Your conversion ratio is critical to know when setting your goals. The first thing you should choose to do is track your activities. Let’s say you are a Team Leader whose job it is to attract talent to your real estate brokerage. What are the critical items we can track? Here are a few you can modify to your needs.
Reach Outs – Maybe reach outs are personalized texts or Facebook messages. Or, Maybe every time you dial a number you count that as a reach out. Keep a tally sheet for each time you reach out to someone you are looking to create a relationship with to see if they would be a good fit for your brokerage.
Contacts – These would be the people you actually reach. If you send a text and it leads to a conversation, that’s a contact. If you dial a number and an agent answers, tally it up.
Appointments Booked – Seems simple enough. If you book an appointment, tally it up.
Appointments Held – This number may be smaller than appointments booked because of illness, no-shows, or whatever.
OnBoarded – Tally up everyone who joins your brokerage. So let’s say you “reached out” 40 times in a day and you ended up speaking with (by extended messaging or conversations on the phone) 16 people, of which you booked six appointments and four showed up and one joined your brokerage, your conversion ratio would be…
- 40 to 16 (or 5:2) on reach outs to contacts
- 16 to 6 (or 8:3) on contacts to appointments booked
- 6 to 4 (or 3:2) on appointments booked to held
- 4:1 (4:1) on appointments held to onboarded
In a way, you could say your overall conversion ratio is 40:1. For every 40 reach outs you onboard on person.
Now, the above is an example. I am working with Team Leaders that have better conversion ratios and Team Leaders with conversion ratios where skills need to still be developed. There are learned skllls all along the way that can be worked on, no matter your conversion ratio. Tracking these numbers on a daily, weekly and monthly basis will tell you where you need to pause and brush up on new and better skills as well as help you to set goals that are crystal clear.
Agents, the same formula is true for you. How many people do you speak to in order to book a listing appointment or buyer’s consult, to get an agreement signed, to getting a contract to successfully closing? Over time, you get a great idea of exactly how much activity it will take to hit your goal
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