Tracking real estate lead generation activities to determine real estate conversion ratios helps Realtors stay motivated and holds them accountable to their goals. Agents that keep record of their pro-active efforts to generate more business are also able to diagnose problem areas that need improvement by learning and understanding their lead conversion ratios.
Lead generation activities like prospecting can often mean day after day filled with rejection and failure. But tracking these activities to determine real estate conversion ratios enables the agent to focus on the activity and not the results. For example, an agent that makes the requisite 20 daily telephone contacts to his client database may feel a sense of accomplishment if his focus was on that activity. Yet an agent focused solely on results may experience only depression if he received no leads from the 20 contacts. A knowledgeable lead generator understands that prospecting is a numbers game and eventually the leads and appointments will come so long as the activity persists. Lead generators always know their real estate conversion ratios to help them focus on the effort and not the outcome.
The key to understanding how real estate conversion ratios & numbers tracking enhances agent accountability is found in the 10-10-80 principle. Success in real estate is broken down by:
10% Knowledge – learning what to do
10% Taking Action – starting to do something
80% Accountability – keeping yourself doing it
Almost all agents can remember when they learned a way to get more business and maybe even started taking action. However very few agents continue to lead generate with any type of consistency after getting started. Numbers tracking holds agents accountable to the activity when the lack immediate results might otherwise discourage persistence.
Finally, establishing real estate conversion ratios helps agents see exactly where their attempts are missing the mark, thereby isolating areas of activity that need more training and development. In turn, agents are able to gain confidence quickly and become much more efficient with time as their skill level improves at a rapid rate.