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so use that agent performance review form template track your numbers look at them at least biannually at the end of the year and on july 1st and if you really want to get better at it look at it quarterly every three months every three months take a look at it update it and see where you stand [Music] this tool is a tool that we at icc use with all of our coaching clients sometimes if a coaching client's been with us long enough we just tell them to fill it out themselves we don't have to walk them through it i am going to walk and walk you through it right now and kind of explain it all to you and then you're going to get to have it and use it with yourself if you run a real estate team this would be a great thing to do with your agents if you run a brokerage this would be a great thing to do with the agents in your office if you if you manage anybody or or responsible for anybody in real estate i'd share it with them it's an excess exercise for coaching and training and running your business and evaluating it and we do this either on a quarterly basis or twice a year biannually and we're coming up on that mid-year review so all of you should be you know realizing we've got you know a day and a half left of the first half of the year right that's i think i'm doing that right so anyway on july 1st which i think is like i don't know thursday that's the mid-year point you've now completed six months in 2021 so we typically want to look back at our business see how we've done so we can make changes for the second half we can assess where we're at and here's how we do that so this is my mid-year or could be a quarterly review form that i want to show you guys and then again i'm going to give this to you so that you guys can use it in your business as well okay so you can see this is our quarterly and mid-year review form so again halfway through the year end of the year or maybe even on a quarterly basis and anything in yellow means it needs your urgent attention you need to edit it or modify it so if i put it in yellow there it means you got to get rid of the yellow by typing something in and here it says close transaction goal for the year so 2021 which court or if it's a quarterly review which quarter are we looking at there aren't too many of those but that's why they're yellow and that's why they look kind of ugly and then you can see we have a quarterly and a year-to-date breakdown okay and this could and again this is a microsoft word document so you can add anything you want so we want to take a look at transaction recap okay so we're gonna look at how many transactions how many sides buyer or seller sides have we closed year to date and then how many in the last quarter which will be quarter number two right since we're at the mid-year point so how many in quarter number two how many did you close in april may and june and then how many for the entire first half of the year january through june under a year today and then we're going to do that with pendings we're going to do it with the number of listings you have under contract are you put under contract the number of buyers under contract and the income earned or the gci earned for each quarter and then year to date total so i need to see listing sides buyer sides total gci okay and this should be numbers that you should have pretty easily to track right now the next section is really important and if you've ever been to a business planning clinic one of our business planning clinics you'll know a little bit more about why this next section is important too okay because again we're going in the past looking in the rearview mirror here and we're going to talk about the number of listing appointments you've gone on in the last quarter and year to date the number of listings taken quarter year to date the number of listings sold how many actually sold what percentage of your listings actually closed and made you money versus expired or cancelled see that how those two work we're also going to get a conversion rate here of the number of listing appointments you've gone on versus the amount the amount you took did you convert 70 of them 50 of them where are you at now we can diagnose where your problems are or we can just know that you converted a rate of 75 which means to get 75 listings in a year you need to go on 100 listing appointments number of your listings that expired number of listings that cancelled or withdraw or withdrawn number of buyer appointments you've gone on these are buyer consultation appointments this is not meeting someone at a house for the first time to show them a property this is sitting down with them either on zoom or in your office or at a coffee shop and explaining the home buying process to them with the expectation that you're going to work together to find their home not just show them one home at a time that's a buy our consultation appointment how many buyer consultation appointments should go on and then of course the ultimate goal at that appointment is to get them to sign an exclusive buyer agency agreement at the end of that so then we're going to see how many exclusive buyer agency contracts you got signed and you'll see that if you hold buyer consultation appointments prior to showing you'll get probably up well up above 90 percent usually above 95 percent of your exclusive buyer agencies signed now if you try to get those signed you know after just showing them a house or something that really really makes it hard and awkward and don't do that do set by our consultation appointments do be a professional okay so we want to track that i want to see and you'll start to see things that surprise you those numbers will start to give you clues okay so very easy to get this information i want to make sure i can't always see the chat room so i want to make sure that you guys don't have any any questions for me on that one you guys have any questions