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In an industry where there are so many roads to success, finding a key metric to track can be daunting. How do you form your business plan around a single metric? Are systems a necessary? What can you do to improve your conversion rates without increasing your spending? On this episode, Lance Loken shares how he built a successful real estate business around a key metric and how you can do it too.

You build an organization to compliment your deficit. -Lance Loken

Takeaways + Tactics

• The one key metric that makes a real difference is the conversion rate.
• Each year should be planned in advance. The 1-3-5 method helps your team focus on one goal, three priorities that help with reaching that one goal, and five tactics for each priority.
• Most real estate agents have one weakness: they hate systems. Taking people from corporate America who are already accustomed to systems can be a good idea if you have a strong learning system for newcomers.
• Bring the \u201cwow factor\u201d to the table. Retaining clients is much more affordable than acquiring new ones.

At the start of the show, we talked about why it\u2019s powerful to track one key metric, and some of the ways you can work around the fact that agents hate systems. We also discussed how to motivate your team to focus on conversion rates and the 1-3-5 formula.

The best way to motivate your team to focus on a key metric is to get them involved in the development of the plan. Make sure you always remind them of the goal for the year, and schedule meetings where progress is discussed. Use the 1-3-5 formula to define one goal. Find out what are the three priorities that you need to achieve the goal and one to five strategies for each goal.

Guest Bio-

Lance Loken is the CEO of the Loken Group, former CFO of Francesca's Collections Inc and Johnson Companies. You can find more details about his work at http://www.thelokengroup.com/