Stop Focusing on GCI and Start Focusing on Success-Driven Activities

There is a lot of noise in real estate right now. Brokerages are worrying about a host of external factors beyond their controls--Compass and its latest set of acquisitions, whispers of a recession, bad weather keeping buyers away from open houses, etc.

While we always have to keep our eye on the industry and economy, it's more important to keep your eye on something much closer to home that you CAN control that WILL have a REAL impact on your business.

Many brokerages closely watch transaction closings and Gross Commission Income (GCI). Both are very important metrics, but they only measure the net result of a sales effort. Time to start focusing on the daily sales activities that LEAD to closings. We all know that sales don't happen without a lot of customer nurturing. Consistency with client relationship building through phone calls, emails, content promotion, online agent branding ads, automated listing promotion, etc. married with plain old fashioned relationships IS the key to sales success. It's not sexy, but it's true.

Instead of just celebrating a closed transaction or a new listing, how about coaching and rewarding the following types of success-driving activities?

• The size of the email database loaded into your CRM
• Number of quality emails sent to your sphere
• The number of networking events you have attended
• Response time to leads sent from the company website
• The number of phone calls made to past clients each day
• The quantity of content published on an agent's blog
• The number of market analysis reports sent to potential clients from your market analytics tool
• Number of CMAs sent out to help prospects understand the appreciated value of their home
• The number of technology training sessions an agent has attended
• The adoption and usage of the technologies you and your local MLS offer to your agents
• Using tools like CRS Data, Remine and Realist offered by MLSs to identify local neighborhood prospect lists
• Setting up prospects in the MLS system to receive regular alerts on the type of properties/neighborhoods they are interested in

You see where I'm going here, right? We all know there are tons of ways to simmer relationships with clients and keep an agent top of mind even in a slower market. If we focus agents on doing the daily activities that keep them in front of prospects and clients, they WILL get their unfair share of business.

The easiest way to manage these types of success activities is with Client Relationship Management software. If you don't yet have a Client Relationship Management system in place, you need to get one ASAP. Start by learning how to use the CRM yourself for recruiting and agent relationship-building activities. Once you see the power of a tool helping you to drive your OWN success activities, it will be much easier for you to preach the CRM gospel to others.

If you don't know where to start on a search for a CRM, I have two resources for you that might help.

First, WAV Group fielded a CRM study recently with brokers across the country to better understand how/if CRM solutions increase success (quick answer – YES!) and what types of CRM solutions seem to work best. Check it out HERE!

Second, RE Technology has collected many of the CRM solutions available in real estate today and you can look at them all in one easy place.

If you need any help getting more information on the power of CRM solutions, we're happy to help!

To view the original article, visit the WAV Group blog.