These three metrics will help you ensure a stable financial future.
If you’re like most agents, you may gauge your financial responsibility based on the balance in your bank account. We can relate to this. However, now we’ve learned the importance of projecting cash flow for the next 90 days. Here are the three key factors we consider when we do this:
1. Buyer pre-approval letters. We assess the number of active buyers who have obtained pre-approval from a lender. This gives us an idea of how many serious buyers are in the market.
2. Our listing pipeline. We track the number of properties we currently have listed for sale and keep an eye on upcoming listings. This helps us gauge the inventory we’ll have available to generate income.
“Predict your cash flow and track it consistently.”
3. Appointments met. Within our team, we’ve established a correlation between the number of appointments we attend each week and the resulting number of closed deals or contracts. For instance, if we meet with five appointments, we can expect to close or put one property under contract.
By analyzing these key activities and metrics, we can make informed projections about our cash flow in the coming 30, 60, or 90 days. Our challenge to you is to identify one metric that you can use to predict your cash flow and track it consistently.
If you need assistance with implementing this strategy or determining the appropriate metric for your business, contact us today to book a strategy call. We’re happy to help you out, so call or email us anytime.
