One important metric you need to know right now in your real estate business is the local transaction volume % year over year.
This will help you make better decisions in your business.
Are you outperforming the market or are you below the market stats?
If your market is down 22%, but your income is down 50%, then this shows you that you are underperforming via market and there is room to grow.
If you’re underperforming the market, it’s you.
Which is a great thing to know.
One of the most powerful questions I heard in a session with Sharran Srivatsaa was this question, “did your business grow or did the market grow”?
During the pandemic many agents thought their business grew, when in all actuality their business didn’t grow, the market did.
Now with the market correction, many team leads are outperforming the market or sitting flat.
But flat on a negative market is a great result.
But the only way you do this is by really understanding your top line and bottom line numbers.
This is something I’ve been really focused on within our business in the last 5 months.
Real estate transaction volume is down around 30% across the US.
How do you combat this?
How do you make sure you’re not where many agents are right now?
How do you make sure that you continue to drive business and just perform with the market?
Well I can tell you how you don’t do it.
You don’t rely on referrals.
Because no one wakes up in the morning saying, “gee I wonder how I can refer Timmy more business today”.
That’s delusional.
You increase activities.
You double and triple down.
Here’s what you can do
1. Increase your number of door knocks
2. Increase your number of cold emails
3. Increase your number of social posts
4. Increase your number of open houses
5. Increase your number of post cards
6. Increase your ad spend
7. Increase your number of cold calls.
You gotta do more activity in this market.
Because for many real estate businesses I’m sorry to break it to you but in 2020-2022, your business most likely didn’t grow.
The market grew.
And if you don’t want to increase volume you need to up-level your skill and reach out to my friend Vikram Deol to allow him to coach you for free in his insane free trial.
Activities allow you to perform alongside the market. You need to have more conversations.
Because all conversion happens in conversation.
P.S. whenever you are ready and want another way to outperform the market, book a time with our team here: http://sheridanst.io/book-now