Archive for Retention
Is the “A” Word in your Vocabulary?
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Here’s why your agents aren’t achieving to their potential, and what you can do about it.
Each week, I do a live Zoom coaching call with all those agents and coaches in my Up and Running in Real Estate program. This week, we talked about why many agents don’t make it in real estate–or fail to achieve their goals.
We’re New: How Would We Know what Good Performance Looks Like?
I surveyed 400 agents under three months in the business to find out their expectations for income–and when they expected to make their first sale. (See Launching Right in Real Estate: What They Won’t Teach You in Pre-License School). The majority of these agents said they expected (not wanted, but expected) to make their first sale in 30 days. What does that mean? They must go to work lead generating their first week in the office. But, most agents feel they just can’t go talk to people. They need training. Lots of training. So, they sit in the classroom for weeks, soaking up the expertise of the instructors. Then, unfortunately, their money runs out before they really get started. Their self-esteem goes in the dumper. They don’t know what good performance looks like.
Coaches provide the Framework for Good Performance
Let’s say you want to learn to play the piano. So, you come to me for piano lessons (I taught piano for several years). We have our first lesson, and I give you the assignment: Practice the lesson a half hour a day. That is the expectation. You are accountable to play for me next week–and to play up to an acceptable standard. I’m serious that this is the way you’ll learn to play. But, you don’t practice that week. When you come to your lesson, guess what? I’ll have to fire myself as your teacher. Why? Because my reputation depends on your being able to play. Not only that, you told me you wanted to learn to play the piano.
Accountability in the Real Estate Office: Coaches Have Three Jobs
Your new agent just doesn’t know what’s expected of her. She doesn’t know what it takes to succeed.
- Your first job as her coach is to lay out a program that will get her the sales she desires in the time frame she desires. That’s the ‘music’.
- Your second job is to provide expectations.
- Your third job is to hold her accountable to the actions she agreed to do.
Anything Goes…
In many real estate offices today, there are no expectations. There isn’t any accountability. Even though we provide training and good advice, agents get the idea they can take it or leave it. When they leave it, they fail. Because we don’t carry through, agents think they don’t have to do certain activities to achieve.
How do you use the laws of achievement (a plan, expectations, and accountability) to help your agents succeed?
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.
How to Use Those Business Plans to Coach all Year
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You worked hard to help your agents gain business plans for the coming year. Now, optimize that work!
Are you using your agents’ business plans to coach all year? If not, you’re missing out on leveraging that plan!
First, congratulations! You’ve helped your agents each gain a business plan. That’s a huge key to their success–but only the first step. Now, how can you capitalize on all that work (both you and the agents?) It’s not enough to teach them to plan, or even to sit down with each agent and work through their plans. In order to really help them use those plans as a guide all year, use that business plan as a platform from which to coach the agent all year.
Here are the basics of coaching to a business plan.
How often should you coach?
That depends on the agent. For newer agents, coach more frequently (at least monthly). For seasoned agents, coach a minimum of quarterly and better yet, monthly.
What should you coach to?
You’ve provided your agent with a method to set goals in finding, working with, and closing clients (I hope you’re using my Beyond the Basics of Business Planning system.) You have provided your agent a method to measure results. You’re going to use the numbers that the agent is generating by measuring the results of his business plan:
First, the goals: Lead generation, listings, listings sold, sales.
Lead generation
Listing/sales appointments
Listings
Listings sold
Sales
You’re going to help the agent translate the activity numbers into ratios so the agent knows the work he must do to reach his goals.
Why bother to use the business plan as a foundation for coaching?
Because, otherwise, you’re just giving advice or doing ‘crisis management’. You want to be perceived as a trusted business coach, helping the agent grow his/her business.
Big questions: Is the planning system you’re using
1. Helping the agent assess his business–where he’s been?
2. Helping the agent set realistic goals and an action plan that translates into daily activities?
3. Includes an accurate method to measure the activities and results of the activities so you and the agent can make fast adjustments?
Want Some Support to Get Your Agents Business Plans?
Contact me to find out how I can educate your agents on business planning and support and coach you as a leader. Give me a call at 425.392-6914 or email me at carla@carlacross.com. I can do a webinar series for you, supply you will all the planning documents, and help your leadership coach your agents–at a very affordable cost with big pay-off for you.
