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Real Estate Fight Club

25
Jul 2022

What Numbers Should Real Estate Agents Be Tracking In Their Business?- EP 148

July 25, 2022

On this episode of the Real Estate Fight Club Podcast, Jenn and Monica are going to duke it over: what numbers are most important to track an agent's business? What numbers should agents be tracking in their business? Monica doesn't think that there is a huge discrepancy in the thought, but as per her, there is probably a discrepancy in which one is most important and how you go about it. 

 

Episode Highlights:

  • Jenn talks about the importance of recognizing that as a real estate agent you actually have a business. Whether it is full-time or part time, it is a business that is generating income. In the eyes of the IRS, you are a 1099 independent contractor. That means you are a business owner. 
  • Jenn and Monica discuss dialing and actually contacting a potential customer. 
  • What about working on your business plan?
  • Monica and Jenn talk about designing the measuring tool for inside the lead generation. 
  • Wherever there is a break, if you can track those four numbers (Contacts, appointments, contracts, and gross commission income), wherever there is a breakdown and you are not getting the results that you want, you can specifically know what the issue is. If you do not track those numbers, then you won't know where the issue is, says Jenn.
  • The only reason an agent is not tracking their numbers is because they are embarrassed, says Jenn. 
  • Jenn suggests, if you don't want to do open houses, there are a lot of ways to succeed in real estate and you just choose a different way.
  • If you have nothing and you are still working, you are still clocked in, then generate more leads and don't mess around with your business card logo. 
  • The purpose of the lead generation time is to set the appointment.
  • As an agent once you set the appointment, you have a process to qualify those buyers or sellers at that appointment to pre-qualify them before you meet.
  • If you are starting out and you're not somebody that's been consistent with your activities, whatever they may be… instead of charging into this and just trying to find success with appointments and contracts, Monica wants you to think of this as the experiment for 30 days to find out your numbers. 
  • Tiebreaker, Matt Plumer,  a real-estate agent and a financial coach help people to get out of debt and build their wealth joins the episode today. 
  • We are not selling real estate just to go sell real estate. We are selling real estate so that it generates income to support our families, says Matt. 
  • After thousands of conversations with real estate agents, Matt has concluded that the majority of agents don't make as much as they think they all spend more than they care to admit. 
  • It is important to figure out the real number at home. Let's call it $10,000, says Matt. He calculates a $2500 mortgage, two kids, husband and wife, car payments, student loan payments and other government money, that's unfortunately called normal in the world of real estate. 
  • Matt explains what the best agents are doing and how you calculate success and improve.

 

3 Key Points:

  1. Contacts, appointments, contracts and then the gross Commission income are the four numbers that real-estate agents should really track, says Jenn. 
  2. Monica and Jenn disagree on what and how to lead generate, but they agree that there needs to be time set aside to generate leads.
  3. The two things that stresses agents out the most, is inconsistent income and financial disorganization, says Matt. 

Resources Mentioned:

Matt Plumer:

https://www.instagram.com/coachmattplumer/?hl=en

https://www.facebook.com/plumermatt

https://www.5financialmistakes.com/ebook1589485153428

 

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