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Mar
18

Is Your Training Costing You Money or Making You Money?

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graph going up sledgehammerIs your training costing you money or making you money? Or, do you think of training, as one of my old bosses did, as ‘just a recruiting tool’.A� If that’s all you want from your training, then, quite frankly, it doesn’t matter what’s in it or the effort you put into teaching it!

Here are three big questions to ask yourself about your training program:

What Return on Investment Do I Expect from my Training Program?

I just got an email from a broker who said he wanted his training program to ‘make his agents more productive’. But, he didn’t want to pay much for it. So, my question here, is, what return on investment do you believe you should make from a training program? If you know that, you know how much to spend on a training program.

What’s my training program supposed to accomplish, and how would I measure it?

Rather than thinking in terms of ‘being more productive’, get specific. Here are questions to ask yourself right now about the state of your present and newly hired agents:

Seasoned agents: What specifically do you want them to be able to do better? For example: What’s their listing to listing sold ratio? What do you want it to be? You can train to that. And, you can measure it! Be sure that your goals are what you want them to do better and create measurable result goals. Otherwise, you won’t know if your training is working–or worth your investment.

What specific actions do you want your seasoned agents to do better–and that you can train to–and measure?

What are my results from my present training program with my new agents?

Now, here are questions that almost no broker can answer. And, because they don’t know, they’re leaving lots of money on the table (plus missing great recruiting opportunities!)

1. How fast are your new agents making a sale?

2. How many revenue units (listings sold and sales) have your new agents made in their first six months in the business?

3. What percentage of your new agents fail to do at least 6 (or you fill in the number with your stated production standards–minimums) in their first year?

Your conclusions: Would you say your new agent training program exists because you ‘need one’ or because you are getting measurable results (which keep your new agents in the business and give them a firm foundation for their 2nd years in the business)?

Don’t settle for mediocre results! And, don’t just buy a training program (or, heaven forbid) create one yourself (it will take you years to create an effective program–I know. I’ve done it!) until you have answered these questions. I hope this will put training programs in a whole new light for you.

logoThe Training/Coaching Program to Get Measurable Results

Yes, I did it. I answered all those questions above to create the program which allows you to measure return on investment–every time. Take a look. The coaching component of the program asks you to be accountable to your agent (and to hold them accountable). It allows you to customize the training for your culture and practices. There’s nothing like it, and it’s so cost effective. Check out Coaches’ Corner (the coaching component) and Up and Running in Real Estate. Why not get results from your training?

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