4 Easy Steps to Put Your Agency Performance Metrics to Work
Business metrics are the foundation of any performance monitoring strategy. And while every area of business has specific performance metrics that should be monitored, are they working for you?
Every person in your agency has a critical role to play. As a manager, your success is largely dependent on the success of those you are leading – admin staff, a sales team, or the whole agency. Your bottom line depends on the level of engagement, effort and ultimately success of staff. As a leader, you’re responsible for keeping others on target to reach their goals. How that looks inside your agency might differ from elsewhere but, no matter where you work, there are a few things you can do to help achieve top performance from everyone.
1. Set & Agree on Targets
When it comes to targets, buy-in is imperative. In order for each member of staff to commit themselves to working towards a target, expectations must first be clearly communicated, understood and agreed. Clearly defined targets set the stage for performance measurements and subsequent steps. If the target is four new listings per month per agent, for example, then your agents know they need to track one new listing every week. Even better, if your agents know their appraisal to conversion ratios, they’ll also be able to set targets for the number of appraisals required per month. Other examples include the number of calls made and the number of inspections held.
2. Monitor Performance
Your CRM should have reporting capabilities to assist you in monitoring how staff are progressing towards their goals. Accessibility is key, both for yourself as a manager and for your staff. Agents should be able to track their own progress and see how their current performance compares to a previous period. Give your agents the tools to do this, and they’ll be more likely to push towards that goal you’ve agreed to.
As a leader, your CRM should also provide you with the ability to track individual as well as agency performance. Access to performance metrics will show you who’s performing well and who’s underperforming. Who needs coaching and who needs celebrating. It’s your all-access pass to better people management.
3. Check In
The most important part of performance management is the check-in – the weekly, fortnightly or monthly meeting where you meet with a member of your team and run through their key metrics. For an agent or admin to take your feedback on board and use it to improve their performance, it must be:
2. Relevant; and,
That means up-to-date performance metrics must be delivered when it matters and with enough specificity to make improvement actionable. If you’re checking in to discuss a dip in numbers, do it after a week or two of falling metrics – not after six months. Identify potential issues (and opportunities) early so your check-ins achieve what they’re supposed to: early identification of opportunities for improvement and removal of any obstacles in the way of reaching targets.
4. Review, Revise & Reset Targets
The targets you set at the beginning of the year might not be relevant six months in. Consider resetting your agency targets at the beginning of each quarter, to make sure you’re giving your people their best chance of succeeding.
Perhaps you know from experience that, in Spring selling season, your agents are fielding off buyers left, right and centre. Properties practically sell themselves. In which case, you could increase your quarterly goals. On the flip side, you might want to give your staff a little leeway around the Christmas holiday period – when buyers and sellers tend to go on holiday.
Effectively tracking and reporting on performance metrics will help your agency and individual staff to improve, year on year. So, jump into your CRM and investigate its reporting capabilities. Make the most of the tools at your fingertips. If your CRM doesn’t help you do all of the above, it might be time to look for a tech partner that understands your business.