It’s time to do your business plan! So, my blogs through December and early January will focus on helping you create that business plan–and getting your agents to plan.
You’ve decided to coach your agents in creating great business plans. but, if you’ve never coached an agent in business planning, it can be quite daunting.A� So, what do you look for? In this blog, I’ll show you how to use their statistic
listings taken to listings sold in normal market time.
to coach them to a better year next year. You would think agents know this statistic, but very few do. Ita��s so important, because it
- Determines whether the agent makes enough money per listing or not
- Determines whether the agent builds a positive reputation or a poor one
- Reflects the agenta��s value-proposition strategy
- Reflects on the officea��s productivity and profitability
Your success rate with listings sold is, in my opinion, the one most important reflection of agent value propositions out there.
For example: A�George Smith, a 10-year seasoned agent, has demonstrated a consistent listing strategy. A�Georgea��s a�?success ratioa�� is 40%. That is, he sells 40% of his listings in normal market time. What does that say about Georgea��s values proposition strategy? How is George a�?usinga�� his listings? Is that the culture you want perpetuated in your office?
Sally Overton has a different value proposition strategy. She has a 90% success ratio in listings taken to listings sold in normal market time. Obviously, she is building her referral systema��her raving fans. She is making herself more money in less time. She is drastically reducing the number of complaints (and attacks on her self-esteem, too). She is a role model for best practices in her real estate office. Is that practice more in line with your culture?
Your opportunity: As Georgea��s business planning consultant, youa��ll be a�?testinga�� George to see if he wants tochange his strategy (some agents love being a�?bait and switchersa�� too much to change). Youa��ll have the opportunity to help Sally leverage her awesome conversion rates to obtain even more raving fans. (Nothing succeeds like success).
Do you know your ‘conversion numbers’ in listings taken to listings sold for your company? When you make your own plan, be sure to do a thorough review, and find this number. A high number means you’ll be able to recruit better, get better retention, have better team spirit, and your agents can build on that reputation. A low number means you have a lot to work on!
Click here for a list of common agent business planning mistakes to help you as you coach agents through the planning process.
Excerpted from my online agent business planning system, Beyond the Basics of Business Planning.
Grab My Online Business Planning Program
Thought you’d get it done but it’s still on your ‘to do’ list? I want to help!
Managers: Frustrated because you can’t get your agents to plan? Problem solved! I’ve put my exclusive planning pages online–plus webinars to help you get through that plan fast. Don’t wait another year for business success. See more here.
Managers: I’ll teach your agents how to plan, too! Included in your Manager’s Package!
Ready to order? Click below:
Beyond the Basics of Business planning for Managers $249 (includes all the agent planning materials, too!)
Beyond the Basics of Business Planning for Agents $99
