How many times have you seen or heard \u201c#1 in sales,\u201d \u201cx number of satisfied clients,\u201d or \u201chighest-grossing broker?\u201d Probably more than once. What do these phrases mean? Are they even really measurable? More likely than not, phrases like these come under the heading of \u201cvanity metrics.\u201d<\/p>\n
Vanity metrics are things and data sets that are easily manipulated. For tech, it can include things like the number of downloads, page views, and registered users; rather than components that are truly important, such as profits and customer retention.<\/p>\n
Vanity Metrics in Real Estate<\/strong><\/p>\n Real estate, like any other field, has its share of vanity metrics. \u201cBeing number one\u201d is ridiculously subjective.<\/p>\n While some associates\/brokers\/offices have absolutely earned the right based on hard data, many have not.<\/p><\/blockquote>\n \u201cBeing number one\u201d could mean receiving an award from a random blogger friend, buying an award online, or just plain paying to have the title printed on business cards and in the newspaper; it really doesn\u2019t mean there\u2019s anything tangible or concrete behind the statement.<\/p>\n Nothing tangible<\/strong><\/p>\n Take for example the person that might say, \u201cover 2,000 satisfied clients.\u201d Sure, that sounds great on the surface. They must be doing something right if they\u2019ve made that many sales. Wait? Does that mean they\u2019ve made over 2,000 sales, or does it simply mean they\u2019ve met 2,000 people?<\/p>\n It doesn\u2019t say, \u201cI\u2019ve successfully sold over 2,000 homes and I have the documentation to prove it.\u201d<\/p><\/blockquote>\n It\u2019s also another vanity metric that is intensely subjective. You need more concrete information to make a judgment on the validity of blanket statements such as these.<\/p>\n Also, should you really choose a Realtor based on something so subjective?<\/p><\/blockquote>\n Show me a Realtor who has been in business for more than ten years with no marks on their record (ethical or otherwise) with their local association, and has the documentation to show they\u2019ve successfully sold homes to \u201chappy\u201d customers (read: they come with many recommendations) and I\u2019ll show you someone I\u2019ll put my faith in.<\/p>\n What you can focus on instead<\/strong><\/p>\n Every team is different. This isn\u2019t to say that major (and minor) sales milestones shouldn\u2019t be celebrated, because they should. Rather, this is meant to be a reminder to us all the vanity metrics are so easy to fall for; we\u2019ve all fallen for these lines, likely more than once.<\/p>\n Instead of looking to data sets with no meaning, teams should focus on internal metrics.<\/p><\/blockquote>\n How many clients do you have right now? How many of those clients have bought a home from you? How many showings have you done in comparison to sales? Are you getting positive recommendations and feedback? How much money are you making?<\/p>\n Things like this can tell you where you need to improve; it is concrete data (the recommendations might be a bit fuzzy, but you get the idea).<\/p>\n Listen to your team. Listen to your clients. Set attainable goals and reassess them as needed. Don\u2019t worry about those catchy little phrases, because you know what you need to do to close your sale and keep everyone happy.<\/p>\n","protected":false},"excerpt":{"rendered":" It is often easy to fall for vanity metrics, everyone does it. But “being number one” is so stupidly subjective, don’t cave.<\/p>\n","protected":false},"author":335817,"featured_media":20523,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"wds_primary_category":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[95],"tags":[194,1523,1524,1234],"class_list":["post-11182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-marketing","tag-marketing","tag-metrics","tag-numbers","tag-real-estate-news"],"jetpack_featured_media_url":"https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2022\/11\/WomenBusinessHandshake.png","jetpack_sharing_enabled":true,"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/11182","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/users\/335817"}],"replies":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/comments?post=11182"}],"version-history":[{"count":6,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/11182\/revisions"}],"predecessor-version":[{"id":20802,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/11182\/revisions\/20802"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media\/20523"}],"wp:attachment":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media?parent=11182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/categories?post=11182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/tags?post=11182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}