What’s in a Number?

Numbers can mean a lot of things. They can make you happy, sad, proud, angry and, best of all, the same number can make five different people experience five distinctly different emotions.

In the world of real estate brokerages, we see numbers being discussed all the time. Who has the most agents? Who has the most offices? Who is number one? Who closed the most transactions? Who closed the highest volume? I am sure you have all witnessed brokerages stake claim to one of these “achievements” and perhaps you have even done so yourself, but so what?

As a real estate professional, how you measure success may be different from another, so here is a question: how confident are you in your numbers when you make your statement? More importantly, do you have the ability to accurately track the numbers that are important to you? Do you have the internal systems and software to get every piece of important information you desire? How long does it take you or your administrator to gather this information? Is your data presented to you in real time?

Running a brokerage properly can be a daunting task even for the best brokers. There are so many moving parts to manage. Not to mention, you are frequently dealing with people and their emotions and the impact their decisions have on their entire family. Managing the numbers in your brokerage is not just about you and your business, it is about your agents and their business. A strong understanding of your numbers will help you proactively identify when your agents are thriving and when they need help, allowing you to identify coaching opportunities, when to ask questions and when to congratulate them on a job well-done.