The end of the financial year and mid-point in the calendar year is the perfect time to review your goals, aspirations, targets and achievements.
Now, I pose a question to you all…… Are you truly seeing a clear picture what it comes to gauging your success? What is growth – Is it management agreements signed?
The short answer is no. Growth cannot be measured by the number of pieces of paper sitting in your office. Why? Because this is just one small step down the pathway to a successful rent roll.
Signed paperwork does not generate revenue all on its own. To generate the revenue that this signed agreement provides for we must GAIN the property. We must lease it, a tenant must sign a lease, move in and MOST importantly, start paying rent. Or we must collect the management from another agency and again the tenant must PAY RENT to our agency.
This is the way we generate management fees.
GAINED MANAGEMENTS (revenue generating) = RENT COLLECTED = FEES DEDUCTED = OFFICE REVENUE
OFFICE REVENUE = WAGES to the team and hopefully PROFIT to business owners.
Too often we get caught up in a focusing predominantly on agreements signed without a deliberate focus on gains. Don’t get me wrong, I have no issue with signing up a bucket load of listings. What I would challenge you to do however, is measure the success of your department, PM, BDM or business based on more valuable metrics such as properties gained & the annual & ongoing revenue generated by these gains.
Listings are key – Gains are king!