If you know anything about me, it’s that I teach my students and clients to use a scorecard.
What is a scorecard and why is it so important?
So, a scorecard has important info you need to be tracking as you get leads and do deals. Like:
- marketing you’ve sent
- how many sellers you’ve talked to
- how many offers you’ve made
- how many times you’ve followed up
- and more
So, as a coach, I can look at your scorecard and see exactly what you’ve been doing. Then, I can dive into deep waters to pinpoint where an issue might be:
- Is it the amount that you’re offering?
- Is it the comps that you’re pulling?
- Is it the way that you’re positioning yourself?
And we can start to work on that.
But let me be very clear: One of the hardest things for me as a coach is when people aren’t taking any action. If you’re not taking the action, the first thing I’m going to tell you is to take action. Because that’s the only way that I can actually teach someone.
You need to have a scorecard, and to do that, you need to take action. Plus, a scorecard helps you massively with accountability.
Heck, your son, wife, daughter, husband can keep you accountable, even if they don’t know anything about the business. Share the scorecard and say, “Hey, make sure you hold me accountable to these numbers.”
Look, if you can do 5 calls a day, make 3 offers a day and follow up… you’re going to do deals. Just remember, it takes time. You cannot give real estate 1 month — you’ve got to give it 6 months.
And you need to analyze yourself: Based on your performance in your REI business, would you hire yourself?
Interesting way to think about it.
You’ve got to attack every single day. Tired? Make 2 more calls. Long day at your regular job? Make 1 more offer.
Or consider this: If you wouldn’t hire yourself — then hire people who can do the tasks for you.
And make sure they have a scorecard!
The reason the scorecard is so important is because it forces you/them to focus on what’s most important. And what is that? Talking to sellers and making offers.
Your speed to income is directly proportional to the number of offers you make. And having a scorecard where you track the offers you’re making every day… you track the sellers you’re talking to… track outbound marketing — you’re going to see why you’re struggling. You’re going to see why in 3 months it’s not working.
The number one question I ask students when they complain that REI isn’t working is: How many offers did you make last week? And 9 nine times out of 9, it’s not enough if they’re struggling to make this work.
It’s simple: Make a scorecard. And, you don’t even have to be the one who creates it or updates it. Get a VA to do it for you. Start tracking your numbers!
- How many outbound calls are you making?
- How many text messages are you making a day, a week?
- How many postcards?
- How many letters are you sending out?
- How many people are you sending messages to on Facebook Marketplace?
- How many text messages are you sending to ads on Craigslist and Zillow?
- How much outbound marketing are you doing every day?
- How many seller leads are you talking to?
- How many contracts and offers are you sending?
And by the way, you should be sending offers to every seller you talk to.
If this sounds overwhelming, that just means you need help. And that’s ok. Just get somebody else to do it for you.
Whether you do the work or you hire someone to do it for — ALWAYS use a scorecard. It’s an incredibly valuable tool.
