Learn the key components of a real estate broker scoreboard for brokerage leadership to effectively track Realtor retention and recruiting activity in a high-functioning office.
So far, we’ve talked a bit in general about using a real estate broker scoreboard. Today, I am going to show you what a scoreboard, or “dashboard,” looks like.
First, let’s look at the ABIs that belong on a broker-manager dashboard.
Broker-managers must focus on recruiting and retention. These are the activities that belong on the dashboard.
Recruiting belongs at the top of any leader’s dashboard. Why? Because it is the hardest thing to make yourself do and it’s the highest dollar activity you could possibly do.
VIDEO: The Real Estate Broker Scoreboard
Recruiting ABIs on a real estate broker scoreboard or dashboard
- Contacts made
- Appointments set
- First appointments had
- Follow-up appointments had
- Recruits joined
Real estate broker scoreboard must focus on recruiting
Realize that if you focus on pushing your agents to sell more, you will be banging your head against the wall. You need to adjust your focus to recruiting, because a good recruit could bring 20 transactions with them. You can only motivate and inspire so much.
Your agents have their own reasons, therefore, their own results. Of course, you can move the needle a little with support and motivation. But, the key is to stop focusing so much on putting out your agents’ fires and pushing them to raise their production level, and you need to focus on something you can control: recruiting. Get more bodies and raise your production level as an organization that way.
Your second focus: creating a production-centric environment. This is where retention comes in. This is another section that belongs on your broker-manager dashboard.
Retention ABIs on a real estate broker scoreboard or dashboard
- Engagement contacts made (2 per day) – reaching out to members of your organization that perhaps you haven’t seen in a while. Reach out and revive agents who have isolated themselves.
- Consulting appointments had – provide consultation and coaching one-on-one to your people. This does not mean you need to have a coach on staff! You can do this yourself or teach your administrative or leadership staff to help provide this to your agents.
- Training classes conducted – could be group masterminds, weekly sales meetings, small group coaching sessions, online courses, etc. These can be hosted by you, your leadership team, or an agent looking for leadership opportunities.
Remember, not many brokerages provide this to their agents. The fact that you are doing this sets you apart from the competition in a big way. You are providing value to help your agents succeed and this is huge. Any of your agents that may be considering leaving you will soon realize that other brokerages simply don’t do this.
RBIs on a real estate broker scoreboard or dashboard
Recruiting and retention
- Total agents joined
- Total agents left
- Net agent gain/loss
- Total agent count
- Listings taken units
- Listings taken volume
- Contracts written units
- Contracts written volume
- Closed units
- Closed volume
- Company income/split
- Agent income/split
- Fran. free/royalty split
RBI goals belong on your real estate broker scoreboard or dashboard, too. In our ICC broker-manager dashboard example, you’ll see the goals in the far right column.
With the Brokerage / Corporate Real Estate Coaching Program, ICC will help firms set up the most effective and efficient systems for recruiting, agent onboarding, commission & fee structures, agent engagement & retention systems, recruiting, administrative work-flows, transaction management, staff hiring, agent onboarding, productivity training & accountability, financials & budgeting, marketing and much more!
The Executive Team Real Estate Coaching Program is designed for a high functioning larger team. These team leaders will build their influence, structure their brokerage systems and growth, recruit, lead internal divisions to operate at a high level and leverage their time. Opportunities to add ancillary services to build wealth.
Operating without a real estate broker scoreboard or dashboard
If you don’t have a dashboard, you are running your business by default.
You are letting the seasonality of the market and the ups and downs that come with it determine your level of success. You won’t be able to plan for growth.
Without ABIs you won’t be able to take action to make forward movement. And, you won’t have the RBIs to see where you’re at and where your goals can take you. It’s important to be able to see trends and project where you want to be.
All of our broker-manager clients at ICC use a dashboard and see tremendous growth. It’s powerful to be able to tell where you are at a glance. You can start to run your organization by design instead of by default.