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Whether you lead a real estate team made up of new agents, seasoned professionals, or a combination of the two, there will always be questions.
Why? Because new people are constantly entering the industry, and those who have been in business for a while are competing with new technology and an ever-changing, fast-paced industry. And when you hire high performing team members, they will want to keep improving and growing their skills.
As a leader, you don’t need to have all the answers, but you need to know which agents are asking and why. These are clues about their fears, interests, goals, and where they’re learning and growing (or not).
I also firmly believe in creating a system and structure, a platform from which agents can start and be successful. That includes education and training, and perhaps most importantly, teaching them how to think and learn for themselves.
These personal and professional growth skills will benefit them as real estate professionals, executives, or anywhere their careers take them. And remember, sometimes the best answer to a question is a question.
Let’s get started right away and answer some of the most common and urgent questions asked by agents on teams.
What should I do today?
The simple answer is: generate leads and meet customers. Yes, it really depends on those two things.
Generate lead until you have made an appointment. Then go to that appointment. If you don’t have customers to meet with, keep generating leads until you do.
I also recommend creating an ideal daily schedule. This starts from the moment you wake up to the moment you go to bed.
What’s your morning routine? When do you come to the office to start practicing scripts before starting your first lead generation session? When will you check email and contact customers? When will you train Do you have time for your family? When will you go to bed
Discipline equals freedom. When you can control your calendar and actually stick to it, you create a positive cycle of success.
When you have agents on your team, make it so easy for them that all they have to do is open their laptop, connect to the system, and call. Know who to call and what to say.
If you’re looking for an answer other than “lead generation” you may not be accepting your current role. Either generate leads for agents / talents or generate leads for customers. Either way, you will generate leads and meet people. As simple as that.
How am I supposed to do it all in one day?
Extreme time management is a possibility. What does your calendar look like? Are you actually tracking it? You need to act purposefully and consistently show up.
Make sure you understand what you want (and what only you can do), then use everything else or say no. Who can help you How can you be successful through others? Can you work with another agent? Hire a virtual assistant? Are you joining a team that takes care of marketing, operations, administration, education and training for you?
Remember the Pareto Principle: 20 percent of your activities should produce 80 percent of your results. Does your time actually reflect this? If you work 50 hours a week, will 10 of those hours produce 80 percent of your results? If not why.
How do I get better leads?
There’s no bad leadership, just bad (usually lack of) follow-up, and poor conversion. All of this can be overcome over time, over time.
Consistency is the name of the game. The typical Internet lead takes seven to nine attempts to contact them before actually making contact. Do not give up. Too many agents are doing this.
The best leads are those who are followed up until they convert – two days or two years or more from today.
I’ve been calling for weeks. Why do I have so little to show?
This business is a marathon, not a sprint.
Sure, you could find a buyer who calls on one of your deals and wants to make and close a cashless, unconditional offer in 30 days, but that’s rare. Consistency. The agents who win don’t give up.
How can I network more without working more hours?
One way is to increase your personal average sales volume. That doesn’t necessarily mean you only have to work with luxury clients. Simply adding $ 100,000 to your average sales volume can bring in an extra few thousand dollars per transaction.
Another option is to work on your negotiation skills. Look at your average commission. Does it match your market? Is it less than what you deserve? Negotiate! But make sure that you always lead with value and results.
Finally, take a look at your calendar. I will come back to that too. How focused and productive are you? Do you work 30 hours a week but spend 10 of that scrolling through social media? Cut it out! Take those 10 hours to generate and meet customers and your net income will grow.
What books should I read to grow personally and professionally?
One of my favorite questions! One that I’ll answer with a question: what areas of your life or career do you need to learn more about? In which areas do you need to grow?
From there I can point you in the right direction. Agents need to make sure they are thinking about and understanding their specific needs. One size doesn’t fit all when it comes to growth.
That being said, here are a couple of books to get you started: The One Thing: The Surprisingly Simple Truth Behind Exceptional Results From Gary Keller and Jay Papasan, The Surrender Experiment: My Journey into Perfection in Life by Michael Singer, Profit First : Transform Your Business from a Cash-Eating Monster to a Money Machine by Mike Michalowicz and The Dichotomy of Leadership by Jocko Willink and Leif Babin.
How do I compete for listings in this market?
What’s your Unique Value Proposition? What distinguishes you How do you do things differently Focus on your unique worth.
Maybe it’s a Guaranteed Sold program. Maybe it’s a huge network of local buyers. Maybe it’s cutting edge video marketing. Be you and emphasize what you do best.
Know your data. Position yourself as a true local expert by having the most up-to-date market data available. Use this data to rather than tell a potential seller what their home is worth in today’s marketplace.
Go one step further and let your customers know what is happening in the industry and in the economy and how this is affecting their buying and selling power.
Have more conversations. It’s a numbers game. You may not win every listing date or listing, but your prospecting should focus on the listing. List To Exist In Today’s Market!
How should I diversify my business sources for long term stability?
As with any business, you should have multiple pillars or multiple sources of income. This also applies to lead sources.
That doesn’t mean you do everything. If you try to do too much, you usually don’t do anything at all. I recommend finding the top three or four best lead sources (the greatest ROI) and double that.
Yes, the market will keep changing and changing, but consistent lead generation, follow-up, and attention to the customer experience will keep you competitive. As long as you are ready to change and change.
Here’s an example: Maybe Facebook is one of your most important sources. You enjoy social media and find that you are able to get involved and add value on this platform. But new social media keeps popping up – are you ready for it? You can’t be so bogged down that you miss out on other opportunities, especially if they’re that close to your niche – think TikTok or Clubhouse.
The same applies to the other lead generation. Perhaps your mortgage lender is your best source of lead. That’s great! It means you know how to build deep, meaningful, and mutually beneficial relationships. How can you expand that? Can you partner with insurance agents, titles, lawyers, builders, and more? Yes you can!
Stay creative and stay informed. Both of these will help you identify opportunities for diversification before you even need them.
How do I create boundaries around my real estate business while still being available to my customers?
This leads to deep inner work. It’s easy to say that you value your family, your volunteering, or your fitness, but completely different when you turn down clients in order to uphold your proclaimed values.
There are many reasons not to have limits and to be available to customers all the time – money, a real desire to serve, importance, and more. What is it for you What do you really appreciate? More importantly, what are you willing to sacrifice? And what is not negotiable?
Start there and stick with it. I find that I respect those business people who say “no” far more than those who say “yes” to everything. It shows that they know what is important to them and that they have limits. And who doesn’t want that?
I am starting to generate significant income from my real estate business. How do I use this money wisely?
Live below your means first and save more than you spend. Determine an annual income to live on, then pay off the debt and invest the rest.
I like to use the bucket system to split my income: monthly living expenses, security (six months personal living expenses), taxes, fun, and investments.
When investing, you have many options depending on your risk tolerance, interests, and level of participation in the investment. Two of the best investments you can make are in yourself (education, training, your health, etc.) and in other people.
But as with anything, you have to start with the end. Spending money wisely is a somewhat subjective thing. What is important to me may be different from what is important to you. Make sure you understand what you want and how you want to show up each day, then work backwards from there.
Your money is just a tool. Once you understand this, you will use it wisely.
As the saying goes, the quality of your life is determined by the quality of the questions you ask. The key to any question is making sure you are constantly taking action, learning, and growing. From there, ask bigger and better questions and create a virtuous cycle of growth.
Adam Hergenrother is the founder and CEO of Adam Hergenrother Companies, the author of The Founder & The Force Multiplier and the moderator of the podcast Business Meets Spirituality. Learn more about Adam’s holistic approach to business here.