In the real estate world, numbers can be a game-changer, and Fiona Blayney, founder of Real+, explains why basic maths can make or break your business.
She took to the stage at Elite Retreat to urge property managers to get excited about data, stating that when you dig into the figures, they can reveal both hidden problems and untapped opportunities in your business.
Fiona’s journey to mastering the importance of data has been a long one, but her passion for it is infectious.
“If I achieve nothing else today, it’s that you leave here with a new respect for understanding the numbers that drive your business,” she said, emphasising that numbers aren’t just abstract concepts—they are tools that can lead to real-world results.
Using a mix of humour and practical examples, Fiona makes numbers relatable. She shares personal anecdotes, such as calculating how many Saturday nights she has left based on her life expectancy. “I have 2,457 Saturday nights left,” she jokes, “and that really made me think: What can I do with this time?” This ability to turn abstract data into something meaningful is what sets Fiona apart.
Her approach to numbers is simple but powerful: “Numbers are just mathematical objects used to count, measure, and label. We get scared of them, but really, they’re just tools to help us understand our business better.”
For Fiona, data analysis has been transformative, especially when it comes to managing teams and tracking business performance. She recalls working with a client who had eight Business Development Managers (BDMs) but wasn’t hitting targets. “When we dug into the data, we discovered the issue wasn’t the BDMs’ performance—it was that nine key referrers hadn’t referred to a single property all year!” This discovery allowed the client to refocus efforts, improving results dramatically.
Her curiosity-driven approach to data helps uncover hidden value in businesses. “Data shows us where we need to focus. It tells us where the growth opportunities are,” she explains.
One of her key strategies is to know both the cost and value of every minute in a business. “Do you know how much it costs for your staff to stand around chatting? I do. It’s $1.63 per minute.” Understanding these costs helps businesses make informed decisions about where to focus time and resources.
Fiona also believes that growth doesn’t come free, but when you understand your return on investment, it becomes a no-brainer.
She provides examples of how businesses can invest wisely by knowing the potential returns, such as spending $80,000 to bring in a new management for example, which would generate $110,000 in cash flow.
Her final takeaway is that data isn’t just about identifying problems, it’s about creating opportunities. “When you know the numbers, you can shrink the time it takes to complete tasks.”
By reducing inefficiencies, businesses can become more productive and profitable.
Fiona concludes with a simple but powerful piece of advice for real estate agents and property managers: “Get curious. Ask the right questions. Understand your numbers, and you’ll see the path to success open up in front of you.”