about that everybody pretty good on that okay pretty easy stuff there understand tracking this information is crucial okay so even if you want to just put together i mean i think we have this in command don't we candace can we track all this yeah so if you're using your opportunities pipeline you can track all of these you know metrics um and and use it to the full so absolutely okay and if you've been with kw for any length of time you can actually go to the uh reporting section and get your past appointments and everything if you've logged them obviously we can only pick up when you have a contract on it's uh you know your responsibility of course to be able to track that in between going under contract that's great thank you candace that's that's uh and that's crucial guys you have the ability to track this i mean you could i mean i guess you could always i mean do what i used to do before the internet because i'm super old is you know get a microsoft excel spreadsheet desktop edition or uh or chart it on graph paper um or you can make it really easy and just use command here um because all this is all really easy for you and i'll tell you this helps you so much you'll be shocked if you track for a year and you go back and look at it you'll be surprised what you learned from that everybody's always surprised and not to mention anything you measure expands so anything you i mean if you if you want to lose weight just step on the scale each day you'll start losing weight trust me you'll start caring about what you eat and how much you exercise your calorie intake the calories you burn but all you have to do is measure the number just look at the weight each day step on the scale every day and that's usually what does it same with here if you start measuring these numbers you'll go on more you'll be more attentive to them you'll want to increase them um it'll motivate you and all of a sudden these numbers will go up because you're measuring it it will grow on you so please use that and measure these numbers so use command there i mean it's a perfect perfect tool for it okay so let me let me go back scrolling down to page two this is or this is called lead sourcing right so we're gonna track all your business sources okay where do you get your business past clients repeat business how many transactions did we close that were past clients repeat business which mean past clients referral business which means a client referred us to somebody else a for sale by owner we converted an expired listing we converted just our general sphere of influence people we know that weren't necessarily a past client repeat or referral maybe it's a just listed just sold flyer or email we sent out were they in our farm was it from some sort of marketing we were doing again this is a word document so you can edit any of this text walk-in phone duty i've been using this one for a while agent referral could be a referral from another agent as well but there's tons of sources on here there's tons of sources that are not included on here um so you can use the other bar you can add it you can change out any of these you want i mean typically but this is something we always want to track there should always be a source for every closing so and and so i always say you know when you're tracking all your pendings you should always have a column there that you mark for the lead source where to come from because that's when you remember where it came from so mark it that way we don't have to go back and try to remember where it came from and where it gets really tough you'll see the one that should get the most here is fear of influence and oftentimes i'll count past client referral and past client repeat as fear of influence they're all kind of the same it's people you know that know who you are they refer you business some of them just happen to be past clients or people they refer since we're always marketing to them we're always emailing them we're always sending the mailers we're trying to do anywhere from 36 to 40 contacts a year on them it's kind of hard which type of marketing we should attribute to them you know especially if they happen also live in your geographic farm or they happen to call off a just listed flyer you sent to them so they start to overlap generally speaking the biggest number is going to be in your soi people you know that called you i also don't see open houses on here that should probably be on here that's usually a big source for a lot of people especially listing agents okay so again now we're going to go down and look at your business numbers again this is typically not something you track unless you have a productivity coach some sort of coach maybe an accountability partner or if you're very very disciplined you can track these yourself or if you use a calendar and you honor your calendar you can go back and look at your calendar and get some of these numbers like mine i honor my calendar very tightly so if i go back and look it's what happened i don't just ignore things in my calendar i always change them if i'm not going to do them so my calendar is an accurate diary of how i spend my time i don't just overlook things in my calendar and move on and i don't recommend you do that either for lots of reasons this is just one of them and you can see here some of the things we track we say days worked in you know could be april may june or quarter number two or what have you there's the total days you worked and that's important to know too because if there's 30 days in a month you know i'm hoping you're you're only working 20 to 25 of them which means five or six days a week that's about it i'd want to track your hours prospected how much time was your marketing department open and let me tell you what that looks like i mean if you're if you if you think you work 40 hours a week in real estate and i say all right why don't you just lead generate for an hour a day to me that's the minimum