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One of the fundamental (and often overlooked) aspects of planning the upcoming year is knowing your SOURCE OF BUSINESS for the current year. What I'm talking about is this: we ask our agents to make decisions on how they will increase their business for next year and often they don't even know where their business came from this year. I say it's nearly impossible to improve on your next year's performance when you don't know precisely where your business came from the year before. Once they realize where their business is truly coming from they will make more prudent decisions how to spend their energy and money for next year. The problem is most agents don't know for a fact where their business does come from! Granted, they have a good "feel" where their business comes from, but that's not accurate enough. They need to know precisely. How do you get this information?
There are two primary methods of tracking the source of business. First, at each sales meeting when you discuss new listings and new sales for the week, ask each agent "where they got the seller/buyer?" Make a note of it and track it week after week, month after month for the entire year. At the end of the year you can deliver to each agent his or her own personal "source of business" for the calendar year. It will not only prove revealing to them, but becomes extremely important when planning next year's activities.
The second method of gathering this information is to give each agent a list (by address/seller or buyer name/date) of each transaction they had this year. Ask them at the sales meeting to simply note next to each closed transaction the "source of the business." You may want to give them categories of information; i.e. Open House, Sphere of Influence, Direct Mail, Adverting Call, etc. You gather this information, compile it and not only the agent has a great source of data, but so do you as a company/office.
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