Brokerage

Early warning signs of success (or failure)

Check your vitals to know your business's health

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Takeaways:

  • Not having a clear perspective of your current state in the business will deter you from planning ahead.
  • Taking inventory of all of your important things of your business — the vital signs — at least once a week will significantly help you in the long run.
  • The number of listings, current pendings, closed transactions, active listings, leads and more will give you an idea of where you stand and what you need to do to achieve your goals.

There are still 4 1/2 months left until the new year, but many don’t realize that the holidays and vacations pending in the second half of the year will take many working days off the calendar.

You might have a booming business, or you might be falling behind. Not having a clear perspective of your current state in the business will deter you from planning ahead and forming a proper goal for yourself.

You can apply this method immediately, and it will show tremendous results. People sell their inventory, but they don’t think twice to take stock of what they have sold.

Taking inventory of all of your important things of your business — the vital signs — at least once a week will significantly help you in the long run.

Don’t let the summer sun lull you into a lazy state of mind for your business. To get more details on how to keep your business on track by using the vital stats report, listen to the full podcast below:

Become an efficient digital brokerage in one fell swoop
Do more, get more, close more with a streamlined digital transaction management platform READ MORE

Early warning signs for your success (or failure)

 

When a doctor does a health checkup, he or she doesn’t sit and do a three-hour interview. He does a quick check — a snapshot of the signs that will give him an idea of your health.

The doctor will check your temperature, blood pressure, weight and other things that give clues to any potential problems.

These vital signs of the body give a doctor the information he needs to know. There are also vital signs in real estate that you can look at that will give you an understanding of your current state.

Vital sign report

The vital sign report requires you to check some important factors of your progress. The number of listings, current pendings, closed transactions, active listings, leads and more will give you an idea of where you stand and what you need to do to achieve your goals.

Focusing all your energy on one thing can be ineffective. If you are a focused listing agent, you stop working with buyers and lose the trend of what buyers want. Being equally focused on listings and buying will keep you informed of what people on both sides want and need.

Tracking leads are essential to improving your business. Many coaching clients say that they saw automatic improvements to their business once they started tracking and writing their leads, as well as the quality of the leads.

Leads should be constantly replenished, not checked off the list and left empty. If a lead becomes a listing, waiting until it gets sold will leave you with one less lead. Keeping a full list of leads will keep your business steadily busy.

Tim and Julie Harris have over 20 years’ experience in real estate. Learn more about their real estate coaching and training programs at timandjulieharris.com, or tune in to Real Estate Coaching Radio every weekday at realestatecoachingradio.com.

Email Tim Harris.