Knowing Your Numbers and Tracking for Your Business
Episode 131: Show Notes.
As an agent, when you know your value and you know your numbers, that is one surefire way to stand out against your competition and gain the upper hand. That's why today we're going to be talking about knowing your numbers and tracking your business. In this episode, we break down a list of some of the most important numbers that every agent should know, from how many homes you sold last year to your list-price-to-sold-price ratio, your days-on-market number, what your average sale price is, and more. If math is not really your thing, don’t be intimidated; you’ll also discover tips on how to calculate these numbers, where you can get help with them, and how to get started with figuring out what your numbers are. You’ll also hear advice about the value of dissecting client reviews and doubling down on what's working rather than starting something new. As Peter Drucker says, "What gets measured gets improved,” so tune in today for some advice that will help you take your business to the next level!
Key Points From This Episode:
• Why it’s so important to know your numbers and how this helps you to stand out from your competition.
• Quotes from Bill Gates and Marcus Lemonis on knowing your numbers.
• Some basic numbers that every agent should know, starting with how many homes you sold last year.
• The second number you should know: your list-price-to-sold-price ratio.
• How to calculate your list-price-to-sold-price ratio.
• Where you can get help if you struggle with numbers.
• Why you need to know what your days-on-market number is when representing a seller on a listing.
• Why you should also know what the average closing time is in your market.
• The next number you should know: what your average sale price is.
• Why you need to track where your transactions come from.
• Why it’s better to double down on something that's working than start something new.
• The value of dissecting client reviews.
• Why you should know your profit amount per listing or your profit percentage on listings.
• The importance of knowing how much time you are investing when working with a buyer or seller.
• Some tips on where to get started when figuring out what your numbers are.
Tweetables:
“Whenever there is a change in the market, there is an opportunity for you to stand out amongst your competition. So when you know your value, and you know your numbers, that is one surefire way to stand out.” — Renee Comey [0:00:36]
“Once we figured out how much funds are needed to run your business and also to fund your life aspirations, in order to figure how many homes you now have to sell, we need to know what your average sale price is.” — Scott Comey [0:07:58]
“Being able to track improvement gets really exciting. So if you find something, just something easy to measure, it gets really thrilling to see that your activities, your things that you take your precious time every day to work on, make a difference in your business.” — Renee Comey [0:10:18]
“It's easy to get overwhelmed by what other people are doing but focus on what you're doing. Focus on your numbers, don’t worry about what someone else is doing. If you're improving yourself, you're winning.” — Scott Comey [0:10:48]
Links Mentioned in Today’s Episode:
The Profit
Turn The Dial Coaching on Facebook