Property Leaderboard Dashboard
Leaderboard Dashboard Ver 2.0
Current leaderboards in the most brokerages are outdated and don’t have as much relevance as they once used to. Global insights are required for brokers to make informed decisions based on local market metrics when evaluating market share and competition.
Clarifying the Process
Evaluate current active listings on the market and organize data by brokerage office and agents. Views can be generated by brokerage and top agents for that specific brokerage can be viewed but also agent insights can be gained for a specific region without brokerage relation.
Drill down data to a view that consists of not only number of listings but also factors in total sales volume, potential commission earnings, total agent count and total office count. Data can be compared within the agency and across different agencies within a specific region.
Clarity Through Data Analysis
Brokers are more comfortable steering their company knowing their position relative to the competition in the local marketplace. Agents can also view their ranking relative to not only their peers but also to other local competing brokerage offices.
Real Estate Agent Leaderboards
Brokerage offices oftentimes have internal leaderboards indicating which agent in the office is leading in terms of listings relative to their fellow peers in the office. But, that’s where the competition stops. Or, at least the visibility into the competition is limited to that office.
Brokers and agents are always curious (or at least should be) how they fare against the competition within their own backyard. The insight shouldn’t simply be limited to comparing how many listings agents have but also factors including the total value of listings per office and per agent.
Other factors that could provide some critical insight into the performance of an office include the average listing price per agent and the distribution of listings among agents. Variables like this help a broker understand if listings in the office are fairly distributed or perhaps concentrated only within the top 20% of their agents (weighted distribution). If the distribution of listings proves to be concentrated within the hands of only a select few agents then there could perhaps be a retention issue with the bottom agents. A broker who is motivated to improve the overall performance of their team may take various initiatives including pairing rookie agents with low listing counts with stronger performing agents.
It’s important to gain this transparency and clarity to generate actionable insights and formulate a game plan to improve the overall performance of an office. While one agent may consider themselves top performing relative to their peers within the office, they may in the bottom half of the pack when measured against outside brokerages within the same locale. This may prove that the agent has considerably more potential to grab more market share within the same competing region. If that agent specialized in the condo market then it would be wise to compare them against other agents from within the same region and the same property market segment (condos in this example).
On the other hand, if an agent specializes in luxury home sales and has an average listing price value that is two or three times more than the average listing price within the same office then it would be unfair to compare them against other peers or external agents by the sheer number of property listings. They may have more commission earning potential when evaluated by the total volume of sales as opposed to a simple listing count metric.
If a broker is finding themselves to be at the head of the pack within their own backyard in a particular property segment then they may want to compare themselves against other leaders within similar regions and see how they stack up against them. This may provide them with some insight into how well they are performing relative to other brokers in other regions that may not necessarily be direct competition but may lead an example to what strong sales performance may look like on a wider scale. They may want to evaluate themselves in the “big league” to gain insights into how far they could set the bar and not be limited by a glass ceiling imposed by the short-sighted view of competing offices within their own backyard.
It is data insights like these that aid us in helping improve the overall performance of brokerage offices and help them set benchmarks that drive performance and growth.
Short guide provided below on how to interact with the leaderboard data visualization:
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