforts have been in contacting leads, creating logical next steps, setting appointments, and generating new business.

By constantly reminding yourself where your focus needs to be day in, day out, and understanding these key real estate metrics, you will be in a better position to make fast decisions about what you can do on a daily basis to improve your business.

Keep an eye out for our final strategy for selling 60 homes in 2024, Putting the Right Systems in Place!

If you want to have consistency with your real estate prospecting, effectively measure your progress, learn tried and proven strategies to 5x your lead conversion numbers, and be held accountable to put in the work, then our Conversion University Bootcamp program is for you.