REPS 101 - Online FAQ

10 Numbers That Should Always Be at Your Fingertips

Posted by Taylor Reporting Solutions, LLC on September 16, 2009 at 2:28 PM

We all know, as soon as you start managing more than one community, it gets harder and harder to keep track of all the numbers. But when an investor or a board member wants to know what kind of progress is being made, you obviously want to have the key data immediately available. You certainly don't want to be scrambling to find information that you thought you had stored away up top!

Your weekly reports should include key data that is quick and easy to review and painless to compile. The following ten items are a good place to start.

(One note: The items at the top of the list may seem obvious, but the items lower on the list are just as important, and just as easy to capture. With the right reports, compiling and reviewing all of this information should take you no more than five minutes.)

10. New sales and cancellations during the last week, so far this month, and for the life of the project.

9. New move-ins and move-outs last week and so far this month.

8. New leads generated last week, compared to the average number of leads you get each week.

7. The number of active leads in your database.

6. The number of hot leads and when you expect them to turn to sales.

5. Completed outgoing phone calls and the number of appointments that were held by each sales counselor.

4. Appointments scheduled for the next week and the rest of the month.

3. Advertising dollars spent per lead, per sale and per move-in.

2. Conversion rates (new leads > calls > appointments > sales > move-ins).

1. Current sales goals and the number of new leads, phone calls, or appointments needed to reach the goal, based on your team's averages.

You will probably want to analyze some areas on a deeper level once an issue is realized, but with reports designed with your needs in mind, five minutes for each community is enough to spot trends, recognize warning signs, and identify areas where changes may be needed.

If finding this information is a struggle and currently takes more than five minutes, or if you are less than certain about its reliability once compiled, there may be ways to enhance your reporting system that could substantially simplify the whole process.

Check back mid-October for the Top 10 Ways to Streamline Your Reports!

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Reply Constance Barber
8:51 PM on September 21, 2009 
One of the things we often overlook is 'lost leads.' Our weekly report includes these leads and why/how they were lost. I've found this invaluable in identifying trends.
Reply Kate Phelps
3:02 PM on September 22, 2009 
Constance, this is a great tip. I think you're right that the details of those lost leads may tell a very informative story and are worth examining. Thanks for posting!
Reply Lori Woodward
10:34 AM on September 24, 2009 
I would recommend adding to #9--projected move-outs. Based on that number, the move-in goals (and all other goals) will need to change continuously. For #8--I'd make it compared to how many you NEED, not the averages you're already achieving (as those may not be enough). For #3--not just advertising $, but ALL lead-generation $. And for cost per sale, all staffing costs (salary, etc.) should be included. For #1, again, not based on current averages, but based on need/goals. Hope the suggestions are helpful!

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