Measurement is an essential ingredient of a successful real estate business.
Every organization goes through ups and downs. This is the nature of running a business. When your company is going through a hard time, there is only one way to reverse the situation: identify the problem.
Or, perhaps your business is really doing well and you actually don’t know the reason why you are achieving success. This means you don’t have a plan on how to maintain your success long term.
Regardless of how your business is performing you should have the ultimate control over your results. One simple way to do it is to start tracking actionable metrics that will help you understand where you are going wrong or why you are doing great.
Book a Complimentary Business Evaluation to get help understanding metrics.
Here are the three main metric groups every real estate business should start tracking.
1. Website Metrics
Your website traffic is the backbone of your business. With the rise of the digital revolution, the ways of acquiring new customers have completely changed. Your potential clients research your business online long before getting in touch with you. This means your first touch point with your clients is your website.
If you are not attracting visitors to your website and not engaging them with your content, it is almost impossible for you to grow your business exponentially.
Here are some website traffic metrics you should constantly track;
- Page views: Understand how many visitors you are attracting to your website and which pages are getting the most attention. By looking at them, you can find out what is working and what is not and tailor your strategy accordingly.
- Source: Find out where your visitors are coming in from. Is it social media, organic searches, or referral? Understand the patterns and invest your energy in what is working best.
- Average time on page: Attracting visitors to your website alone is not enough. You should be able to keep them engaged with your content. Look at the pages with the highest and lowest average time spent on them so you can improve what is working and fix what is not.
- Bounce rate: This is one of the most confusing website metrics. First, you should fully understand the meaning of this metric. If your bounce rate is 85 percent, this means that 85 percent of your visitors leave your website right after viewing the page they land on. This is an indication that your website is not engaging your visitors.
Book a Complimentary Business Evaluation to get help understanding metrics.
2. Leads
You are wasting your energy and money if you are not tracking your leads. You should identify and track where you are generating the bulk of your leads, so you can allocate your resources efficiently. For example, if you are not generating any leads on social media, spending two hours a day creating or curating content for your posts is not the best use of your time.
In order track and understand your lead metrics, you should pay attention to;
- The weekly/monthly number of leads
- The quality of your leads: Some leads are better than others. Differentiate a content download from a “Contact Us” form submission. Both can be considered leads but the former lead is not ready to convert, so you should keep nurturing them until they become ready. The latter is more likely to convert and requires a different action. Essentially this means you should track leads separately based on their quality.
- Lead origin: Understand where your leads are coming from and invest your resources in channels that are performing best.
3. Conversions
Your lead to customer rate defines the success your business. Track how many of your leads are converting into clients. This will not only give you an idea how many leads you need to generate to hit your revenue goal, but also will help you identify problems in your marketing and sales funnel. If your conversion rate is rather low, it means you should find a way to increase the quality of your leads.
Need more information to reach your business goals?
The first step is to determine what needs to be improved. Get a Complimentary Business Evaluation with one of our executive coaches and start making more profit in less time.
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