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Cyd Weeks

How do you know how you are doing?

By: Cyd Weeks
Saturday, November 24, 2007 9:03 AM

I've come to a point where I am seriously questioning how I am doing.  I have no clue how to guage my success or lack there of or how to understand where I fit in relation to how other agents are doing.   In other words, I don't know if I'm successful or not as compared to others in the industry.    I've been reading about setting goals but I must say that I don't know what realistic goals are.   I was looking at the stats for my company in the mls.  I'm the 2nd highest producer on sales through the mls in my company with the highest producer being my broker.  Now, since sales can be made that are not shown on the mls that may or may not be a true picture.  When I said something to my broker about my sales volume she said "That's ALL?".    I know I'm not as organized as I should be.  My website is working very well but the ability to follow up with everything and remember everyone is really a daunting task.  I can't afford an assistant, I don't think, lol.   I'm kind of at a point where I don't know what move to make...I don't have a plan of action, a growth plan and quite frankly, I don't know how to actually make a realistic one.   I need help.  I don't need a coach, I need a realistic business plan that can actually be implemented down to a day to day business plan that can be adjusted for the irregularities in this business...meaning customers that just show up, don't show up, etc.    I'm in a flux.   How do you guys handle it?   Who helped you create you business plan, your daily plan?   Is that how you know if you are doing well?
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Comments

Karen Weger
Member Since '05

Karen Weger said:

I suggest making a personal goal and plan. As a manager of other agents the same thing that works for one does not work for another. However one of my top producers used this one......as I do.

Set your goal in small segments rather than a huge picture.

For example instead of saying I want to make $100,000 this year, say I want to sell 4 homes this month. Then set the daily, weekly and monthly goal. Keep in your mind a number and ratio game. For example look back at your track record. How many leads did it take to get one sale? How many showings? The more you tweak your plan and lead generation the better the odds get.

For example: I know I need 10 web leads to get one that is good. Then I know out of 2, one will come and just browse and not buy. So I will need 20 web leads to sell one house.

Then also look at your other lead sources. Example referrals. They have a better % of sales. I need 2 referrals to sell one house.

I don't want to make this too long, but hope you get the example of how working one day at a time, how to get the leads that work for you, and working on your lead generation and time management to accomplish that monthly goal. It actually becomes a fun game, and make the leads or showings that don't produce much more important knowing you just got your number ratio out of the way, the next one you will hit pay dirt.

Good luck!

November 24, 2007 9:06 AM
Karen Weger
Member Since '05

Karen Weger said:

PS. Actually Sounds like you are successful.

November 24, 2007 9:33 AM
Candice A Donofrio
Member Since '07

Candice A Donofrio said:

Cyd, GRI I think 102 or 202 is Business Planning. Take it. It will help you quantify success as it looks like you wish to.

Some of the brokers I know use Bigwig software and like it.

http://www.bigwigsoftware.com/

November 24, 2007 10:57 AM
Cyd  Weeks
Member Since '05

Cyd Weeks said:

Thanks Karen but I guess that would depend on how successful the brokerage is in order to compare, lol.

Candice, I'm going to look into the GRI course and find out which one it is.  I also need ALOT of help with my budgeting, both personal and business, so I am going to have to address that also.  I'm the sole provider of my family (2 of us) and I'm getting stressed.  I know there is a better way, a more productive way to handle all of this.  What I REALLY REALLY need is someone who did this for years very successfully who would sit me down and help me write it all up.  Someone who has no need to be worried about me being their competition... a nice gentle intelligent soul.  Hey!  That's a goal!  :rofl:

I do have a goal to get the broker's license under my belt although I don't want to go out on my own until/unless I have the rest of it all together.  If I can't share how to "do it" with sales associates that would come on board I wouldn't succeed as a broker.  And gosh, what a bunch load more stress that would be anyway.  *sigh*  

I've downloaded the software and will check it out a little later.  Thanks much for it!

November 24, 2007 12:08 PM
Lonn Dugan
Member Since '05

Lonn Dugan said:

Cyd:  When you are as good as you are, it is hard to find yardsticks.

Star atheletes end up working to beat something called their "Personal Best.  This works for high achievers in any field.    

You are obviously doing a lot of things right.

Measuring each day, week, month, or year and comparing your results to your personal best is one of the best ways to know how you are doing.

