Track & Measure
Running a sales and consulting business has to be intentional if you are to meet the aggressive goals you set for yourself. Most people don’t start their career as a commercial real estate broker by setting goals on the number of calls they want to make or even the number of pitches and listings or assignments they want to win.
Instead, they start with the amount of money they want to earn in commissions (top-down goal setting). With this in mind, they can then begin to formulate the number of calls, meetings and pitches they need to make to reach that commission goal (bottom-up goal setting).
In short; to build a successful brokerage operation, you have to look at your goals from both a top-down and a bottom-up approach.
Questions to get you started
First, determine the level of effort needed to accomplish your goals. Tracking and measuring your level of effort is where the rubber meets the road. What gets measured gets improved.
Knowing your metrics also helps you see common roadblocks. Ask yourself:
- Where in the process are deals stalling, or failing?
- Are there low-value activities eating up your time?
- How is your performance compared to the rest of the firm?
The metrics you need for success
So what are the metrics you need to track to determine success in prospecting and business development? Consider the activities needed to find, meet, pitch, win and close a deal. These, and the ratios of one to another, should be at the center of your effort tracking.
- Metrics: Calls, Conversations, Meetings, Pitches, Listings/Assignments, Closes
- Conversation ratios
- 10 Calls : 1 Conversation
- 4 Conversations : 1 Meeting
- 4 Meetings : 1 Pitch
- 4 Pitches : 1 Listing/Assignment
- 4 Listings/Assignments : 3 Closes