87% of agents fail in 5 years! As agents, we are running our own business whether we know it or not. Successful agents know their business’s numbers and are always aware of them. They also set goals that they can measure and track. But one of the biggest mistakes that most people make is that they are tracking the wrong numbers.
What do I mean by tracking the wrong numbers? Most agents will set a major goal for the year. Something like I want to sell X amount of homes, have X amount of transactions or make X amount of dollars. However, if that is all you are tracking and measuring then you may never reach your goal because you are focusing too much on the end result.
For example, let’s say you want to lose weight, say 25 lbs. If all you do every day is weigh yourself and keep track of it. What if you stop seeing progress or worse you gain weight? You may get discouraged and give up. By tracking your weight, you are only tracking what is known as lag measures. What you need also to track are lead measures. For example, how many times did you run this week? How many times did you lift weights? How many glasses of water did you drink? How many meals did you eat? By tracking these lead measures and keeping them top of mind. Now you will clearly see why you are not getting the results you want and what you need to improve.
So as an agent, instead of focusing solely on the end goal of making $X of income. You need to be tracking things like, how many calls, texts, or emails did you make to potential leads, FSBOs, expireds, and investors? How many social media posts or videos did you create this week to increase your brand and marketing to attract leads? How many conversations with other agents that you know or would like to work with? What about conversations with other real estate professionals like loan officers or insurance agents? How many meetings or appointments did you go to this week? As you can see, if you break down the big picture goal, into smaller lead measure goals, and focus on what specific areas need improvement, your results will eventually show for themselves.
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