Everyone should know their lead generation stats. The problem is, no one does. It can be challenging to know what numbers you need to track, and how to evaluate them. Improving your real estate wholesaling business requires knowledge of your current performance.
What can you do to get a grip on the analytics of your real estate investing business? You can start by knowing what you should be keeping track of.
Looking closely at the Lead Generation Statistics can be overwhelming to many people. You can clearly see how things are changing right before your eyes. The chart below shows lead generation stats for direct mail campaigns for the years 2014-2018. You can clearly see that the numbers and the results have changed. While the response rate for the campaigns have decreased over time, the average profit per deal has increased. This was done by taking control over the numbers, and having the knowledge to work on specific areas of performance.
|Cost Per Lead||$26.00||$17.61||$25.21||$64.21||$88.82|
|Value of Lead||$518.22||$137.90||$249.84||$249.08||$364.74|
|Cost To Close||$571.00||$1202.25||$1837.58||$3125.00||$3511.19|
|Leads to Closing Ratio||52:1||38:1||27:1||28:1||48:1|
|Direct Mail Response Rate||3.68%||2.98%||1.4%||.72%||.44%|
|Days to Convert||51||42||73||68||49|
|Percentage of Leads |
By the time I write this post, I've analyzed the SHIT out of my previous year, ripped it apart, and discovered areas that need improvement. After I analyze my data, I have a meeting with my team, and we decide on our goals for the upcoming year, and look for new ways to improve the business.
Without knowing the facts and the data about your business, there's no way to tell which direction you need to travel to get to the next destination.We wall want to improve our business, and be more efficient. To do that, you MUST KNOW YOUR NUMBERS.
Alof of truth can be told when you look at the statistical data from the last 5 years! All I can tell you is to KNOW YOUR NUMBERS and you'll know your business like a real business owner should.
Never step into the new year unknowingly.