Real estate key performance indicators

Being a manager is simple.

That is, if you have a great leader.

A great leader will simplify things for you, set clear expectations, and show you exactly what you need to do to succeed.

This is tough work. As a leader, you should only really to expect to effectively manage nine reports. If you have more than nine direct reports, you’ll start to drop the ball. You won’t be as effective. And that’s assuming that you’re managing full time with CEO-like efficiency.

Most of the real estate leaders I talk to on a daily basis have enough on their plate already to take on this responsibility. They need to be extremely selective about their direct reports.

And if they want to scale, they understand the importance of of turning their managers into leaders who can take on more direct reports for them.

Here is how leaders transform managers into leaders using real estate key performance indicators.

It’s about a mindset shift from tasks to KPIs

The difference between managers and leaders is between their ears.

Managers focus on leader-delegated tasks and use organizational skills to execute.

Leaders focus on KPIs and execute by unlocking their creativity.

So if you want your manager to turn into a leader, you need to get them thinking KPIs—not tasks. The best part about this is that it’s actually going to force you to disconnect—which is what you want anyways! You need to stay high level and drive your business.

Here’s how you decide which real estate KPIs to focus on

I’m all about the lead measures, and so are the other mega teams we talk with (you can see a few examples of these mega teams on our website at sisu.co).

Let’s take the most basic KPI lead measure of all time: conversations.

Conversations drive everything in your business. I love it’s simplicity. How many people did you talk to today about real estate?

Now imagine you take your up-and-coming manager, your top sales rep you want to turn into a leader or your admin that you think is ready to take on more responsibility, or your sales coach who you feel can offer more. You tell them to focus on driving up conversations, which will no doubt impact your monthly sales.

The key is to not tell them how to do it, but to offer them guidance if they come asking.

There are so many ways to increase conversations. They might start thinking about the environment—if you have a more upbeat environment around the office, agents will make more calls. Maybe they create a competition with incentives, use goal setting, call nights.

I’ve even heard of teams asking their agents to pound the phones, recording each call, and then bringing their most whacked out, crazy calls to the team meeting so that everyone can listen and have a good laugh. I absolutely love this approach!

There are 1000 good ways to improve a KPI, you just need to get your manager focussed on core KPIs rather than tasks.

Caution: KPIs can be an absolute pain to track

You want your manager-now-turned-leader focussed on leadership and driving key performance indicators rather than tracking key performance indicators.

Give your leader a little technical support. There is almost always an easier way to track your sales metrics. If it requires a manual process, hire a VA for it. The $5/hr you’ll spend there will pay off in spades, not only because your leaders time is worth more than that but because every minute they spend in that blasted spreadsheet is killing their motivation, motivation that could be contagious for your team if they weren’t locked up in the cave on Google sheets.

Even better, do what 95% of real estate teams fail to do and fork over a few hundred bucks for some software development/consulting that will pull everything together the way you need it. It’s worth it.

The second you get your managers focussed on KPIs, you’ll unlock their creativity—just make sure you’re still there to support them, empower them, and help them feel fulfilled by the exciting task you’ve delivered.

The leader is still going to be your direct report, but the difference is that they’ll take over nine other reports for you and unlock scalability in your business.

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