If you’ve been working in real estate for some time now, you’ve heard the term “data-driven” at some point. Arguably one of the most popular buzzwords in the industry for the past couple of years, taking the data-driven approach has also become a critical determining factor of success in the real estate industry. From managing clients and keeping track of leads to researching property and coming up with marketing campaigns, big data is a key part helping you close deals and boost profits.
Needless to say, if you’ve not started focusing more on data in the workplace, then now’s the time to start. Here are some ways that leveraging your brokerage data can help your team get the most out of their performance.
How to Leverage Real Estate Brokerage Data
1. Use data to keep track of performance and efficiency
One of the most important parts of building a good team is finding out the strengths and weaknesses of team members and finding ways to give them assignments that work to their advantages.
Adopting a data-driven approach in the workplace allows you to do that by looking at specific key performance indicators (KPIs), like how quickly agents respond to leads and how many deals they’re closing. With this information, you can then get an idea who you’re stronger agents are as well as which team members need extra assistance. Additionally, this is also great for coming up with skill-building exercises to help your adjusters increase their proficiency levels.
2. Become more comfortable with data
You probably shouldn’t expect changes overnight, but as your team gradually gets more comfortable with using the data-driven approach, they’ll also become more comfortable researching, interpreting, and presenting data. The benefit of this is that you’re more likely to see more leads turn into conversions as charts and graphs are better integrated into presentations and print-outs and explained in a way that the investors and buyers can understand.
3. Getting the most out of your team members
Another way that your reporting data can help you and your team work better is by helping you come up with more effective ways to delegate assignments by looking at each team member’s performance record. Everyone on your team has an area that they excel in, as well as areas that they’re not so great at. Your reporting data will show you exactly where each team member has been performing at his or her best and functions they’ve been performing mediocre in.
If you’re the team leader, you can use this information to determine who you want to delegate tasks to based on their past performance. The benefit of this is that everyone gets assigned to a task that they’re more comfortable with, so that your team works better as a whole.
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