but that's fair i'm okay with it i'm not going to hate on you if you only lead generate for an hour a day i like to see two hours people with amazing work ethics that get amazing results do three hours that's probably the most but let's just say one hour one hour a day five days a week there's 52 weeks in a year but i'm gonna give you two weeks off so let's say 50 weeks in the year that you work 50 times 5 hours a week is 250 hours can you imagine how much more business you would have this year if you spent 250 hours this year trying to get new business that you didn't already have 250 hours working on your sphere of influence 250 hours maybe calling expired listings or whatever you choose to do farming in a geographic farm or whatever trying to get new business most agents i mean when i say most agents they don't spend any time and i would say 90 of agents maybe 95 percent don't spend 250 hours a year and that's one hour a day monday through friday okay so when i track hours prospected one hour a day five hours a week remember the average person we said works a 40 hour work week i'm only asking for five hours of it that's twelve percent of your time spent on trying to get new business that's a very small percentage that i'm asking for i can't think of many businesses that only devote twelve percent of their time energy and resources to sales usually that's where most the money and time is going to try to bring in business and if your goal is to get more business and increase your income then i would consider devoting at least 12 percent of your resources towards getting more business if this is news to you and you haven't thought of it this way i suggest using this form and tracking right here that'll help turn the light bulb on some of these things how many contacts you've made how many times have you overtly reached out to someone for new business that's a contact because if all you're doing is talking to your current clients that's not trying to grow your business that's trying to convert existing business which of course you need to do but we shouldn't be shutting down our entire marketing target department to do that that's just putting all your eggs back in the customer service basket you're not going to increase income by doing that so we always have to keep that marketing department open always trying to get new business how do we do that we ensure we do it by tracking and measuring so our contacts and our hours worked expands then contacts to a listing appointment so then we start saying okay we can take the contacts we made here the number of listing appointments we went on and see how many contacts it takes to a listing appointment that's a conversion ratio listing appointments to listings taken we can go up here and look at listing appointments gone on listing appointments taken put the number down here how many contacts we made here to get a buyer's appointment we can pull that number that we did above right buy our agency to buy or sale we can go up here and see how many buyer agency contracts we got signed and then go up here and look at how many buyers sides we got closed the numbers will start to give us clues all these numbers are here once we start writing them down your average days on market that should be pretty easy to see in mls makes sense all right so moving on we can move down to your mls market territory diagno diagnosis right this one's really important because we want to actually take a look at what's happening in the market because our business will go up and down and we'll we'll often make an excuse this the market or i'll just wait for the market to turn around or you know things like that and you'll see that top producing agents just don't do that they dictate it but we do want to make sure that we're not a cork rising on the water just because you sold twice as much real estate this year as you did last year will understand sales volume is going to be up a lot so is that the market or is it you if your sales are down is that the market or is that you if your days on market is higher is that the market or is that you're over pricing so we need to know these things right so we got to know our trends and always be diagnosing them and you'll be shocked to what the numbers reveal right the current market i cover is you know just could be los angeles it could be brentwood it could be you know a hyper local market could be a very wide region whatever you like so then i want to see the total number of listings in that area maybe in your entire mls that might make it easier either for this quarter or for the entire year to date we put it there number of homes that went pending here average days on market for the first six months here average list price versus sales price that's a big one my current caption rate divided by the total number of listings how many listings you've taken versus the market how many sales you've closed versus the market that's important on a year today obviously you're just going to be a you know a drop in the sand you know you'd be lucky to be you know point-something percentage but understanding we look at a trend so if next year your percentage goes up even a tiny bit you're swimming against the market it has nothing to do with the market has to do with you you're increasing sales but the market you're increasing at a rate faster than the market's growing so we can really see how much is us and how much is the market okay this gap in closed transactions actually should probably be down below this it's how far off are we from our goal so we're at the mid-year point let's say you had a goal to sell 50 houses this year in theory we should have 25 closed by now if we only have 20 closed that means we're five behind and that's our gap we're five behind our goal at the mid-year point at the quarterly point or whenever we're doing this right okay here we've got our under transaction goal our number of listings goal and our number of buyers goal