It is Q4; which means it is GO time for you to take action. Everything you do today determines how much profit you will start with in 2018. Keller Williams associate Dwayne Coburn shares the numbers you need to know to track your goals and crush the fourth quarter.
If you know your numbers, you know where you must reroute your time and energy.
With half his team comprised of emerging talent, Dwayne Coburn of the East Idaho market center knew they had their work cut out for them when he came aboard. But with a strong background in math and science, as well as a strong propensity for problem solving having served as an active member of the military for 20 years, Coburn was not fazed.
He knew exactly where to start – the numbers!
Combining his experience with the Keller Williams Career Growth Initiative tools, Coburn’s team increased their listings taken and income by 50 percent since the first of the year.
“The CGI tools help everyone but they are especially helpful for agents who don’t have a strong business background,” says Coburn. “When the only thing you have to do is enter in your appointments and the system takes care of the rest, you don’t have to be a numbers person to see how your business is doing.”
We talk a lot about numbers in real estate, but what exactly does that mean? Coburn breaks down what numbers you need to know, what they indicate, and what to do with them to make sure you have a profitable first quarter. Get that highlighter ready!
Numbers Every Real Estate Agent Should Know
The first week of every month following transmittal, Coburn prints out the automatically generated trend reports for each team member, as well as the team, and starts highlighting key performance trends. When he’s finished, he meets with agents individually and gathers the group to discuss his findings. The CGI’s Four Conversations model helps agents track their progress in key areas and keep their goals top of mind.
Listings Appointments and Listings Taken – First, Coburn reviews the number of listing appointments and listings taken. If either are down, he asks, “Where do you want to focus your efforts? Do you want to go on more listings appointments to get more listings, or do you want to get more listings from the number of appointments you are already going on?” There is a strategy for either choice. “What is important is that now everyone knows the activities they need to get more listings taken,” says Coburn.
Their True Conversion Rate – On an ongoing basis, Coburn has his team members enter their appointments into the CGI Calculator so they can see their conversion rate and adjust as needed. If they have a high number of appointments but listings taken are low, Coburn advises working on scripts to help get the conversion rate up. He regularly refers to KW MAPS Coaching and KWConnect for scripts.
Gross Commission Income (Profit!) – Profit ensures that you are able to live the life you want. Coburn recommends you pull your multi-year trends report and profit report on the fourth day after transmittal every month and evaluate where you are with that goal. Then you can review your true conversation rate and be honest with yourself if you need to make adjustments.
Do Not Ignore Your Numbers!
The biggest mistake agents make is ignoring their numbers. “A lot of people make assumptions and then they see the reality,” Coburn says. “You just think you are a pretty good agent.”
The benefit of knowing your numbers is having a solid understanding of where you can reroute and improve.
For example, if you believe you are going on as many appointments as you can, you don’t necessarily have to go on more to make more money; you just need to get better at the appointments you are already going on and plug into the education and training Keller Williams offers.
Remembering that everything in real estate shows up 90 days later, getting into gear now will ensure that you defy seasonality and have your most profitable holiday season yet.
Print your most recent multi-year trends report and profit statement and do what Coburn does: inspect it and highlight all the opportunities lying in the numbers.
How to Access Your Multi-Year Trends
Visit myKW > Reports > Associate> Multi-Year Trends