What Magic Johnson Can Teach Us About Business–and Life
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I can’t do it. It’s someone else’s fault. If only….I’ll never be able to. I tried that once. It didn’t work. It won’t work for me. Give me (you fill in the blanks) or else I can’t succeed.
You’ve heard all these reasons why someone can’t succeed. (Makes me depressed just reading this list.) So, it’s refreshing to hear someone speak about how to succeed—with no excuses. I don’t mean that we all don’t at times need a hand up. But, those are the few times. They don’t become our mantra.
I just watched a video where a UPS executive interviewed Magic. Here are some of Magic’s insightful comments.Dream it First to Live It
At age 16, Magic was a janitor while in school. He would go sit in the CEO’s chair and pretend he was the CEO; giving orders, making decisions, acting like a CEO. He said he always wanted to be an entrepreneur, not just a basketball player. Look what happened.
What are you dreaming?
On Not Giving Up
As Magic transitioned from famous, successful pro basketball player to businessman, he thought his fame would magically open doors and make him successful. He found it opened doors (they all wanted to meet him), but, it didn’t get him the funding he needed to expand his business. He was turned down ten times before a bank took a chance on him.
How tenacious are you?
Network and Lead Generate and Learn
Magic wanted to find out what was important to prominent people. He got the list of Lakers season ticket holders, and called up to 50 a day. Many met with him, and several became investors with him.
Are you lead generating with tenacity?
Tailor to your Target
Magic was an early investor in Starbucks, and has over 125 Starbucks locations today. He met with Howard Schultz, the founder and then president, and told him he needed to tailor his Starbucks businesses to his clientele. You can imagine where Magic wanted to place his Starbucks. He told Mr. Schultz he didn’t want that music that was in most Starbucks stores. He wanted Michael Jackson, Beyonce, etc. He didn’t want scones. You get the picture.
Are you targeting your marketing to your audiences?
Hire and Work with the Best
Magic says, if you find great talent, you don’t need to micro-manage them. This comes from his experience as a basketball player.
Are you affiliating with the best? Do you need to ‘up your game’ interviewing?
Shine Your Light on Others to Succeed
As you help others succeed, you’ll succeed. Magic says his reason for being in business is to help others. He’s helped thousands of minority business people launch businesses. This comes, too, from his experience as a basketball player. His mentoring others resulted in more success for everyone.
Are you providing a hand up to qualified, determined talent?
Learn from Everyone
Magic believes everyone has something he can learn from. He values each person and seeks their contributions. He says he loves to learn and he’s constantly learning.
Are you learning from those you’re around?
Add Value
Magic believes the secret of business success is to add value. When he meets with someone, he thinks about how he can add value for that person.
Are you adding value to those you work with, coach, or teach?
Does your Interview Process Need Polishing?
Check out this system for selecting winners. Save time, money, and training. See it here.
Is This an ‘Interruption’ or an Opportunity’?
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Is this an interruption or an opportunity?
We’ve never faced this kind of situation. Yes, we’ve been through and weathered the slumps. We’ve helped our agents change their strategies from sellers’ to buyers’ markets and back again. But, this is somewhat different.
Consider This a Unique Leadership Opportunity
On April 23, at 10 am PDT, I’ll be presenting a webinar for leadership on how to seize this time as an opportunity to lead.
For many agents (I estimate it’s about 75% or more), this time is seen as an interruption of a great market. These agents have depended on
the market driving their businesses.
Now, in an instant,
the agents must drive the market themselves.
But, most agents are not going to make that shift alone. You need to lead them to the concept that they now drive the market–and show them how to do that.
The Leadership Actions to Reveal Opportunities to Agents
How can you implement specific actions that work now to get your agents back into the business and connecting with their client base? Here are four methods to do just that. In the webinar, I’ll show you how to
- Motivate your team members to communicate value to their client base
- Mobilize your team to gain exceptional support
- Re-focus each of your agents by helping them implement a 60-Day Pivot Business Plan*
- ‘Up’ your communication with specific changes
*You’ll receive my 60-Day Pivot Business Plan as my ‘thank you’ for attending this webinar. I’ll show you how to use this plan to coach your agents.
