What Doesn’t Get Measured, Doesn’t Get Improved.
Let’s imagine John is crushing it! He is a high achiever and is moving a million miles a minute. He is doing so much that he doesn’t feel it is worth his time to track his statistics. He just made a ton of phone calls to agents. He got some properties shot over to him so he analyzes these and sends offers on the promising ones. He then makes some phone calls to homeowner leads he has. His mailing campaign is in full throttle as well and leads are trickling in through that! He is also getting leads from wholesalers and bandit signs.
Pretty soon, John is overwhelmed. He is spending a lot of time in the business and getting some results, but not enough for how much time he is spending. John doesn’t know where all of his wins are coming from because he hasn’t kept track of that. He soon gets burnt out and wins stop coming in. What happened to poor John?
What happened was he did not have the data to make educated decisions and change strategies when necessary. He didn’t adapt and wound up working harder, not smarter.
In the world of real estate (and all of life) things are go go go! The fast pace nature of our lives cause us to burn through to-do items and busy days without the slightest moment of coming up for air. While this mentality is important for achieving big things, it can also hurt our success. If we do not take the time to measure our stats and then analyze them, we will never know if what we are doing is even working. This results in a lot of wasted time and frustration. This could also result in a lot of missed opportunities.
Alex and I learned this lesson from running our own painting companies in college and were quick to apply this methodology to CC Solutions. From the beginning, we tracked every action we did. When we door knocked for pre-foreclosures we tracked how many doors we knocked on, how many contacts we had, how many leads we got. We even tracked the days of the week we knocked on certain doors and what times. This allowed us to analyze the data and change our strategy when necessary. It also allowed us to capitalize on opportunities. If there was a certain neighborhood that garnered more leads, we would be sure to knock that area twice a week instead of once. If there was a certain time of day that worked better, we’d move our schedules accordingly. We began to win faster and easier, allowing us to grow our business exponentially faster than most.
Another HUGE benefit to having all of this tracking was when we started hiring a team. When you hire a team, you can add a new saying, “What doesn’t get measured, doesn’t get done.” We can use tracking to measure our new teammate’s performance and also keep them accountable. Since we had so much data, we could also tell who was performing up to our standards and who wasn’t. If my contact-to-lead ratio was 60% and our new hires was 20%, I immediately knew that I needed to support him on his interactions with homeowners.
This methodology doesn’t just work for door knocking. We apply this to every facet of our business. We track stats on our projects, on our marketing, on our website, and even on our social media.
We keep all of our stats in a Google Sheet we call our “Pulse.” This is how we can get a beat on our company at all times (get it?). Everyone on the team is accountable for tracking their own stats and each week, during our Daily Huddle, we review our Pulse and see if any pivots need to be made.
If we did not track stats this carefully, and use these stats to make educated decisions about our business, we would not be half as successful as we are today.
If you want huge success in your business, start tracking every action you take, analyze the data, and prepare to start seeing results!
Here's a sample of our “Pulse” page that keeps all of our stats.
If you have any questions about our methodology, feel free to leave a comment below!
Here’s to building the future!
#development #systems #realestate #realestateinvestment #investing #investor #invest