Know Your Numbers: What do you really know about the software you use?

Tony Robbins is arguably one of the biggest names ever in coaching and self-development. Both Marilyn Wilson, President of RE Technology, and I have attended two of his seminars. The last one was in August of this year. I'm going to let you in on a little secret, the most impactful idea we learned from Tony: Know your numbers.

That's it. Know your numbers.

Before you can determine if you have improved, made more money, or grown your business, you need to know where you started from and where you are at now. This article will be about knowing your numbers for your software.

The average broker offers 12 different pieces of software to their agents; the average MLS offers anywhere between three and 10 pieces of software, and then there is whatever the agent decides to buy for themselves. Because the end of the year is approaching fast, I thought now would be a good time to consider what we use, how often we use it, and what other options are available to use.

What Software Do We Use?

Let's start with the what. To really understand what we use, we must start a list. I recommend creating this list in Excel or Google Sheets, so other columns can be easily added when we get to steps 2 and 3.

As an example, I am going to do this exercise with you! The list below covers software I use with my work at both WAV Group and RE Technology. It is not a complete list of everything I use, but it is a good example for you. You might have noticed the same thing that I did. I am using some of the same types of software (e.g., using both Microsoft Word and Google Docs), but that is definitely a reason to do this exercise. This will help determine if you are paying for two different pieces of software that do the same thing.

How Often Do You Use the Software You Listed?

The next step is pretty simple. How often do you use each of the tools listed? As an agent, you will probably find that the bulk of your time is spent on only 20% of the software. See my answers below!

As you can see from my list, about 25% of the software I use multiple times a day. Once we have completed step 3, then we can consider any changes that need to be made going into 2022.

What Other Options Do We Have?

This step you will have to do on your own as I am not with a brokerage or in an MLS. Compile a list of all of the software that your brokerage and MLS offer (free or paid). Just like our list from steps 1 and 2, add what type of software it is.

Questions to Ask Yourself

Now you should have two lists—one list of software you use and one list of software offered by your brokerage and MLS. Now ask yourself the following questions:

• What software do I already use from the brokerage and MLS?
• Of the software that I don't already use that my brokerage and MLS offer, am I paying for a comparable piece of software? Spend a lot of time on this question.
• If there are comparable pieces of software, what should I consider getting rid of in favor of the software provided by my brokerage or MLS?
• Additional questions if you are running a team or brokerage: When was the last time you determined what your agents are using? Could you save money by offering less software?

Once you go through each of these questions, you will probably find that you are already paying for something you can get free from your brokerage or MLS. This will help you bring down the cost of running your real estate business.

It's Your Turn

Normally, this is where I challenge you to take 15 minutes to do what is mentioned above, but my hope is that you will do the challenge as you read the article—and it will definitely take you more than 15 minutes. If you haven't done this yet, schedule time on your calendar in the next day or two. This can really help you bring down the cost of doing business. I often speak with agents that tell me they didn't know their MLS offered a piece of software they are already paying for!

If you have any questions about knowing your numbers or have suggestions for other articles, please feel free to reach out to me at [email protected] or on LinkedIn.