Don’t fall victim to the per-person productivity analysis trap. Why? It doesn’t give the true picture of the office and can create a condition where you overlook your weak spots. This is a situation where the productive few agents are taking most of the listings and the rest of the agents are living off the calls as a result of the productive agents work. This is a “top heavy” office and if not now, sometime in the near future your office will become very vulnerable.
Be productive, balance your agent population and learn to attract experienced agents:
- Source your recruiting focus
Begin planning your strategy by identifying the listing agents in your market. Listing agents are defined by having 60 percent of their closed transactions come from listings. Prior to creating your target list you will need to recognize that an agent with two years experience and 10 listings is more likely to make a move than the ten year veteran with 15 listings. Determine the total listing inventory you want to add to your office and the agents that will come with that. Now you have a recruiting goal. Don’t target agents. Target their listing inventory.
- Make the initial call
The most critical part of the call is letting them know you tracked the number of listings the agent has taken in the last year along with their current listing inventory. Congratulate the agent, ask if they want to increase their listing inventory by 25 percent and then let them know you can coach them to get this done. Many, if not all will tell you they are happy and not going to make a change right now. That’s okay. Your objective is to create a relationship. Coach them to higher levels of production and be the first choice if they ever make a change.
- The first meeting
Your first step in the meeting is to get to know them as a person first and a real estate agent second. Moving to the business element of the meeting you are going to ask every possible question you can about their business. How many hours do you prospect? What is your farming strategy? How are you training your sphere to send you business? How do you feel about the technology you are using? How do you generate most of your business? Tell me about your listing presentation? Do you have a business plan? Do I have permission to create one after our first meeting? How do you feel about having a personal coach each month free of charge? Your goal is to find out everything possible about their business while creating a consciousness around the areas they can work on with you.
Schedule the next meeting in a week and come back with a business plan for the agent based on the information you were given.
- Second meeting
At this meeting you will present the plan and how you will coach them to execute the plan. Do you have questions about formulating the plan? Take a look at what worked for you when you were in sales or better yet look at what the productive agents are doing in your office and extend this out to your recruit. There are no secrets in this business so don’t worry. Operate from a place of abundance vs. scarcity. Schedule a time once a month for a coaching call or meeting. Now you are “coaching the competition”.
- Follow-up
Stay in contact constantly.
- Seven days after the first meeting send them something that is business building related via snail mail and e-mail. Make it valuable so that it helps them with their business.
- Follow up with the “did you get?” call. Get into brief “small talk” to learn more about them. This is a good time to further evaluate them for your office.
- After the conversation send a card immediately hand written. “If there is anything I can do to help you sell more real estate in less time please give me a call.”
- 30 days later send them something more personal from the information you gathered about them in the phone call.
- Make the “did you get?” call. If golf was their area of interest ask for a meeting so that you can help them get more time on the golf course.
- Another card immediately…hand written. Thank them for the time and end the card with: If there is anything I can do to help you sell more real estate in less time please give me a call.
Whether you are coaching or contacting you have now created a relationship built on value and attraction. Stay true to the process and before long they will ask to come aboard before you have to extend the invitation.
Be aware that you must have your office in order before you go out and offer value to other agents through coaching. Are you coaching your agents? If not you are going to create a process of bringing in agents that you are coaching and losing your agents that you are not coaching. Have your house in order before you start this process. Remember, it’s about attraction - not selling.
For more information
P: Rich Casto (866) 558-4632
W: www.therealestaterecruiters.com
E: recruit@therealestaterecruiters.com
