Archive for mutual expectations,
Are You Prepared for those 77 Interview Questions?
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Are you prepared for those 77 interview questions?
You’re interviewing a would-be agent. But, you quickly find out these aren’t interviews. These are Q and A. And, the would-be agent is asking all the questions. You, ever gracious, are taking hours with each person. Unfortunately, you never see most of them again.
I just finished my new eBook Launching Right in Real Estate: What They Won’t Teach You in Pre-License School. Of course, to write the book, I contacted dozens of newer agents. I also drew on my experience of having interviewed thousands of eager, enthusiastic–and naive–people who thought they would love selling real estate.
They Have More Questions than You have Time to Give
When I was a new manager, I graciously spent hours answering these many questions. I found out, though, that I didn’t get to know the candidate at all. Why? Because they just weren’t far enough along in the ‘gathering information’ process to answer my candidate questions. They were just hungry to get information.
Would-Be Agents Get Lots of Dis-Information
I found out that these would-be agents thought:
- They would make $100,000 their first year in the business
- They could work 20 hours a week.
- The business consisted of looking at pretty houses and selling them to clients that magically appeared.
- Somehow, the client would find the agent.
- Armed with business cards and a good company name, the agent would provide great service, were ‘honest’, ‘worked hard’, and would ‘go the extra route’. (Heard those claims before?)
- Someone (manager, company, relo, websites) would provide them leads–all people ready and willing to buy from that agent.
- Their training program would give them all the answers and they would be educated to deal with any client.
Where Did the Would-be Agent Get These Fantasy Ideas?
From affiliates, friends, reading, and, unfortunately, some interviewers. Oh, I almost forgot. They also get it from agents who write those ‘how I made a gazillion dollars selling real estate in a half year in my spare time’.
How Do You Set the Record Straight?
I tried to solve that problem by handing the would-be agent lots of information. Finally, one of my new agents said, “Why don’t you put that in a book?” So, I did. I found providing the book early on in the relationship saved both the would-be agent and I time, and gave the would-be agent better information with which to interview.
Back to those 77 Interview Questions
Get ready to answer ANY of these 77 interview questions…..
Download those interview questions and topics below.
Save time and give those eager would-be agents good, straightforward, realistic information. The easy way to do that is to get Launching Right in Real Estate and provide it to your would-be agents. Pre-order now and get it at half price (regularly $24.95, now $12.95). Available June 1, 2021.
The Five Most Important Questions Would-be Agents Should Ask You
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What do you think are the five most important questions the would-be agent should ask you? I know. You have your favorite interview questions. At the same time, the prospective agent has questions for you. I’m just publishing my new book, Launching Right in Real Estate: What They Won’t Teach You in Pre-License School.
In this new eBook, I answer the myriad of questions the new agent candidate has. In addition, I provide advice on whether real estate may be for them (a series of self-analyses), a look at a day in the life, so they know what to expect, and the business start-up plan to assure they make a sale fast.
Thousands of “Interviews” have Taught me a Lot
The other day, I figured the number of interviews I had done with would-be agents. I was astounded to find it was in the thousands. Did I ever learn a lot from holding these interviews. At first, I interviewed them–well, I thought I interviewed them. But, in reality, it wasn’t an interview, it was a Q and A–and they were asking all the questions. So, I started putting all those questions and answers in handouts. Finally, one of my newer agents said, ‘You should put that in a book.” So, I did. Then, when a prospective agent wanted an “interview”, I provided them the book. When they were into the pre-license course, I would schedule an interview. What I found was that I could really do an interview. I could spend most of the time asking questions and deciding for myself whether that person would be successful in real estate, and whether she would be a ‘fit’ with my company.
A Question for You First
Before I show you the questions that I advise readers to ask, let me ask you:
Those Five Important Questions
Your Turn: What Do You Think Prospective Agents Should Ask?
Save Time! Get More from your Interview.
You can pre-order this eBook now here.
How to Absolutely Predict if They Will be Successful Selling Real Estate
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Here’s how to absolutely predict they will be successful selling real estate.
Nope, it’s not about behavioral profiles. Although they are somewhat accurate, there are qualities, traits, and skills that most profiles don’t measure. It’s not the entrancing, rehearsed answers they give you to your equally entrancing questions during the interview. Words are cheap. It’s about measuring activities.
Watch What They Do
Yes, you’re going to ask the right type of questions during your interview (See ‘behavioral predictor questions’ in The Complete Recruiter and Your Blueprint to Select Winners). However, even when their answers are on track, they’re not actions–yet. Instead, watch and measure what they do from the first day in the business.
