How much?

It is a great time to be selling a house in my home town of Toronto. The real estate market has shown no signs of slowing down for years.

Not long ago, someone told me that ‘Toronto’ is derived from a First Nations term that means ‘you want how much for that house!’I have seen a few sold signs with an additional sticker that says “sold over asking”.

Sounds good for the seller, but what does it mean? Not much, somewhat akin to saying you are the best hockey player in Guatemala. It may be true, but doesn’t mean much. If the house was listed too low by mistake, the agent was incompetent. It may have been listed low as a marketing ploy, a way of creating a bidding war, which means the agent was less than forthright.

What it does not mean, on its own, is that the seller obtained the best deal – including price and other closing options.

What do we measure and reward in collections and do we set the best objectives for individuals and teams?

  • Hang time
  • Number of calls
  • % of promises kept
  • Number of promised payments

Each and every one may provide value but can also be manipulated and give you what you ask for – but not what you want.

We need to train and set the best possible goals and then there is no easy way around it – the ONLY way to measure and improve is to add a quality review. This means listening to calls made, what is said and HOW we say it.

  1. Attain – get the best collectors possible
  2. Train – it is criminal NOT to provide the best training
  3. Retain – Keep the best collectors for as long as possible.

Pithy Quote:

“Next to the writer of real estate advertisements, the autobiographer is the most suspect of prose artists.”
…..Donald Henahan