Are you maximizing your brokerage performance?
You think your agents are performing well and that you’re on track to hit your goals. But, do you have the data to be sure? And, do you have the data to capitalize on all opportunities?
Without easy to view and understand agent and brokerage data, you’re not achieving your full potential. So, you can’t maximize growth, revenue, and performance.
The good news is collecting and understanding your brokerage and agent data is easy with the right back office software. With this software, you can use reporting and analytics to boost your brokerage and agent performance. Wondering how? That’s what we’ll cover in this post. Let’s start with the first way – tracking agent performance.
1. Track Agent Performance
Your agents drive your brokerage growth. So, you need to know how every agent is performing to ensure you’re maximizing brokerage performance.
However, manually monitoring agent performance can be time-consuming. You and your team have to comb through spreadsheets to find relevant agent metrics. Then, you have to create a new spreadsheet compiling agent data to understand comparative performance. By the time you’ve done all of this, it hardly seems worth it to track agent performance.
With back office software, you can generate agent reports in seconds. Through the reporting and analytics module, you can see comparative agent transactions, sales volume, office contribution, pipeline, and more with just a click.
This quick comparison makes it easy to see who is a top performer and who needs more support. That way, you can reward your top agents to keep them performing their best. And, you can encourage agents who are falling short to boost overall agent performance.
Reporting and analytics can help you boost brokerage performance by making it easy to track agent performance.
2. Set and Track Goals
One of the best ways to boost performance is by setting and tracking goals. If you want to maximize agent performance, you should not only set goals but also track them.
However, constantly checking in on agents to see if they’re on track to meet their goals is a time suck for you. And, constant check-ins can be frustrating for your agents.
These frequent goal check-ins also take up time your agents could put towards achieving their goals. But, if you don’t track agent goals, you have no idea whether they’re performing where they should be.
With the right back office software, it’s easy to track agent goal progress. You can pull up agent goal reporting in seconds, making it simple to check progress without bothering agents. And, if agents are on track, you can acknowledge or reward them for their hard work. But, if agents aren’t where they need to be, you can intervene before they miss their year-end goal.
Reporting and analytics make it easy to set and track agent goals to maximize overall brokerage performance.
3. Spot Agent Retention Trends
Along with tracking agent performance and goals, you should also keep an eye on agent retention to boost agent performance.
Recruiting new agents can help your brokerage grow. However, constant agent turnover can hold your brokerage back. You have to train all new agents. And, it takes time for them to start producing at the level you want. So, if your experienced agents are frequently leaving, it’s hard for your brokerage to meet and exceed your performance goals.
But, knowing when agents are considering leaving can seem almost impossible. The right back office software, however, can give you a heads up before agents leave. With reporting and analytics, you can see individual agent trends in sales volume, transactions closed, and more. If you notice a dip in agent performance, this could be a sign an agent is unhappy.
This advanced notice means you can take steps to retain the unhappy agent. Whether the agent feels undervalued, overworked, or has a better compensation offer elsewhere, you can talk to the agent about the problem. Then, you can make changes to keep your agent happy and at your brokerage.
With reporting and analytics, you can get in front of agent retention issues to keep your agents and maximize their performance.
4. Get Brokerage Insights
Reporting and analytics not only provide insight on individual agents but also on your brokerage as a whole.
To seize every available opportunity to grow your brokerage, you need to have both granular and big picture insights into your brokerage. But, sorting through all your brokerage data to get these insights is time-consuming and tedious. And, even after you sort through dozens of spreadsheets manually, you might still miss opportunities – making it impossible to maximize brokerage performance.
However, with the automated insights from back office software, you can quickly and easily see brokerage insights. You can view pipeline, buy and sell side deals, closed transactions, and more in an easy-to-understand dashboard.
These insights can help you understand when your busy and slow times are, your progress towards your year-end goals, whether brokerage performance is dipping, and more. That way, you can see any opportunities you’ve missed. And, you can double down on practices that are working for your brokerage.
With these brokerage insights, you can find new ways to maximize brokerage performance.
5. Understand Lead Source ROI
When you think of lead generation, you probably think of front office software. However, back office software can help you understand how effective your lead generation methods are.
You and your team invest a lot of time and money generating leads. But, it can be hard to track the results of different lead generation methods (like Zillow or ad campaigns).
If you want to manually track it, you have to create a spreadsheet with lead generation methods, number of leads, and how many leads led to closed transactions. Then, you have to manually analyze it to see which methods are effective – which is time-consuming.
But, if you don’t put in this work, you have no idea if your lead generation is effective. Or, if you’re wasting time and money.
With the right back office software, you can easily analyze your different lead generation methods. You can generate a report that details lead generation methods for your open, pending, and closed transactions with just a click. This makes it easy to see what works – and what doesn’t.
That way, you can focus on lead generation that gets real results to boost your brokerage performance.
6. Create Custom Reports
Your brokerage and its needs are unique. So, standard reports won’t always cover the information you need to see.
However, manually creating a custom report in a spreadsheet can take a long time. So, if you need a customized report, your team has to spend hours finding, compiling, analyzing, and presenting the data. This sucks up time your team could spend on value-adding activities that drive growth and revenue.
Instead of choosing a back office solution with only pre-built reports, you should choose one that has custom reporting. That way, your team can easily create custom reports in minutes. This saves time, while still providing the insights you need to get ahead.
With reporting and analytics software with custom reports, your team has more time to focus on revenue-generating activities to boost your brokerage performance.
Wrapping It Up
Better performance can help your brokerage grow. But, boosting performance can be hard to do. With reporting and analytics, you can easily view and understand the data you need to boost agent and brokerage performance.
With this data, you can outperform competitors and achieve your brokerage growth goals faster.
If you’re looking for the right back office software with reporting and analytics, Brokermint is the way to go. With Brokermint, you can quickly generate agent and brokerage reports, set goals, create custom reports, understand lead generation, and more. Plus, Brokermint’s modern, cloud-based suite of back office tools can help you boost your entire back office performance.
Book your demo today to see how Brokermint can help you boost your brokerage performance.
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