But don't forget balance.  If you only count deals or listings you end up overworked and burnt out.  You must also score time off, vacations, familiy occasions, spirituality...  

You seem to have the performance thing nailed!

If you don't mind an observation, t sounds to me like you might need more help with efficiency, time management, delegation, and balance than with performance.  I wrote a post some time ago on TIME BLOCKING that you might find helpful.  

See  http://www.reliberation.com/blogs/myrealcoach/archive/2007/08/20/time-management-time-blocks.aspx

Steven Covery writes some helpful material in 7 Habits of Highly Effective People, and there is also a very good book out titled "MARGIN" that you might enjoy.

We actually perform better when we get enough rest and refreshing in our spirit : )

November 24, 2007 1:55 PM
Karen Weger
Member Since '05

Karen Weger said:

Well, I would not let my broker who is top producer and who makes money off you be your judge. You may want to get your brokers license, not to necessarily get other agents, so you can work on your own, or find a flat fee broker who is out of the picture.

It is hard for all of us to budget and decide where to best place our marketing dollars.

Sounds like you just need a fellow realtor to talk to, like a friend. I worked by myself for almost 2 years from home and missed having others to bounce ideas, success stories and horror stories with.

Someone who will not judge, like your broker or manager or someone you compete with.

Besides those of us on Relib (I would be happy to talk to you some time). We could laugh over the pitfalls, but another way to meet fellow realtors is by attending Realtor functions in your area, luncheons, mixers, association meetings, etc...

Candice's suggestion is good, and would be even better if you could attend classes in person rather than on the internet to meet and talk to others. You will probably find that you are the most successful in your group, that will give you a lift in spirit. And we can always learn from others, a little tip here and there, may spark something.

November 24, 2007 4:12 PM
Norm Fisher
Member Since '06

Norm Fisher said:

Your MLS stats should provide you with a good idea of how you're doing compared to the average agent. Total properties sold x 2 ends for each transaction / total number of agents will give you the average. From there, it's just a matter of deciding where you want to be in comparison to the average. When you hit twice the average you probably can't afford not to have an assistant.

November 24, 2007 7:58 PM
Cyd  Weeks
Member Since '05

Cyd Weeks said:

Thank you everyone.  I'm going to try out the time block type thing and see how it goes.   I actually need to put my nose to the grindstone.  I'm a procrastinator by nature and used to thrive on stress.  As I'm getting older and don't have that steady income to depend on it's not working for me any more.   Now all I have to do is figure out a very simple way to get all prospects organized, fit them in to the time slots and voila!  I should be set to go.   lol.   Thank you all for the encouragement.  I have a couple of things on my plate (one a large commercial project I have to get leased out and then a 3.4 mil listing) that I haven't had to deal with in the past.  I feel a little out of my league and I have to say, I'm not thrilled with the 'guidance' I'm getting.  I guess I'll just have to 'man up' and fudge my way to success.  :)

November 25, 2007 9:31 AM
Candice A Donofrio
Member Since '07

Candice A Donofrio said:

Remember that success is more than just numbers, or real estate.

And it's never about your position as compared to that of another human on this planet. Alive or dead.

Success to me is about if you get to do what you want when you want and be free and happy and have fun.

Cyd, with what you just mentioned above you have the seeds of personal success ready to plant! How fun that will be!

November 25, 2007 11:34 AM
Cyd  Weeks
Member Since '05

Cyd Weeks said:

That's it.  I'm going to work with Candice!  :)

November 25, 2007 5:09 PM
Trista Anderson
Member Since '04

Trista Anderson said:

omg!!! Take out the 3.4 mil listing and I think we are sisters!!!

I too am the sole income for two children and sometimes the pressure and stress can really get to me.  I did not think I was doing as well as I could (despite my former brokers saying otherwise...'you are fine') and just changed companies.  WOW! What a difference!

I am also a procrastinator and now have a schedule.  I needed to shake things up a little - good luck sister!!  Only you know when you succeed.  We will cheer you on!

November 25, 2007 9:59 PM
Chantal Gakwaya
Member Since '06

Chantal Gakwaya said:

Cyd, it sounds like you're killing it in the RE world. If you're successful already, maybe you don't need a plan.

November 26, 2007 10:10 AM

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Cyd  Weeks
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