BrokerageIndustry News

Keeping real estate agent finances on track

Business planning, expense monitoring made easy

Was one of your New Year's resolutions to increase your income? If so, tracking your numbers is one of the best ways to hit your income goals for 2005. People who write down their goals are more likely to achieve them. Even among those who have written goals, however, few agents track their numbers because they lack a system to do so. One challenge is identifying which statistics to track. Do you track days on market for your listings? What about how many listing leads it takes to obtain one signed listing? How many properties do you show buyers before they write an offer? How many prospects do you need to reach to close one transaction? Which activities generate the most leads and the most closed transactions? Once properties are under contract, what percentage do you actually close? The next issue is how to track these statistics. The thought of tracking detailed information using an Excel spreadsheet is enough to send agents fleeing from their computers. Part of the challenge is ...