There are many ways to gauge the health and performance of your real estate business. The first and probably most obvious signal is sales volume.
But that’s only a partial view. There is more to the story. And if you don’t take into account specific service metrics, you are missing out on valuable data that provides a more holistic view of your business, and a path forward for growth.
“At HomeSmart, we see agents grow and become more successful once they join our platform,” said HomeSmart President Ashley Bowers. “And we can see this through critical service metrics.”
Even though the overall industry is facing downward pressure on agent commissions, the HomeSmart platform allows agents to earn more as they are able to close more transactions at an increasing pace and build their own brand.
Measure client satisfaction with a Net Promoter Score
Reviews are a powerful way to understand your value and demonstrate the level of service you provide. However, they are often anecdotal and difficult to transform into a measurable data point.
A net promoter score (NPS) is the gold standard of customer experience metrics.
The NPS asks consumers how likely they are to refer business to a provider, in this case, you. Those that respond with a score of 9 or 10 and are typically loyal and enthusiastic customers.
“HomeSmart has an average NPS of 90 from its agents,” Bowers noted. “That is a tribute to the way our sales professionals recognize the value of the services we deliver to them.”
Examine the overall trust of your brokerage
People do business with people, but the brand those people are associated with matters.
HomeSmart was recently ranked the #1 trusted residential brokerage by a third party survey. Trust is a challenging thing to measure, and yet it’s the backbone of any successful professional relationship. Real estate brokers and agents are trusted advisors but in order to be a true metric, analysis must happen. Thousands of consumers were asked to identify which brokerage they most trusted, and HomeSmart was ranked first.
Assess productivity with a benchmark analysis
Any time you measure, you need a starting place: that’s the benchmark. Without it, data points are meaningless. REAL Trends benchmarks brokerage performance in a variety of categories, such as the ratio of revenues to expenses, agent contribution to Gross Margin, and Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), and more.
Among national brands, REAL Trends found that HomeSmart had the highest productivity with one employee per 67.6 agents, and one employee for each 332.2 closed transactions.
“It was important that I had a tool–a system–that I could log into at any time of day, that I could quickly and easily see my transactions, and that I could quickly see what I needed to do on those transactions–of course those would be uploading required documents and making sure the information was accurate,” said Aaron Carter of the CarterMoiser Group and a HomeSmart Top 1% Producing Agent. “And with HomeSmart’s RealSmart Agent, literally, it’s so easy. I like the component of the technology working with the human component because not always can you get answers through technology, but the technology is there to save me time. So it’s kind of a one-stop place where you can have the communication, get what you need, get your business done, and for me, manage my transactions.”
“This analysis demonstrates how HomeSmart’s Brokerage & Transaction management software, the RealSmart Technology suite, amplifies productivity with the ability to support 92% more agents per employee than nearest competitor,” Bowers said. “And HomeSmart provides an all-in-one solution empowering our agents to maximize productivity, resulting in the ability to process 46% more transaction sides per employee than our nearest competitor.”
Let data tell the success story
A commitment to efficiency, service, and support for agents positions HomeSmart at the front of the pack when it comes to national brands.
“With a robust technology focus, we will continue to innovate and elevate our agents so they can deliver the excellent service their clients have come to expect,” Bowers shared.
Learn more about how HomeSmart can support your journey.