What New Agents Say They Expect
What does that mean? When do they have to start looking for leads? That first week in the business! Yet, how many of them start lead generating even in the first month?Expecting ‘Dumb Luck’ to Carry them to Success
Inevitably, there is a new agent who has an Aunt Martha in his back pocket. That is, Aunt Martha wants to buy a home, and has told nephew Tommy she’ll wait until he gets his license to purchase from him. Ca-ching. Dumb luck. Tommy concludes that’s how the business goes. You just wait for someone to find you and sell them a home. We know that’s not the norm, though. Unfortunately, Tommy’s going to wait a long time for that next transaction! The ‘dumb luck’ approach to the business results in low results. Since the ‘dumb luck’ agent isn’t doing a business start-up plan, we have no way of predicting results, because we can’t measure business-producing activities. We can only measure other ‘dumb luck’ agent incomes. That’s way too late to actively coach–or to terminate with purpose.
Are You a Pardon the Expression–‘Dumb Luck’ Manager or a Business Start-up Coach?
Dumb luck managers just look at results; sales and listings sold. So, they are not aware that agents may be failing for months. If new agents expect to make a sale in month one, how many months do you think it takes for them to get dis enheartened? 2-3? Not long. So, once they’re mentally and emotionally out of the business, they will resist any help from you. They’ve decided they can’t make it in the business. They’ll stay awhile, though, for ‘dumb luck’ transactions.
Leave Them Alone–They will Leave–and You’ll be Surprised
They’re nice. They are team players. Although they aren’t selling much real estate, they’re not causing problems, so you leave them alone. One day, they come in and tell you they are going to ABC Realty, because they will get ‘support’ there. They have a marketing person to help them, etc., etc., etc. You are surprised and dismayed. You thought they were happy with you, even though they weren’t experiencing much ‘dumb ‘luck–or any kind of luck. That’s the problem with leaving them alone until they fail. It’s too late for them–and you. It’s a huge retention problem.
Tip: Even though they keep rebuffing your efforts at ‘help’, keep trying to put them into a business start-up plan, so they’ll come to the conclusion that you are on their side, and that is the way to create a concrete, predictable business. Then, if they leave, they leave without blaming you, or trying it with another company who provides ‘more support’.
Lead Generating on Purpose
Do you start your new agents in a specific lead generating plan their first week in the office? Is it made up of prioritized lead generating activities? Does it have ratios of activities to results, so the new agent knows whether he is on track to his goals? Here are my activity ratios that will result in 8-12 transactions the first year in the business:
20 contacts to get one buyer or seller lead
8 times of putting people in the car to sell someone a home
3 listing appointments to gain one marketable listing
80% of listings sell
80% of transactions close
What are the ratios in your office? Do you coach your agents to those ratios? Do they know the work it takes to consistently generate the income they want to generate? Or, are they counting on ‘dumb luck’?
What do You Wish They Had Been Told?
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What do you wish new agents had been told before they hit the ground?
You could save many hours interviewing and informing would-be agents if they knew the facts–and the best questions to ask.
I’m just completing my new book, Launching Right in Real Estate: What They Won’t Teach You in Pre-License School.
I started gathering information for this book as I interviewed dozens of would-be agents. They were hungry for information. I found they had lots of misinformation, too, from various sources. So, I started gathering reams of information to hand to them. Finally, one of my agents said, “You should put that in a book.” So, I did. I’ve just written a whole new version, with the most updated facts, figures, tech, and knowledge I can find.
Lots of Info on How to Become a Zillionaire Selling Real Estate, But…
There’s little or no comprehensive information on the decision to or steps to becoming a real estate agent. Or, as I read articles, they sound too good to be true (and they probably are). The real estate agents I talk to are quick to tell me what they wish they had known prior to getting into real estate. They tell me they weren’t told the whole story. So, this book is from the perspective of the would-be agent–not the agent already in business.
In this eBook:
- Common myths about real estate as a career
- How to tell if this is a career you’ll love—and whether you have the habits and skills to succeed
- How much money you can make—and when and how you’ll get paid
- What it costs to get started—and how to budget so your money doesn’t run out before your first commission
- 70+ areas to query your interviewer to assure you pick the right company, office, manager and team for you
- The 5 most important interview questions to ask
- The best first-year start-up plan to launch you right and get paid fast
- 30 actions to take during your pre-license training to hit the ground running after you’re licensed (great to help agents make money their first month in the business!)
