what to do when your team has questions
Do you feel a tingle of anxiety when your Agents come to you with questions? Whether you are working with new real estate agents or with senior professionals, as a team leader in the real estate industry, there is a certain pressure and expectation that you should either have all the answers in your back pocket, or at least know where to lay your hands on those answers.
The truth is, nobody can be expected to know everything, but it's always good to know what your Agents are asking and why.
This article will dive into seven of the most common and pressing questions asked by real estate agents and help you answer them in the best way possible.
What do I need to do today?
Before answering this question, make sure your team has a daily schedule in place. This schedule comes down to two things: generating leads and meeting with clients. If you don't have any clients to meet with, keep your lead generation going until you do.
Sounds obvious but, although making calls and having conversations about real estate are important forms of lead generation, you can't do that all day. Sooner or later all agents are going to ask what more they need to do. That's when you need to remind them there are more creative ways to generate leads such as: improving their customer experience, running ads, shooting video, or consulting with top performers.
When the time comes for them to make their calls each day, as a team leader, you need to make this process as easy as possible for your agents. Make it so all they have to do is open their laptop, plug into the system, and start generating leads. They should also know who they are calling and what to say.
How do you expect me to do all this in one day?
Time Management! It's as simple as that.
What does your calendar look like? Are you really following it? Do you have a clear to-do list?
As a daily strategy, prioritize your tasks. Make sure you include your colleagues. Who can help you out? Are you able to cooperate with another agent? Do you need to hire a digital media assistant? Don't miss out on the most lucrative real estate market in years, because you don't have the right resources.
You can also consider implementing the 80/20 rule, also known as the Pareto Principle. The 80/20 rule teaches us to identify an entity's best assets and use those assets efficiently to create maximum value. Based on this principal you should prioritize the 20% of factors that will produce the best results.
How do I get better leads?
In real estate, we don't have bad leads. Typically, by a bad lead we mean a prospect who was lousy at following-up (sometimes classified as a time-waster or not a serious buyer/seller), or someone who didn't convert into a hot lead quick enough.
Of course you need to know when to cut your losses with a lead, but be persistent. It's not easy to work with internet leads. As we know, you need to call seven to nine times until you can get an appointment. More often than not working with other agents to attract wider interest in your listings or to get your buyers into a new home quicker, can yield substantial results further down the line.
Don't give up. Many agents do. Follow-up with your leads until they convert – regardless of whether that's two days or two years from your first conversation.
What books do I need to read for personal and professional development?
Agents need to reflect on their particular needs. They need to know in which areas they want to grow. What interests them? In what areas do they want to succeed?
From there, you will be able to recommend some of the books that helped you in your career.
That being said, here are a few books to get you started:
- The Surrender Experiment: My Journey into Life's Perfection by Michael Singer
- Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz
- The Dichotomy of Leadership by Jocko Willink and Leif Babin
- The One Thing: The Surprisingly Simple Truth Behind Extraordinary Results by Gary Keller and Jay Papasan
You can find further recommendations here.
How do I generate more income without working more hours?
Two words: agent cooperation. By allowing other agents to share your listings with their buyers, and by showing your buyers listings from other agents, you're already well on your way to collecting more commission than you leave on the table.
In 2020, RE/MAX Lot in RE/MAX Turkey was ranked as the number 1 office in total turnover. This office was ranked number one in terms of agent cooperation as well. This is no coincidence.
RE/MAX Class in RE/MAX Italia completed an amazing 1,249 transactions, 480 of which were in cooperation with other agents.
In 2016, Christian Pfurtscheller started his first office RE/MAX Premium in RE/MAX Austria. Thanks to a strong focus on agent cooperation he now has a multiple office business which regularly features in Austria's Top 20 lists.
Each of these office owners, and many other agent team leaders across our network, have realised they can dramatically increase turnover without demanding that much more from their agents.
How do I compete for listings?
It would be best if you have the most up-to-date market data available. In this way, you position yourself as the real local expert.
Learn how to use this data. You need to educate your clients on the things happening in the real estate industry, which will affect their buying and selling power.
Create a reliable network in your area. Try to have more conversations about real estate. You may not win every listing appointment or listing, but your prospecting should certainly be listing-focused.
How can I recharge while remaining accessible to my clients?
You need to make sure that you can separate your personal life from your business life. It's easy to say that you will make time for your family and yourself, but can you really say no when your clients call you? If your boundaries and working hours have been clearly communicated to your client beforehand then yes, of course it is. If they haven't then maybe you should take the call and have that conversation with them.
You cannot work effectively if you never recharge. What aspects of your personal life can you be flexible with? And what is non-negotiable? You need to set these goals before you get to work.