Real estate KPIs every agent should track using analytics

Real estate is no longer just about gut instinct and charm – it’s about data. But don’t worry, we’re not talking about mind-numbing spreadsheets here. With the power of analytics, tracking key performance indicators (KPIs) has become essential for real estate agents who want to grow their business and stay competitive. You’ll want to keep an eye on these KPIs if you’re serious about boosting lead generation, closing more deals and getting those commissions.

 Let’s dive into the top KPIs you should be tracking with the help of analytics – because knowing your numbers can significantly improve your real estate performance.

1. Lead conversion rate: Are you turning leads into deals?

Leads are the lifeblood of your business. But it’s not just about how many leads you’re getting; it’s about how many you’re actually converting into clients. That’s where your Lead Conversion Rate comes in. Analytics tools can show you where your leads are coming from (Newsletters? Referrals?) and what’s making them take that leap to becoming clients. With this insight, you can double down on what’s working and ditch what’s not.

2. Listings to sales ratio: Are your properties moving?

If your listings are sitting on the market longer than leftovers in the fridge, it’s time to look at your Listings to Sales Ratio. This KPI is all about measuring how well you’re pricing and marketing your properties. If things aren’t moving, you’ll want to figure out why. Is the price too high? Is the marketing on point? Analytics can help break this down so you can adjust your strategy and get those properties off the market faster.

3. Average days on market (DOM): How fast can you close?

You know the feeling when you list a property, and it just sits there? That’s why you want to track your Average Days on Market. The faster you can close a deal, the better for everyone. By looking at this KPI through your analytics dashboard, you can spot trends – maybe certain types of properties or certain areas are taking longer to sell. With this knowledge, you can make smarter decisions on how to market and price your listings.

4. Sales volume: How big are your wins?

When we talk about Sales Volume, it’s all about how much you’re selling in dollar terms. Think of it as your overall success score. The more sales you’re closing, the higher your volume, and that’s always a good thing! With analytics, you can break this down by month, quarter, or even by specific agents on your team. It’s a great way to track performance and set goals.

5. Commission and revenue forecasting: What’s coming down the pipeline?

Every agent loves commission time, but wouldn’t it be nice to have a clearer picture of what’s coming your way? By tracking Commission and Revenue Forecasting, you can do just that. With analytics, you can easily generate reports that show you where your next pay cheque is coming from and how much it’s likely to be. Plus, it’s perfect for planning your business expenses or maybe even that well-deserved vacation.

6. Customer satisfaction: Are your clients happy?

This might not be the most obvious KPI, but trust me, it’s important. Customer Satisfaction is key if you want to build a long-lasting reputation and keep that referral business rolling in. By tracking client feedback and reviews, you can spot any areas where your service could be improved. After all, happy clients are the best kind of marketing you can get. 

Why use analytics to track KPIs?

Without analytics, you’re basically flying blind. With tools like Agentbox Analytics+, you get instant insights into how your business is performing in real-time. Whether you’re looking to improve your lead conversion rate, reduce the days on market or predict your upcoming commissions, it’s all possible with the right data.

And the best part? The reporting is lightning-fast thanks to the Reapit Data Warehouse, which means no more waiting for your reports to load. You can slice and dice your data on the fly, making those crucial business decisions easier than ever.

Some key Analytics+ reports to help track KPIs:

• ‍Sales and Commission Reporting: Get monthly, quarterly or annual reports to keep tabs on commissions and aware achievements.‍
• Business and Staff KPI Reporting: See how your entire team is performing and make it fun by adding gamification.‍
• Property and Agent Performance: Dive deep into how your listings and agents are doing so you can fine-tune strategies.‍
• Geographical Analysis: Find out what’s happening in specific areas to make smarter, location-based decisions. 

Want to see how Analytics+ can do for your agency? Watch the Elevate ’24 Release on-demand (or simply enter your details below), where we unveiled the innovative features of Analytics+ - and, spoiler alert: it’s coming to Agentbox very soon!

At the end of the day, tracking KPIs is about more than just numbers. It’s about understanding where your strengths are, spotting opportunities for improvement and taking control of your real estate business like never before. So, if you’re not already using analytics to track these crucial metrics, now’s the time to start. Your future self (and bank account) will thank you.