In my opinion sales is a numbers game and to improve sales as an estate agent you have to be on top of your numbers.
We have, over the years, seen that individual agents and offices who take the time to work with the numbers, in general, are the agents who perform better than the rest.
Here´s what they do:
- Consistently analyze their sales pipe
- Know their conversion rates
- Set and follow up goals
- Know where their business is coming from
Yet, most agents and office managers lack proper goals and only have a gut feeling about where their business comes from and what their conversion rates are.
Below are three hands on steps to get on top of your numbers, based on the best practices we see every day with the most successful offices and agents.
Most agents lack proper goals and only have a gut feeling about where their business comes from
Step 1: Understanding your sales pipe and conversion rate
Do you know your conversion rates and size of your sales pipe? Can you answer these questions?
- How many objects do you need to sell to make your end of month profit goal?
- How many valuation/sales meetings do you need to have to get that number of objects to market?
- How many people/leads do you, on average, need to speak to in order to book that number of meetings?
- How many leads and valuation/salesmeetings have you had the last week?
If you know the answers you are already in a good position. However, if you don’t you shouldn’t be surprised if you don’t consistently make the living you intend and it is time to get on top of you sales process by keeping track of your activities.
Step 2: Set the (right) goals
You should set goals that motivate you and help you to succeed. We have seen that the best way to do this is by breaking down the budget into activity based goals. Goals that will ensure focus on sales activities that deliver results.
By setting goals on the number of cold calls to make each day, the number of valuation meetings to book each week and the number of new listings each month you will maintain focus. By using your conversion rates to set goals you will ensure a fair chance of actually reaching those goals and that is equally as important.
Keep your goals top of mind (and screen) at all times. A constant reminder of what you aim to achieve will ensure you focus on the right activity, see example 1 below.
Step 3: Understanding where to focus
You need to know where your actual business is coming from in order to be able to focus on the right activities. What type of inbounds and leads actually convert to valuation/sales meetings which then convert to listings? Knowing this means you can focus your marketing budget and, more importantly, your time. See example 2 below.
Example 1: Make your progress versus your goals top of mind
An office in one of the largest Swedish estate agent chains, had a goal to sell 120 objects in 2016. If they reached the goal they would all go to NYC. If they reached 90 sold objects they would go to London.
The sales manager of the chain went to a print shop and ordered an A4 size traditional wall calendar. Instead of the days of the year there was a count down of the 120 sold objects. On the 90th page there was photo of Big Ben and on the last page there was a big photo of the tantalizing NYC sky line. The office manager put the calendar in the most prominent place in the office and for each sold object the agents took away one page.
Do you think they made it to NYC?
Example 2: Understanding where the business comes from
A Swedish estate agent chain started to register the source of each valuation/sales meeting and track the outcome over time. After just a few weeks they could start to see patterns of which sources were best and should be boosted. However, they could also measure the sources generating cancelled meetings or a seller choosing another agent. Naturally, the conversion rate increased as a result.