Brokers: How to set up new agents for success
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Loading... - Mia Graham
- 20 Mar 2023
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With the incredibly hot market in 2021 and into 2022, we have a flood of new agents coming to the industry.
It’s a fairly common trend; when the market is hot, people get their real estate license and try to capitalize on the opportunity. As brokers, when we take a new real estate agent into our office, we are responsible for setting that person up for success. How do we do that?
The plan is simple. First, we want to clarify that your first year in the industry isn’t a calendar year. It is an 18-month year! That is because it will take about three to six months to establish a flow of clients.
Sure, some may get lucky and do a deal on day one. Even so, they must still do the work required to establish a steady business.
Second, we establish three key sources of business:
- Referrals
- Open houses
- Expired listings.
Let’s look at each one individually.
Referrals
Goal: Four clients
Is it reasonable to expect four clients, either buyer or seller, from your existing sphere of influence? If you focus your efforts for 90 days on getting introduced to one client from everyone you know, would you find one? Absolutely! This is a good, achievable goal.
Method: First, do 100 competitive market analyses (CMA) for everyone you know who owns a home. This is a necessary skill to master.
When presented to people as gifts, it is well-received. Also, when presented as a sample of the quality of work you wish to provide people who use your services, a new agent earns professional credibility with the people who already know and trust them personally.
Second, commit to providing monthly email newsletters to those who opt-in, and follow up with them once per quarter on the phone. Make no mistake, this takes WORK!
Result: Statistically, a new agent should find two buyers and two sellers from referrals. Of the two sellers, we can assume that one of them will also buy a home. Therefore, this activity is worth a minimum of five sales. Read More…
