Real Estate Leaderboards solve the riddle of agent performance and productivity. Buying or selling a house is one of the biggest commitments people make in their lifetime. At the same time agents find themselves in a highly competitive environment as they try to match buyers and sellers, in order to clinch a sale. For real estate agencies the focus is on ensuring quality customer service and getting as many listings as possible to grow their business.
Desperately Seeking Improved Sales
Real Estate agencies constantly seek better ways to motivate agents to do more of the business activities that drive financial success. In pursuit of outcome they often measure their agents on lag indicators. This is usually on an exchanged or settled property. However, there are a lot of activities that have to be performed well in order to progress the sale to this final stage. These are called lead indicators. Measuring an end state may mean principals do not realize they have a revenue problem until it’s too late. Often it’s six to twelve months too late!
Real Estate leaderboards ensure visibility of performance information when displayed on an office TV. Individual agents, teams or offices can see how they compare to their colleagues.
Principals can quickly see if their agents are doing the number of activities required to deliver the business results. When metrics are set correctly managers can confirm if they are motivating agents to try harder. Transparency of performance on the office TV, promotes agents to self manage their behaviors and change them to do more business tasks to rise up through the leaderboard. Individuals will change positions dependent on their ability and willingness to strive harder to achieve their goal. In order to stay relevant, you need to run real estate leaderboards on multiple metrics s on a regular basis.
Progress against a target becomes insightful when used in conjunction with personal agent scorecards. This information then feeds up into a Performance Grid which plots staff in one of four quadrants, based on their performance. The Spinify Performance Grid comes with coaching tips for each quadrant.
How to Set Challenging and Achievable Goals
The key to a successful business is understanding the metrics performed by agents that determine the success of the agency. This provides the basis for the setting of employee metrics, which need to be specific to each individual in the company. If you need help there are a number of places to get assistance, including a recent Spinify blog on suggested metrics and goals that suit individuals and teams across an organization.
Good communication is critical to maintain transparency so everyone knows what they’re working towards and how they’re progressing. If people know and understand their own, their team and the company goals, they’ll strive to achieve them.
Great agents love to be measured on the activities they perform and the outcomes they deliver.
They strive to see themselves at the top of the leaderboard be that on home appraisals, listings or sold. Managers or franchise owners can engage and motivate their agents to do more by running leaderboard comps that show the number of activities that they are doing as well as the progress against their targets. Themes, animation and colors keep leaderboards fresh so agents remain engaged and point to their accomplishments on the TV display.
How Spinify Helps with Real Estate Leaderboards
Leaderboards that display sales measures and achievement, particularly if these are displayed on an office TV, take a gigantic step beyond traditional sales management. The best leaderboards are based on technologies which sync data from your data apps.
MyDesktop, AgentBox and Rex all provide property and agent performance information that can be visualized on a real estate leaderboard. Managers can decide which information is shown to the office. They also decide how they want to display the information.
Once set up nothing more is required, the leaderboard runs effortlessly. Progress shown on the leaderboard is determined by the agent updating these activities in the real estate CRM.
Updates occur in near real time. Changes in a reps ranking or score are displayed straight away. A healthy competitive environment is developed within the team. This competition drives better business outcomes. Real estate leaderboards can reinforce the adoption of data update practices within the company.
Got the Metrics, Get the Real Estate Leaderboard
Signup for a free trial with Spinify. Display your metrics and target levels of achievement on an office TV, browser and on the mobile App. Real Estate leaderboards provide you with immediate performance feedback on employees on their progress against their goals. Easy to setup and run.