How Using a Score Card Can Keep Your Real Estate Business on Track
What’s up, BP? I hope business is great and life is full of fun and adventure.
Want more articles like this?
Create an account today to get BiggerPocket's best blog articles delivered to your inboxSign up for free
Today I want to talk about something we’ve recently implemented in our wholesaling business that is really making a HUGE difference.
You know, real estate is a lot like sports. Getting to your target income goal is a lot like preparing for the championship game.
And you know, just like sports, getting to the “championship” in real estate takes a lot of time, commitment, and tracking.
In sports growing up, I always remember our basketball team kept a wins and losses column to help us track whether we had a shot at the championship game or not. We also had to track all of our game scores, our drills at practice, and a number of other items in order to help us determine where we stood compared to where we needed to be.
Wholesaling is the Exact Same Way
Recently, I’ve started having my team fill out something we call a “score card” each week, so that we can clearly see where we stand compared to our target income per month.
With it, we’re tracking everything. How many people we talk to, how many showings we’re doing, what our closing ratio is — everything!
It’s revolutionizing our business, and I have confidence that it will do the same for you.
You know, this whole business is simply one big numbers game.
In my business, I know because of our score card that we get about one deal for every 1,000 letters we send out in direct mail.
But if I hadn’t tracked that, I would have never known and would be taking a shot in the dark each time.
If your goal is to do 10 deals a month, but, say, you’re only putting out 5,000 letters, you’d miss it! You’d only get half — but how easily would it be if you weren’t tracking to think, “Five thousand seems like a lot — I’m sure to get the deals I need from that! I mean, shoot, 5,000 is about $5,000 in direct mail!”
But if you only send out 5,000 and your goal is 10, and you end up only with five — it’s not the letters’ fault!
Determining Where Your Business Should Go
In your business, you have to track in order to determine your ratios and your patterns so that you can determine your plan of action for your target goals.
It’s like running drills at practice. Keeping score shows you what areas you need to work on and determines what “drills” you need to run in your real estate business in order for you to finally be ready for your championship.
Keeping score and tracking everything in my business has really helped us begin to make more gross revenue than I ever have consistently in the past.
We have data to determine what needs to be done, and if you do the same, I promise you that in a few months your business is going to look drastically different.
Entrepreneurs: How do you keep track of your business’s stats?
Let me know with a comment!