So Long, 2020: 3 Questions to Help You Prep for Year-end

If you're just waiting to see 2020 solidly in the rearview mirror, you're not alone. It's been a long, stressful year for everyone--with more ups and downs than a theme park's newest roller coaster.

One silver lining in all of this, though, is that real estate has stayed strong. In fact, we're seeing agents ramping up in productivity, and the time is drawing near where brokerages need to evaluate those agents' production either through budgeting or reviewing year-over-year reports!

So today, let's get a jump on end-of-year reporting and information, because we can't wait for 2021, either.

What should you ask when reviewing your numbers for the year?

1. What happened this year?

Yes, the year did fly by—but there was still a lot that happened, even if it doesn't look like it at first.

To answer this question, it's time to put all the tools in your kit to work! Lone Wolf Transactions will always have the latest information on your agents' deals, so connecting it directly to your Back Office data means you know the office has that information, too, giving you complete oversight over every deal.

Then, use Insights to read all of that data from Back Office, so you can explore (in the most visual way possible) what's happened through the past year. It can also use this data to create comparison reports that tell you what you need to know.

2. How did my agents do commissions this year?

One of the biggest questions that brokerages typically have at the end of the year is whether any money got inadvertently left on the table. It's not the easiest thing to know, because it's usually the result of agents lowering their commissions for a deal—and they aren't exactly going to 'fess up.

This is where the commission cutting report (2.P.5.6) in Back Office comes in handy. It shows you every commission attached to every deal your agents have closed, and helps you spot where money might have been given up.

3. Who do I need to retain?

In an ideal world, you'd say every single agent, right? But unfortunately, it might not be possible—so the important part is to know who your key players are, and focus on them.

To identify them, you'll need to know what your agents made through the year, and be able to see month-by-month comparisons between your agents.

For this, you have a few different tools at your disposal: The net worth summary (8.F.2) and agent value report (8.F.8) in Back Office, and the customizable views in Insights can all help you evaluate this information and spot your must-keeps.

To view the original article, visit the Lone Wolf blog.