Success can be defined in many ways. In the context of business, we are accustomed to measure it against a financial metric.
On a personal level, we may choose to measure it by the satisfaction our career provides us, the value we have in our relationships, or the ability to be able to do what we want to do when we want to do it.
When it comes to our dynamic world of real estate, I have described our profession as a lifestyle choice as opposed to a career choice.
It is a profession that is all-absorbing and difficult to separate from everyday living.
It is for that reason most agents have a blurred picture of what true success both professionally and personally should (and could) look like.
Apart from the measure of commission and profit, the definition of success often becomes difficult to articulate.
We, as an industry, are accustomed to measure success in volumes of sales and gross commission income, while other tangible and intangible metrics are rarely considered.
As we move towards the close of yet another calendar year, albeit an expected year of pandemic challenges, lockdowns, and an extraordinary property market, let’s review several real estate success metrics not often discussed or shared.
These may and should resonate with those agents that view success from an operational and client engagement aspect, and not just from crossing the finish line first or picking up the end of year awards.
Repeat and referral business
Customer loyalty is often touted as a thing of the past and I often hear how some agents are very disappointed with past clients who do not become repeat clients after everything they have done for them.
What some agents fail to realise is that what may have worked in the past wont necessarily work today.
Repeat business today is not earned because of past transactions, it is earned because of the value that is provided after the transaction.
Yes, the experience as a seller and buyer may have been amazing during the transaction and you achieved a fantastic sale price, but if you do not have a value-based client care program that amplifies and keeps the client engaged post the transaction, repeat and referral business will be diluted.
Measuring the recurrence and frequency of repeat and referral business should be at the heart of all success metrics and needs to go beyond the popular Net Promoter Score surveys.
Surveys are just that, surveys.
Business owners must apply a quantifiable measure and the easiest way to do that is to continually collate and tabulate all seller and landlord lead sources.
Attraction agent status
Apart from repeat and referral business that normally is generated from clients who know the agent, becoming an attraction agent is unquestionably the next level.
When an agent reaches this level of success, it represents a significant turning point in that agent’s career.
It is at this milestone that the line between effort and results intersects and the exponential increase of incoming leads begin.
This intersection represents the momentum point at which time the scales are tipped in the favour of the agent, and because of it, the agent enjoys an abundance of inbound opportunity calls purely from market presence and reputation.
More people know of the agent, than what the agent knows.
The ability to build a team
Of all success measures, this is probably one of the most misunderstood.
To achieve work-life balance, one must have the ability to delegate or have the desire to build a team. It’s not as simple as saying, “I will hire help”.
It is the ability to inspire others to follow a vision, be it a vision of customer service, seamless operations, or professional aspirations.
The ability to lead, to convey a vision and goal you are passionate about, is as much a measure of success as any financial metrics.
Because the way you lead, the way you build a team and delegate, describes and defines how you measure success.
More importantly, it says everything about what you want and what price you are willing or not willing to pay.
Additionally, team retention and longevity are another measure of success.
For example, agents who are forever changing and hiring personal assistants often forget the common denominator in the equation; themselves!
Building a team is fundamental to not only building a successful business, but most importantly achieving a healthy work-life balance.
Naturally, the definition of success will vary from one individual to another.
There is never a one size fits all.
What we have uncovered is that those aspiring to make their mark in this industry measure success differently, not only by the numbers they write, but backing themselves, creating a name for themselves in their marketplace and going beyond for their clients.
That’s the real measure of success.
For all inquiries, please visit https://www.eview.com.au/membership/ or email maria@eview.com.au for more information on how the Eview Group can help take your career to the next level.