Not a Pie in the Sky Viewpoint
I’ll warn you. This is not a sugar-coated, everyone should become a real estate salesperson eBook. Why? Because our industry is not doing itself any favors by inviting everybody and their brother into the business (which is what we do–sorry, but we do). This book has several self-analysis tools to help readers figure out if:
- They will love selling real estate (several questionnaires)
- They are ‘wired’ to accept the actions and responsibilities of selling real estate
- They have the financial back-up to start the business
Can You Help Me Out Here? FREE book!
What do you find is a misconception your interviewees carry into the interview process? What do you want me to tell them as they prepare for a career? What advice to you want me to give them? How can I help you save time in the interview process and prepare good people for a real estate career?
Tell me me in the comments here. I’ll send you complimentary copy of the eBook, out in mid-April. Thank you for your contributions to our industry!
Romance vs. Reality: Two Views of the Real Estate Business
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The ‘romantic’ view: I’ve got my license, my business cards, I’m with a wonderful company. People will find me, be really nice to me, never offer objections, never lie to me, and do whatever I tell them. I will make lots of easy money fast, working no more than 30 hours in a hard week.
The ‘reality’: I don’t expect people to find me. I have to go out and find lots of people. I have to use my ingenuity, grit, tenacity, and never give up. I have to be able to say ‘I don’t know but I’ll find out’ a dozen times a day. I have to be able to tolerate clients not showing up, not telling the truth (come on, don’t be tough on me, it’s true….), not buying when they should, and listing with someone else.
How do we present reality? You can help. I’m editing the 6th edition of Up and Running in 30 Days, the internationally-published business-planning/action book for new agents. I’m also finishing a new book for would-be agents, Launching Right in Real Estate: What They Won’t Teach You in Pre-License School.
Tell me what you think. I’ve made 2 surveys, one for agents and one for managers. They each will take you just a few minutes, and you’ll be helping our industry prepare people for the reality of the business, not just the romance.
Here’s the link to the survey for agents.
Here’s the link to the survey for leadership.
Please return the survey to me by Feb. 27. If you’re quoted in either book, you’ll receive a copy, of course, and acknowledgment in the book.
When Agents’ Demands are a Good Thing
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Here’s when agents’ demands are a good thing.
As a manager, admit that, when you see certain agents coming toward you, your instinct is to run the other way! I’m not talking about those situations, though. I’m addressing those new agents. They probably won’t make demands. In fact, they may be afraid to approach you.
An Agent Who Seeks You Out Is More Likely to Succeed
. Inversely, agents who hang back, afraid to ask for the manager’s guidance, in my observation, will be less successful. Why? Because it takes intestinal fortitude (guts) to launch a real estate business. It takes jumping in, taking risks, and willingness to fail. It takes the same qualities to be proactive in seeking out the manager’s help.Failing, hiding, and leaving. Over and over, I see agents failing, avoiding their manager (even when he asks to help), and then leaving. Unfortunately, these agents often tell their side of the story–that they didn’t get enough ‘support’. They are right. Secret agents don’t get a lot of support. But, that’s not the fault of the manager.
Confidence in Oneself Is Behind the Action
Agents who come forward to ask for help–or to thank the manager for help–are more confident in their own abilities. They want to succeed. They’re willing to be guided by their managers. These attributes show me, again and again, that they are future success stories.
Advice to agents: If your manager doesn’t come forward to ask to coach you, go to her! I really appreciate new agents who consistently make appointments with me to let me know what they are doing, how they are doing it, and how I can assist them. That’s managing the manager! Obviously, these new agents get more of my attention, concern, and positive strokes—the fuel for motivation.
See more on how new agents can work successfully with their managers in Up and Running in 30 Days.
What Should An Agent Know Before Committing to Real Estate?
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What should an agent know before committing to real estate as a career?
After interviewing dozens of would-be agents, I had compiled a stack of paper that I handed out to interviewees. I was trying to educate them so they could make a good career decision. One day, one of my recent recruits said, “You should put that in a book.” So, I did. Now, I’m creating a new edition of the book. I’ve renamed the book
Launching Right in Real Estate: What They Won’t Teach You in Pre-License School.
What should be in the book? What’s most important for that would-be agent to know? What mistakes do would-be agents make in choosing companies? What could I add to make
Saving Management Time
From all those interviews, I found I wasn’t really interviewing. I was educating. What could I include in the book that would save you interview time, and prepare the candidate for a real interview?
What misconceptions do would-be agents bring into the business that cause them to start slowly or fail?
