Overview with tools, template, software, best practices and alternatives
Why do Real Estate Agents & Agencies do Reports?
Real estate pertains to a piece of land or any physical property or developments related to that land. It includes various structures like houses, buildings, landscaping, fencing, and wells.
Real estate agents or agencies generate real estate reports so as to communicate information and updates to the team and their prospect partners and clients. The updates help the team, the affiliations, and the clients to view, compare, and analyze data, which further enables them to make inferences and conclusion, and make rational decisions.
Aside from updates, real estate reports are also made to present essential information such as achievements, plans, and problems. Achievements serve as inspiration and motivation to the members of the team, allowing them to work and function better than before. Also, achievements such as a modest number of sales within a specific time period can boost the overall performance of the real estate team.
Real estate agents also make real estate reports to present trends, including a rise or a decline in the sales, as a group or as an individual effort. The trend status will help the team members determine if they are able to meet their goals or not. Not hitting the goal means that team members have to check their sales plan again and make necessary changes.
How Real Estate Agents & Agencies usually do Report?
Reports for real estate or agencies present data on the activities, performance, status, and progress of the team and the project.
In creating a real estate report, team members should take note that the data should be factual, updated, complete, and accurate. Since real estate involves sales of properties, team members cannot afford to lose sales, secondary to a report which has missing data or has a lot of data. A report that is incomplete or has multiple errors can present invalid information can adversely affect the plans, strategies, and actions of the team.
The achievements of the team can boost the performance of the team members and the team itself. The team’s accomplishments may include quantitative data, such as the number of prospects, phone calls, appointments, and inquiries. Teams can track their achievements on a daily, weekly, monthly, or quarterly basis to see the trend within a specific period of time. Also, quantitative data can be presented using tables, graphs, charts, and diagrams.
Typical questions/metrics/topics that are usually covered in a Report Real Estate Agents & Agencies is/are doing
- How many deals have you closed?
- How many transactions have you handled?
- What are the available resources to the team?
- What are the actual threats that you see? How are you going to solve them?
- What are the potential problems that you foresee? How are you going to prevent them?
- Do you have other concerns or issues?
- What are your achievements for today?
- What short and long term goals do you have in order to meet the company’s objectives?
- What strategies and actions will you implement to meet the plans?
- Were the strategies and actions previously implemented successful?
- What are your strong and weak points when it comes to managing the team?
- Do you see any open opportunities for improving your management skills?
- What are the feedbacks of your subordinates on how you handle them?
- What is the trend in your performance? What is its implication to your future performance?
Advantages & Best Practices of doing Reporting at Real Estate Agents & Agencies
Reporting for real estate agents or agencies is beneficial to the team for the following reasons.
The first advantage is communication. Real estate reports allow team members to communicate important information to the team members and team leaders, allowing them to analyze information, make inferences and conclusion, and make logical decisions.
Essential information can be shared with the members of the team and this includes the team’s accomplishments, plans, and problems. The team’s accomplishments can boost the performance of the team members and the team itself as they can serve as inspiration and motivation. Plans serve as the team’s guide in developing strategies and implementing tasks. The problems of the team are also indicated in the team for the team members and leaders to discuss ways to solve actual issues and prevent potential problems.
Disadvantages & Pitfalls at doing Reporting at Real Estate Agents & Agencies
Reporting for real estate agents or agencies can be beneficial in several ways, but there are also times in which it can be a disadvantage to the team.
The tasks that real estate agents do are time consuming as they have to enlist their prospects, contact them, schedule appointments, and accompany their client to the specific unit their client is interested in. Writing a real estate report is another time consuming task, as it has to be complete, detailed, and accurate. In addition, it can consume the time intended for doing the regular tasks and responsibilities of the team members.
Real estate reports can be generated and sent online as the real estate agent may be located in various sites. Online preparation and dissemination of reports require a stable internet connection and poor or absent internet access will not allow team members from sending and receiving updates to and from other members of the team.
Why Teamreporter is great at doing Reporting at Real Estate Agents & Agencies?
Teamreporter is a business application or tool that uses scheduled report mails to reduce the number of status meetings of the team. Small teams with up to four team members can use the application for free and signing up just takes up to less than a minute.
The interface of Teamreporter is easy to use and automated, making it easy for team members to send and receive information to and from other team members. teamreporter sends e-mail notifications to the members of the team, asking them to submit information such as their plans, achievements, and problems. Teamreporter will create a summary of data, which is dependent to the team members’ responses. The data summary will be sent to the team members the next day.
Team leaders can gain advantage from Teamreporter as they can get a clear oversight of the status and progress of the team and the real estate project. They can also evaluate the performance and activities of the real estate team and agents with the reports the latter give to them. Also, the data summary from Teamreporter’s update can be used by team leaders in evaluating the team and its members. Moreover, information from Teamreporter can be used when team leaders make their training modules.
Teamreporter is a flexbile tool, which allows the members of the team to use it in any workflow and work environment. They can adjust the schedule of the report mails and can also change the questions in Teamreporter’s interface. Another good point of using Teamreporter is its adaptability when used with a web browser and e-mail. Also, team members can integrate Teamreporter with other applications that they are using.
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