Let's face it: The mortgage pros who track their numbers and have systems in place to hold themselves and their team accountable to results, tend to be more successful than those who don't. What are the key metrics we should focus on? How much should we be paying per lead or per client? What activities generate the highest ROI? In this episode, I talk about how we can make powerful progress by tracking key metrics and bringing structure to our business.
Not having data is like driving blindfolded and trying to stay on track without the feedback of vision. -Doren Aldana
- We can’t improve what we can’t measure, and the best way to measure how we spend our time, on what we spend our time, and how efficient our tactics are is to look at KPIs (key performance indicators).
- We have to take steps toward knowing where we are when it comes to our income, how many hours we spend being productive, and what activities drive our business.
- The goal metrics umbrella includes metrics such as income, funded loan volume, units closed, and leads. When it comes to activity metrics, tracking calls is one of the most important.
In the beginning of the episode, I talked about how important it is to know where we stand, what drives clients to our business, and what our current income is. From there we can start focusing on goal and activity metrics.
I also covered:
- Funnel metrics (cost per lead, cost per app, cost per closing, ROI)
- Database metrics (repeat and referral business from past clients)
- Conversion metrics (lead to app ratio, app to closed deal ratio, lead to closed deal ratio)
We can’t live the life we want if we don’t keep an eye on our progress. Looking at our current numbers and tracking everything might leave us a bit anxious, but we don’t have to be perfect. Just be better than we used to be last week. But in order to make progress we need to learn more about the key metrics that drive income and find out what areas in our business we’ve mastered and what needs to be improved.