Blast-Off for Launching Right
I’m planning on having the edits done by Dec. 1, so the eBook will be available a few weeks after that. Please add your experience and expertise so I know the contents will be useful to real estate managers.
Just leave me a comment and contribute to our industry. Thank you!
Drilling Down to Find Your Next Great Manager
Posted by: | CommentsIn my earlier post, we discussed finding that next great manager. Now, here’s more information you need to get that great leader–that person you’ll enjoy working with!
You are Not Done Describing the Job
You need to attach your performance standards for management activities (minimum expectations for that person to retain his/her job) in each of these areas.For example:
How many hours a week do you expect your manager to recruit? (lead generate)
How many lead generating calls do you expect your manager to make per week?
How many interviews do you expect your manager to hold per week?
How many hours a week do you expect your manager to interview and select?
What are the selection standards you expect from your manager (who should be hired and who should not)?
How many hours a week do you expect your manager to train?
How many hours a week do you expect your manager to coach?
Who do you expect your manager to coach?
What leadership activities do you expect of your manager?
What staff/operation activities to you expect?
What do you expect your manager to do to increase the bottom line?
Decide this in terms of:
How many recruits per month (decide on your ratio of new or experienced)
Production per month
Moving your experienced agents from ____ revenue units (sales and listings sold) to ________ revenue units by _____________ (date)
Profitability increase of __________ in _____________ months
Standards Agreement Usually Missed in the Hiring Process
This specific standards agreement is usually missing in the hiring process. It takes awhile during our coaching sessions to develop a workable standards agreement for each situation. But, without a standards agreement, you haven’t laid out exactly what the job expectations are. You have no method to coach and hold your new manager accountable. And, if you need to terminate, you should have measureable reasons to terminate.
Now, armed with your description of the ideal manager, your job description, and your standards agreement, you are ready to search for that people developing manager who will take your company to greater productivity.
How to Choose that Next Great Manager
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It’s probably the toughest thing we do–hire a manager. And, there’s little information to help us. That’s why I wrote this series of blogs.
Past Experience is a Huge Benefit
Look for a person who has been trained in another business as a trainer/coach/leader. This is really important. When I was finding and screening leadership for one of the largest franchises in the world, I found that the really magic ingredient was that the potential leader had already had some experience in the skills of management. (sometimes not in real estate).
The Second Pre-requisite to a Successful Management Hire
Now, go back and prioritize those duties–with the most important ones first. Here is what I hope your list says–in this order:Recruit
Select
Train
Coach
Lead: Challenge and inspire seasoned agents to the next career level (retention)
Manage staff
Time Frames for Important Activities
Did you add time frames to that job description? If not, go back and do it now. You don’t want a manager that pushes recruiting to the last hour in the day and then doesn’t get to it!
To get my manager’s detailed job description with hours expected, plus a time analysis you can use for all your managers, click here.
Doing all the other Stuff…..
Where does the rest of the go? I know. You have on your list: Broker questions; crisis management; floor schedules; write ads.
Guess what? You can get just about anybody to do those jobs. In fact, instead of hiring a real sales manager, if all you need is operations, hire an administrative assistant who can and will do it all (except for the broker questions, which you can field, or hire one of your good agents to field).
The All-too Common Problem: Hiring an Operations Manager
I find too many owners or general managers who needs to hire and manage a manager are settling for an a operations manager when what they desperately need is a people developing manager.
What does a people developing manager do?
Finds the right people and develops them into productive salespeople who return a profit to you
You don’t need a babysitter. You don’t need just an answer man (or woman). You don’t need merely an operations person. You shouldn’t settle for just a a crisis manager. You need someone who will focus on and drive
recruiting and productivity--to lead that office into greater profitability, not just take up space in the manager’s office!
Get my manager’s detailed job description, plus a time analysis you can use for all your managers: click here.
What didn’t I say in these blogs that you believe is important in hiring a great manager? Let me know. Watch for the next blogs for more in hiring that next great manager.
Your Mutual Expectations Dialogue
Posted by: | CommentsI have done 2 short videos on these very important topics. The first video addresses establishing standards (minimum expectations). The first video was in my previous blog. The second video explains how to address these expectations with the agent.
Here’s the second video: Your Mutual Expectations Dialogue
Here are the documents I mentioned to help you think through and put your standards in place:
Establishing your Standards for your Agents
Up and Running in 30 Days Goals and Standards
Up and Running in Real Estate Commitment Letter
Use the information here, along with the standards documents, to raise the performance of your team to a much higher level!