Subscribe and receive email notifications of new blog posts.
RSS Feed
- 2026 | 15 Posts
- 2025 | 49 Posts
- 2024 | 50 Posts
- 2023 | 36 Posts
- 2022 | 53 Posts
- 2021 | 63 Posts
- 2020 | 77 Posts
- 2019 | 1 Posts
- 2018 | 2 Posts
- 2016 | 3 Posts
- 2015 | 8 Posts
- 2014 | 1 Posts
- 2012 | 1 Posts
- 2011 | 2 Posts
30
What you should be tracking to better your business
Are you efficient with your time & activities building your business?
Are you spending time on the activities that produce the highest results for you?
To answer those questions effectively, you need key pieces of information that REALTORS® often overlook when the prospect of a sale is on the horizon.
In order to know your return on investment (ROI) for any part of your business – your time calling clients, your marketing dollars, your social media posting – you must know how your clients reached you. How are you going to know if that advertisement in Lagniappe brought you any clients if you don't ask? Knowing the sources of your business allows you to concentrate on activities each day that will help you gain more business from those same sources and spend less time on activities that are less effective.
Asking in person, which would make for an excellent reason to call previous clients, or via an automated service after a closing will give you the information to not only track your ROI, but also your conversion rate. Those may sound similar – and they are – but they are not the same. Your ROI is what you earned from a conversion. Your conversion rate is your number of closings divided by the number of tracked activities you performed within a specific timeframe. For example, if you had two transactions in a month and made 20 client calls, your conversion rate would be 10 percent for your client calls.
To truly get an accurate conversion rate, you need to track this for a year and take the average. Of course, tracking how you obtained business was only part of that equation. You also need to determine and then track the activities that build your client database. That could include making client calls, setting up automated email campaigns, sending a LoLo gift to clients each month and/or sending a newsletter to clients each month. The list could be endless, so it's important to determine what you want to track – and then see if it's actually working.
Tracking both how your clients reached you and what activies you are doing to attract those clients allows you to improve the accuracy of your business plan each year, making you more productive and profitable.