Special circumstances require special leadership actions. How have you lead your agents from an ‘interruption mindset’ to an ‘opportunity mindset’?
Leadership:
The Right
Actions to
Take
Now to
Assure Profits
Later
Join me for this fast-paced, 45-minute webinar exclusively for leadership April 23 (Thursday), at 10 am PDT. Click here for more information and to register.
Do You Have Your 60-Day ‘Pivot Plan’ In Place?
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Do you have your 60-day pivot business plan in place?
Congratulations to you if you made a 2020 business plan. However, none of us could have foreseen the events of the past two months. Those events have called for a different plan–both for you and for your agents.
5 Big Questions to Answer Right Now
Next Thursday (April 23), I’ll be doing a 45-minute webinar exclusively for leadership on actions to take right now to retain agents and plan for profits. Here’s more information on that.
To prepare for this webinar, here are some questions leadership needs to ask themselves to evaluate whether they’ve got everything they need in place to lead in this uncertain environment.
- What are you doing right now to communicate regularly with each agent in your office? Do you have a schedule? Have you helped each agent with a pivot business plan? (I’ll be providing a template for you to use with your agents after the webinar).
- What’s your agent mix? How many new agents, growth agents, mature agents in your mix? Do you have a plan for each group to move them forward? (I’ll provide you a tool to segment your agents).
- How have you changed your training to continue it without disruption? Are you doing ‘live’ online events, or have you contracted with an outside source to assure your training has continuity?
- Who else have you enlisted to help retain your agents? Do you have any teaming in place?
- What’s the morale like in your office? With each agent? What actions are you taking to improve each person’s outlook so they will continue their business in a meaningful way now?
Answering these questions will prepare you for the actions I’ll be suggesting to you during the webinar next Thursday, April 23, starting at 10 am Pacific Daylight Time.
The good news: This is the time when leaders can LEAD. The feelings of insecurity, of fear of income loss, fear of sickness–all can overwhelm our agents unless we step forward with positive leadership actions. The actions I’ll be suggesting to you next week will build loyalty and retain your good agents, preparing for a market re-emergence.
Leadership:
The Actions
to Take Now
to Preserve
Profits Later
Join me for this fast-paced, 45-minute webinar exclusively for leadership April 23 (Thursday), at 10 am PDT. Click here for more information and to register.
Engagement: How to Drive It in a Screeching-Halt Market
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Engagement: Do you have a plan to drive engagement with your agents in this shifted market? Or, are you waiting for your company, your association, or …… to take over? Or, do you think you just don’t have to engage?
Sometimes it takes years! I don’t want you to lose your agents–or your business.
Concrete Methods to Re-Engage Your Agents
Every week, I’ll be giving you specific actions to take to re-vitalize the communication and the activity levels of the agents in your office. I’m not just drawing these out of a hat. This is what I have done for years to encourage, tell truth, and get agents into action in challenging markets. This will set you up for great profitability, retention, and a wonderful recruiting tool. How do I know? I’ve done it several times. It works.
First: Set Up Your Plan
Don’t wait for your company or some outside force to do this for you. All well and good, but you need to step right in and be the one who literally LEADS right now. That’s right–leads. Oh, boy, I just thought of what I don’t want to happen for you: DON’T just send them to some training guru site and hope all works out (that includes me!).
What Your Plan Should Look Like
First, when I say ‘meetings’, of course I mean via Zoom or Go to Webinar, or a similar program!
As a group (and groups):
- New agent training at least weekly with actionable items they are to complete–must be high accountability
- Advanced agent training at least weekly with guests sharing best practices for this market
- Mastermind groups of various experience and/or production levels
- Office meetings weekly with guests
In other words, your training calendar must
- Address the needs of the various levels of your agents
- Be consistent and well-thought out to serve your agents with actionable items–which you then can get permission to share
- Create a compelling reason why your agents should re-engage frequently
You DO have a training calendar, don’t you?
With individuals:
- Quartile your agents using any weighing variables you feel are important (4 points for production, 3 points for culture, etc.). See who you can help (probably not the bottom quartile, but you make that call. It’s your time and energy. You deserve a pay-off…..)
