Tap into critical metrics of your business on the agent level by tracking their conversion rates and efforts in reaching out to leads.
Before we realize it, we’ll be moving into the cooler weather season. Now is the right time to see how your team performed in 2021, and identify coaching areas for your agents.
It is also the perfect time to ask yourself this - Where do you want to be in 2022?
If agent performance and productivity come at the top of your list, then this blog post is for you.
In today’s scenario where client expectations are always high, your agent’s productivity is paramount. And one should stop and look into what drives it.
Evaluating all of your processes and figuring out which are helping your agents and which are just keeping them busy is the right way forward.
But how do we track agent productivity? Ideally, in the real estate business, productivity is easily measured by whether a task gets your agent closer to closing a deal and getting paid. But in reality, it’s never that easy.
To get a deeper understanding of the metrics critical to your business on an agent level, you need to track their conversion rates and efforts in reaching out to leads.
Then you can derive coaching opportunities from those metrics to help them improve their performance. Let’s dig further into it.
Team Performance Overview
The team performance overview section of Auctm helps you keep a close tab on one of the most critical metrics for your business: conversion rate.
For any particular time frame, you can see the number of leads that got assigned to your team, the number of appointments that were scheduled, the pending and closed deals, and the end conversion rate.
You can also filter these metrics out by lead source, agent/group of agents, and zip code.
The conversion rate helps you see whether you’re headed in the right direction or not. After all, tracking profitability is important for every real estate team.
To know what your ideal conversion rate should be, check out our conversion rate calculator here.
Tracking Agent’s Efforts and Deals
As a team leader or a sales manager, it’s imperative for you to keep track of the results (deals) your agents are getting as well as the work they’re putting into converting their leads (through calls, texts, appointments, etc.).
The Efforts & Deals section in Auctm helps you do exactly that. Each metric here is relevant for evaluating an agent’s performance in the team:
- Newly assigned leads: new or existing leads assigned to an agent in the selected timeframe.
- Leads worked: leads which agents have called/texted/emailed/set an appointment with, or added to pending/closed deals.
- Calls, texts, and emails: number of calls, texts & emails done by the agent in the particular timeframe.
- Appointments set: total number of appointments set with the leads.
- Leads with appointment: number of leads that set at least one appointment with the agent.
- Pending deals
- Closed deals
You can use the lead source filter to track the performance of your agents on a particular lead source that you might be spending more money on.
To view an agent’s performance based only on the new leads that were created in that time frame, you can turn on the ‘newly created leads’ toggle.
In the table below, you can view the efforts and outcomes of each agent and take the necessary action.
Here are a few observations that may come up while viewing the section. In such cases, there are some necessary actions that need to be taken:
- Congratulate the agent who did the most deals or who made the most calls.
- See which agent was given the most leads and which agent scored the most appointments. They’re some of your top performers.
- See which agent did not make any calls with the leads assigned and gently nudge them through the ‘Add a Note’ tab under their name.
- If calls are fewer that means appointments are also likely to be fewer. This observation is a significant realization upon which you can evaluate an agent. Again, through the ‘Add a Note’ tab, you can nudge them to put more effort into calling leads.
Deeper Analysis to Find Coaching Opportunities
Another exciting feature of Auctm’s Efforts & Deals section is the ‘Expand to Analyze’ tab, which helps the team leader understand what aspect of sales their agents need coaching with.
It helps you track the following metrics:
- Leads with Appointments Ratio
- Leads with Appointments to Pending Ratio
- Pending to Closed Ratio
- Conversion Ratio
Regard these metrics as a deeper dive into the tasks your agent has been performing/not performing and things that are clicking/not clicking for them.
The Conversion Ratio helps you get an idea of your most and least profitable agents.
You can deep dive into the agents who have a lower than the team average conversion ratio to see why they’re off track - whether they’re not making enough calls, not going on enough appointments, etc.
By viewing an agent’s Leads with Appointments ratio, you can gauge how many appointments the agent is able to set out of the new leads assigned to them.
If this rate is less but the agent’s effort is reasonable, it indicates that they need to have better conversations with the leads.
If the Leads with Appointments to Pending ratio is low, they need to do better at their appointments with clients.
If the Pending to Closed Ratio is low, then it probably means they need to write better offers.
Proactive agent performance tracking proves to be quite beneficial for real estate teams. If you wish to dig deeper, take a look at some critical real estate KPIs here.
Start building for 2022
Now is the time to check in with your agents to see how they handled their goals for this year.
Some simply wanted to make it through 2021 and overcome the hurdles of selling houses during COVID-19.
We hope this post helps you track and improve the performance of your agents throughout the year, and set realistic goals for them in 2022.