Avoid the seasonal slow-down sabotaging your agents’ productivity.
Sure, we’ve all laughed at this Game of Thrones reference – but the warning remains. As the market cools, and inventory declines – how can you keep your agents productive as the days get shorter?The autumnal decline in real estate transactions is an industry constant, year after year. Seasonal real estate trends were, at first, understood to be indicative of the weather (no one wants to go trompsing through 20 houses when it’s barely above freezing). Now we have virtual tours in 3 dimensions – eliminating the need to hike around in bad weather. However, the trends continue to remain from sociological reinforcement. We expect the market to behave a certain way, therefore it continues.
As the hullabaloo of buying and selling starts calming down, it can be all too easy for agents to fall into less than productive practices. As brokers, you can energize and motivate them to build their business even during this time. Fall and winter have become the key season for real estate agents to focus on referrals, relationship marketing, and building their contact network to lead to a strong pipeline in the coming year. Brokers have taken new interest in providing training during this time of year because agent schedules are typically less chaotic. Not only can recurring training lead to more productive agents, it also solidifies company culture and builds better agent loyalty. (Which you will want before tax season rolls around and they start staring at their commission numbers).
So, how are brokers getting agents to engage in this training? They’re coaching.
Coaching your agents toward success
Build rudimentary skills
- What are the basics?
- Bring agents of varying levels together to practice these skills
- Talk about the training as though it’s something all agents should know, and that all agents should practice.
- There is more than one way to buy and sell a house. Talk typical transactions and the skills needed.
- Then, step it up and talk about atypical transactions. Invite agents to tell their own stories and what they’ve learned.
- Encourage agents to think about using their skills to anticipate issues.
Set micro-goals to measure (and control) and reward success
There’s a lot of real estate training noise that looks at the success in this industry from a very lofty perch:
“Have you made your first $100,000?”
“You should be selling 200 houses a year!”
“If you aren’t spending $1,000 a month on Facebook, you’re failing!”
- Instead, build up your company culture and start rewarding success in your company with specific, achievable tasks.
Dave knows his agents could be more productive if they use their recently sold listing as leverage to gain the next one. So, Dave has decided to celebrate the agents’ recent closings on social media and encourage the agent to share that post. The agent participates because they feel pride in their recent success, and is motivated to listen to suggested practices from Dave and the brokerage in the future.
Kelly is the recruiting manager for an independent brokerage. She celebrates the milestones that may not immediately lead to profit, knowing that it will encourage her agents in the long run. New agents that join the company get a quick video-bio released on the company website, and Kelly encourages agents to use that video in emails to their sphere-of-influence and prospecting. The new agent feels valued and rewarded for joining, and therefore is encouraged to send out those emails as soon as possible and trust Kelly’s advice in the future.
Practice, Practice, Practice
- Never expect your agents to learn something or change their work process after being told only once.
- Much like a sports team will have daily practices, consider adopting a culture of daily learning in your brokerage.
Now, there are some stark differences between being a coach and being a broker. For one, it is unlikely your agents will dump 5 gallons of orange sports drink on you after selling a house. It is likely that you have a lot of other tasks on your plate that could keep you from investing enough time in coaching tactics.
What about a way to coach your agents in marketing best practices without adding extra work to your day? Imprev’s Marketing Guides, part of Listing Automation, coach agents at 4 key events throughout the life of the listing. Learn more: https://imprev.com/become-your-agents-marketing-coach-without-lifting-a-finger/.