As in every business, following basic performance data is the key to sustainable success in the real estate sector. These data, called KPIs for short, and showing how business efficiency is doing, maybe the key point you need to understand exactly where you went wrong. In this guide, the most important metrics you need to follow to grab a bigger share of the cake and carry your business to the future in the rapidly changing real estate field, where both competition and earnings are increasing!
One of the most important steps in making a real estate agent successful is having a fast-growing portfolio of wealth. However, a wide portfolio does not always mean it is efficient or brings the desired success. The best way to understand this is to follow the portfolio regularly and note the monthly changes. Portfolio analysis in your hand to access a more efficient database; You can check the past connections, future listings, and potential potentials. Thus, you can clearly observe the portfolio growth rate and the efficiency of using listing tools.
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Sales volume and revenue play an important role in the real estate industry and enable tracking of financial performance. Net transaction numbers are another important metric that needs to be checked from month to month to reach this data. This number should cover both completed and unfinished works and should be subdivided within itself. This way, you can evaluate the sales performance more clearly and decide which channel is more successful.
Identifying areas with high potential is much easier by separating the monthly number of transactions into types. Since each real estate agent focuses on their own field, the way the transaction takes place may be different from the others. Therefore, identifying where most of the revenue comes from and seeing which type stands out among completed transactions can even help you change your direction. For example, By following different data such as rental, sales, investment, and extra services among monthly transaction types, it is possible to understand customer expectations better and to understand in which area you and your team are more successful. In this way, you can identify the winning market faster and you can make better improvements in your area of strength.
No matter how digital the era is, place displays continue to be one of the most important elements of the real estate industry. However, if you are not sure how well these impressions are passing, or if you do not know how accurate it is to give weight to 3D impressions, you should also monitor this metric. For example; You can clearly see whether you are providing an effective service by comparing the number of location impressions made per month with the number of transactions completed in return for the time and effort spent.
The rate of appointments per listing can help you reach your goal as an office because the lack of response to a listing may actually be taking advantage of your inability to market it well or use effective strategies during the appointment. The best way to understand this is to monitor how many potential customers you can convince to meet face-to-face and how many of these meetings reach your goal. Poorly managing appointments can reduce the percentage of work completed, but recognizing this will allow you to train yourself by taking the necessary precautions and moving you in the right direction quickly.
Along with all the metrics, you need to follow one last piece of data to clearly understand business efficiency and potential: the monthly net revenue. Revenue, which is effective for calculating the right commission rates or evaluating average sales prices, is also useful for recognizing at which stage of the business there is a lot of loss and unnecessary expenses. It also helps you see where you are on your monthly or even annual plans.
Using all of these KPI indicators allows you to cover every aspect of your business, but it is impossible to control them manually. Therefore, you may need Fizbot digital real estate agent software more than you think, which tracks all data on your behalf. If you want to try Fizbot to use the right metrics and make large-scale tracking, you can reach us here.