- Look at what you’ve been urging these agents to get done for the past 6 months (or more!): their website, their bios, their databases, their presentations, etc.
- Choose 5 action items you want to use with each agent, and let each agent prioritize and add to these actions, add dates–so it’s their plan; or, ask each agent to come up with 5 prioritized items
- Set up a schedule with each agent to review actions–I’ll be helping you apply great coaching techniques so they are motivated to keep going!
What I’ll be Providing You
Besides these overview and bigger picture items, I’m going to provide you specific action items (some with templates so you don’t have to reinvent the wheel) that you can drop in in several training/coaching areas
Who Will Survive and Thrive Through this Time
I know today, there are companies and/or managers who have a ‘hands off’ approach: It’s the agent’s business and that agent decides when, how, and how much to do–alone. When the market is going nuts, that works, because the market is driving the agents. But, when the market becomes challenging, the agents are looking for leadership, for guidance, for coaching. They get lost–more easily than they will admit. Those who provide positive, clear, supportive leadership now will come out with a much stronger profit picture, a synergistic team, and a recruiting tool.
Tell me: What are YOU doing to drive action in your office right now?
Let’s Partner to Drive your Success!
Why reinvent the wheel right now? Take advantage of my online training program, Up and Running in Real Estate, created from my smash hit, proven business start-up program Up and Running in 30 Days.
Not just a distance learning program!
No one wants to sit in front of a computer especially now!) and learn neat stuff….
Effective online training has to have 3 things:
- An easy, engaging process to draw the attendee in and keep him/her interested
- Interaction with a real human being once inawhile
- Interaction and idea exchange with others in the course
Ive integrated these 3 critical factors in Up and Running in Real Estate.
- Engaging--I created humor, introspection, and awards to motivate attendees to keep going through the program
- Coaching: I will be personally group coaching agents in the program, and you have a unique opportunity to coach in the program, too.
- Interaction: set up discussion groups so agents can interact and support each other
An Easy Way to Integrate Coaching Your Agents
Your support right now is critical. So, I waived the $99 fee for Coaches Corner (the coaching component of the program) for all who sign up prior to Sept. 1, 2020. To qualify, register at least 1 of your agents in the program. See more here.
Lets create success together!
Are You Sure You’re Offering the Right Training?
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Are you sure you’re offering the right training?
For the next few blogs, I’m offering tips on making your training work better. And, I’ll be offering tips for trainers, too.
Look at your training calendar. If you don’t have one, simply take a 3-month calendar and write in the training you’re providing.
At the end of this article, I’ll give you my Training Calendar Evaluator—a tool to use to see what your training really looks like. I developed this tool when I was regional director for a very large franchise. I wanted to help managers and trainers improve their training programs and calendars.
What’s the ratio of business-producing vs. business supporting training modules you have now in your training plan and calendar?
When I see some training calendars, I can see why their training is not increasing productivity. Most or all of their modules are concerned with business supporting subjects (technical knowledge): Home inspections, the law of agency, websites, social media, etc. That’s all nice, but what does it directly do with creating productivity? Here’s the path to a sale:
Excerpted from What They Don’t Teach You in Pre-License School (Carla Cross, Noteworthy Publishing, Inc.)
If you want to increase productivity and profits, your training calendar needs to reflect your training in these business-producing areas.
What are you training to that will make a real difference in your productivity and profits next year? Put that in your business plan.
To get my analytical tool, Training Calendar Analysis Tool, click here. I’ve added some questions, too, in most categories, to help you think through these decisions and come up with a blazingly good training program.
Let me know the changes you’ve made based on your evaluation. I want to help you create training with impact, with less work from you!
Help for your Training and Trainers
Do you provide training for your presenters and trainers? I’d love to help you, and them, learn and practice these types of great, quickly applicable strategies. I do trainings and presentations for Realtor trainers, trainers of real estate companies, and affiliates.
Get in touch with me and we’ll talk about your needs. I customize each presentation, too, for YOUR specific audience needs. My background as a performing musician, coupled with my real estate sales, leadership, and training experience, gives me a unique ‘take’ on training trainers. I’d love to help you!
Drilling Down to Find Your Next Great Manager
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In 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.
