Production and Productivity
Many of you know me as either Angie Perez, broker-salesperson with Weichert Realtors in Jersey or as Agent Know How on web. What you might not know is that just recently I added a new description to my identity: mobile software developer. I created an iPhone app for real estate agents called MiFunnel that allows agents to track commissions and sales. I did it for fun. I did it to be more productive. I did it because I am an entrepreneur.
Well, I am using my app and this year I’ve generated $148,000 of potential business according to MiFunnel, yet I am only converting 30% to 40% of that piece of the market and that’s just plain pathetic for me, a career agent after 8 years of experience.
I know what you are thinking. Some agents would be more than happy with my production but I am my own worse critic. At the end of the day, I have to, at the very least, be able to live with myself and on my production.
So, the big question for me is knowing what I know now, how should I course correct? There are a lot of things that I could do better and differently in my business like focus, leverage, outsource, make more calls, door knock, list more, manage the lag better.
Manage the Real Estate Lag
What do I mean by managing the lag? The National Association of REALTORS recently released their annual profile of Buyers and Sellers of which if you read the report, we are reminded that home buyers can start their home search 18 months before selecting an agent to work with. And, home buyers searched for a home for at least 12 weeks and previewed at least 10 homes before buying.
As for the home sellers who were interviewed in 2012, 40% of them were referred to the agent they selected to list their home; a referral they received from friends and family.
Managing the lag is actually more possible now with all of the productivity tools that tell us when was the last time we made contact with a particular client. MiFunnel is one of those tools. It’s a reminder of who, when and how much each potential client means for your business.
Using MiFunnel on a daily basis influences who I work with and when, especially if two clients compete for my time at the same time. It encourages me to refer and reminds me of my potential commission schedule. Sometimes, I have to push myself to do what I need to do. Having a number attached to each deal is motivation enough to course correct.
If you haven’t tried MiFunnel, now might be a good time to get more productive. Soon, MiFunnel will be coming to a web URL near you so that you won’t need an iPhone to use our application. Making MiFunnel a web-based application is part of my summer focus.
In the meantime, I dare you to start tracking and answer the following questions:
- What do the numbers you keep about your business say about you?
- Are the numbers working in your favor?
- Are you generating real estate leads and converting at a high level?
It’s one thing to feed your database, but another to take someone through a process that benefits you and them at the same time. Feed the database and remember.
MiFunnel Video Demo – This App Will Change The Way You Look At Your Business! Watch the video below.