if you don't have one of those let's go ahead and start those for this year so how many goals do you want to have closed by the end of the year and if you don't know just split listings and buyers 50 50. okay and look at this little hashtag here next to the under transaction goal be sure to include the number of pendings you will enter and you will enter in the quarter with your gap number so in other words if we're behind by five we need to make up that five in our goal for the rest of the year we might have to increase the goal for the second half because we we missed it in the first half right okay if we scroll down further we're also going to look at the number of listing appointments that we're going to plan ongoing the number of listings taken and we could we could even base that off our percentage up here where we tracked what happened in the first half we looked at the number of listings we went on versus the number of listings taken we could either use that exact ratio where we we actually listed 75 of the homes let's say that we went on listing appointments for or we could say oh you know we're going to try to increase that we're going to go for 85 in the second half okay number of closed transactions and the income earned for your goals so again now we're looking in the future same thing take the gaps into consideration okay then we take those annual goals or quarterly goals or six month goals depending on how we're looking at this and what time of the year we're looking at this form right now i'm going to say we're looking at mid-year so we had goals for the next six months and we're gonna break that down by week okay so i always just like to use there's four weeks in each month right so if we have a total goal let's break it down and divide it by 24 because that means there's six months left 24 weeks i realize the numbers should be a little higher than that but one of those weeks is thanksgiving and one of those weeks is christmas so 24 should be a pretty accurate number of working weeks and we're going to track the number of appointments you'll have to go on number of listings you'll have to secure appointments you'll go on per week on the buyer side and buyer agency contracts signed per week so you'll have a goal to hit that goal we can put under your scoreboard into your crm what have you and now you'll always know if you're ahead or you're behind your goal on all of your key metrics that we need to be tracking to keep ourselves motivated and keep ourselves trying okay now we could have our inventory pipeline numbers again in your crm could be in our inventory pipeline tracker so number of listings we have coming up that are signed that aren't active yet how many do we always need to have in the pipeline what are our goals there number of by buyers under contract so we're going to call those buyer agency contracts so these are people that we've got an exclusive buyer agency often called a buyer listing they haven't found a house yet but we got them under contract how many of those do we always need to have in our back pocket to hit our goals and then the number of pendings how many do we always need to have under contract waiting for closing so we don't have any gaps in production any that that will prevent us from hitting our annual goals so we're always looking out in the future which is kind of interesting if you look here we talk we're right here we're tracking all of our conversion ratios we're trying to find out what are the activities we're going to do to lead generate tracking all of our conversion ratios for lead generation to lead conversion numbers then we have some goals around some of the results here that we get from lead generating some goals around those results some goals around those results break them down to a weekly basis so we can track them on the weekly then we start looking at our inventory pipeline after we get them under contract how many are we building up in our pipeline before we have closing so we're really covering the whole gamut of our lead generation business plan here from soup to i mean the whole thing is finished right do we have to make any hires this year maybe it's a part-time transaction coordinator maybe it's my first admin maybe it's a showing assistant maybe it's an inside sales agent maybe it's a buyer's agent maybe it's two buyer's agents any hires we need any key acquisitions we need to make it they could even be hiring a marketing company or something we've been telling ourselves we need to get done we put it here then we get a general lead generation plan here like maybe you've been waiting to start farming a geographic neighborhood let's get that here take these off your 135 business plan and really focus on maybe you uh really need to focus on your lead follow-up i'll let you put that here even though it's not technically lead generation a new income stream of business maybe we're gonna start running facebook ads maybe we're going to start buying some leads who knows what we're going to do whatever you're going to do to generate business something new i'm hoping you're working your soi maybe you're going to start doing client events put it here let's focus on it right now not just for lead generation now we're gonna get your total focus for the entire year it could be a lead generation activity it could be hiring somebody it could be some training it could be some systems what are your main focuses jot them down to get them fresh the whole goal here guys is you've been you know we're in the middle of the busy season it's the mid-year you've been busy as heck we're trying to pull you out of being in the business for just a second especially if you're a solo agent you need to pull yourself which is really hard to do out of your business and get on top of it and take a look at what's going on and this gives you a chance to do this okay then we even have a little checklist for you have you looked at your profit and loss