It’s interesting how the simplest ideas are often the most effective. Production charts are very powerful tools in the real estate environment, yet somehow many leaders pass up the opportunity to use them. In the example below, I have chosen to measure specific areas, but you can measure virtually anything that you want to, from actual production to productive activities.
Key factors in constructing production charts
- The production chart must be highly visual, replete with color coding, numbering and any other strong visual impressions that you can come up with.
- A production chart should also be portable so that you can bring it to office meetings, display it in the sales manager’s office or another prominent areas.
- Perhaps draft a form like the one below, but then have a graphics company make larger versions for you to post on an office wall.
Managing to the production chart
Consider the potential gain from the chart below, but please view it merely as an example of what can be done. The production chart provides both recognition and accountability at the same time. In the example, agent names are listed for all to see, but so also are key data points like ‘listing price’ and ‘commission percentage.’ Agents feel comfortable asking the manager to approve a low listing commission, but they would rather not have to explain it to their colleagues, who are often the very people who will be selling that listing.
Note that Open Houses are measured in three ways;
- Total number held during the month
- Name of agent sitting the open house, and
- Number of potential buyers in attendance
Agents market their open houses to varying degrees, but they will want to post good attendance results on the production chart in order to report back to their sellers and also to impress fellow agents with their professionalism.
Production charts can be an effective tool for reviewing existing inventory and introducing new listings during office meetings. If an agent has recently signed a new listing, have them enter it on the chart during the meeting. They will enjoy the well-deserved recognition! Try also displaying the production chart in the sales manager’s office. When agents ask if you’ve “got a minute,” pause and then throw a quick glance toward the chart before responding! Proper messaging is an important aspect of good leadership.
Finally, the production chart helps the entire team to rally around a unified goal. Set goals for each productive area and then watch the team work to “fill up” the chart. You will be shocked by how personally some individuals will take that responsibility.
All of this is true leadership. Strong agents will appreciate your recognition and direction.