statement have you asked your accountant for your updated p l for the first year to make sure we're in alignment you know are our marketing expenses close to 10 but not exceeding 10 of our gross commission income i don't want to know that if i've if i've employed anybody is my admin salaries below 12 where are my cost of sales these are all conversations that we would have with our coaching clients that you can totally have with yourself or you could get your p l and you could bring it to this mastermind so we'll talk about it have you made any adjustments to it if needed right have you updated your business tracker in this case it's very similar to some of the info we got together have i updated my inventory pipeline report am i still doing that do i attend or hold weekly team meetings maybe it's this masterminds class just to keep yourself moving do you have a scoreboard where you're tracking all of your key activity-based indiv indicators and all your lead generation activities all your conversion activities right the difference between lead generation is contacts you know uh phone calls facebook posts things to generate new business conversion activities are buyer consultation appointments gone on you're trying to convert the leads you've already generated listing appointments you go on contracts written you're trying to convert do you have a scoreboard where you track all them okay and any additional notes that you want to go over so anyway that is our performance review form template there quarterly and mid-year performance review i'm going to share this all with you in the chat room here so you can download it and use it i know that's a little boring guys but i think it's really important to understand this you're running a business and it's really that time of year where you have to just not go off motivation and inspiration every week like oh i feel like doing that that's exciting i'll do that and then it never really happens oh that's exciting i'll do that and then that never really happens that's what most people in real estate do their emotional creatures but there's not a lot of discipline there so they have lots of they rely on motivation and excitement to give them the energy to do everything that is a very dangerous way to go with your business a successful business don't run that way but if you track your activities not only will it hold you accountable to doing them it'll actually motivate you to do them because everyone likes to see good numbers when they look at them so it does a lot for you if you are tracking and analyzing your data on a regular basis so use that agent performance review form template track your numbers look at them at least biannually at the end of the year and on july 1st and if you really want to get better at it look at it quarterly every three months every three months take a look at it update it and see where you stand okay any thoughts or questions or concerns on that anybody wanna chat about otherwise i'm gonna let you go all right good good rick what are some of the cost of sales i mean i know the obvious ones but could you run sure great question so a cost of sale is i mean there's there's well let me back up and say well here's what a cost of sale is so you've got two types of expenses an agent you've got an operating expense and a cost of sale okay just like anybody in business you have an operating expense or a cost of goods sold okay in sales we call them cost of sales from accounting perspective they're the same thing operating expense is something you just pay all the time like monthly rent or phone bill or you know something that you pay every month on a regular regardless of how many sales you make a cost of sale or a cost of goods sold for anybody else outside of real estate is something you is a cost you pay only when you sell something okay so it's a cost you pay only when you sell something so for example a closing gift might be a cost of sale because you only buy one when you close if you pay for a company stager that could be a cost of sale because you only pay for a home to be staged when you sell property or at least list it that's why it's kind of an arguable one because sometimes listings don't sell that's more of a cost of listing right the big cost of sales those are tiny ones those those are almost not worth tracking people usually just throw those under marketing on their profit and loss but the two that we always track are what you pay your broker in a commission split and if you're on a real estate team you might pay out a split to a buyer's agent so even though your total gci is 10 000 if the buyer's agent's on a 50 50 split you might pay out 50 of that or 5 000 of them so you take in the whole 10 000 as your gross commission income and you pay out 5 000 and that's how it's accounted for i know that's weird to a lot of you that have been in real estate for less than 10 15 years because before that time all the money had to run through the broker so all commissions checks were cut to the brokerage and then the broker would pay out the split to the agent now because of technology in the interwebs title companies and escrow companies will just cut the checks directly to the broker and one to you so it feels like your gci is your portion of the check it's faster it's way more efficient but it does convolute accounting a little bit so a referral fee there's common cost of sale if you have to pay a referral fee out to an agent that referred you business like a 25 referral fee or something like that because you closed it you get the whole commission check and then you got to pay that other agent those come out as a cost of a sale had you not closed the sale you would not have paid the fee you wouldn't have paid the buyer agent you wouldn't have paid your broker you wouldn't have paid the referral fee those are your big three rick those are your big three that answers it does thank you you bet you bet you bet that was a great one