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Archive for real estate coaching

You’re the coach. You’re helping that seasoned agent re-energize his/her business. The agent asks you,

“How much lead generation do I HAVE to do, coach?A�”

What do you tell the agent? I have a strict, preciseA�lead generating plan with ratios of success in Up and Running in 30 Days. I also have a plan for the seasoned agent in On Track to Success in 30 Days System. But, it’s not quite that simple.

Three Variables to Keep in Mind

I wish I could give youA�one tight, proven formula. There are variables that make specific formulas difficult to pin down.

Success by the Numbers

A�I set the expectations for the Up and Running in 30 Days business start-up program based on my experience on the number of contacts it takes to get a lead, then a sale. But, it also depends on several variables, as explained in Up and Running:

1. Type of contact–how warm or cold is it?

How much trust has been established? The warmer the contact, the more trust is already there. So, it takes less contacts in a ‘warm’ target market (like people you know or past clients) to convert to a lead, than to a ‘cold contact’. For example, the Internet marketing companies say it takes 200 contacts to equal one sale.

2. The agent’s sales skill, competency, and tenacity.

How good is the agent at opening sales conversations? How good is the agent at finding out needs? Asking insightful questions? Listening? Guiding the conversation with focus toward a goal of moving the sales process forward? The better the agent is at sales skills, the easier he/she will find it to sell–and the betterA�the lead and conversion ratios.

3. The market–buyers and sellers are more hesitant to ‘turn themselves in’ today.

Sales skills come back into play here. It’s not a market where people just fall all over themselves to buy and sell real estate. You have to have skills, tenacity, and competency.

How can you tell the numbers it takes?

Provide a tracking process as you coach. (There are tracking Excel spreadsheets with goals and ‘actuals’ in both Up and Running and on Track). Set up goalsA�for each target market and trackA�the agent’sA�conversion rates with him/her . Now you know the specific work it takes forA�the agentA�to generate a lead, create an interview, work with buyers and sellers, and get sales results. Armed with those numbers, you can customize a program like Up and Running.

The problem: Most agents work way too few lead generationA�numbers and sources. In fact, they have so few, ita��s impossible to extrapolate ratios. That’s why Up and Running and the four -week regeneration plan in the On Track to Success in 30 Days System (for seasoned agents) have such big numbers–it’s an insurance plan.

Getting to the Finish Line

What your agent needs to succeed: Tenacity, a business generation plan, and action. Help each agent set A�goals and keepA�accomplishments. Analyze them. Point out their best sources of business and help them work them with consistency. Teach classes and have them practice and polish sales skills. Remember, you are helping each agent, one at a time, develop an enviable career.

Money is tight. You are experiencing more challenges than you thought possible in real estate management. Who can afford a coach? Well, maybe now is the time you CAN”T afford NOT to hire one.

Ask yourself: How are you going to get better? How are you going to break through those ceilings of achievement? What are you going to change about your recruiting, your training, your coaching?

“I’ll Get Coaching and Training from My Company”

How’s that working out for you? The real estate industry is cyclical. Youa��ve heard people say that. There are a�?buyersa�� markets, and a�?sellersa�� markets. Therea��s another way the real estate industry is cyclical, too. Ita��s cyclical in its approach to supporting its agents. When I started in real estate, (almost three decades ago!), there was no training. Then, companies started training programs. When I went into management in the early 1980a��s, we were also taught to coach agents to higher productivity. But, as money got tight, and real estate companies became less profitable, they dumped their training programs. They asked managers to also sell. Just ask anyowner or general manager today whether they have time to train and coach……….you know the answer. Ita��s a�?noa��.

A�Coaching is Big in the World of Business Today

However, in the world of business generally, coaching has become a big thing. Ita��s even swept into the realm of real estate again in the form of paid, independent coaching programs. But, you may be one of those who says, a�?I dona��t need a coach. Ia��m a self-starter. I can reach my goals on my own.a�? Having been in real estate for three decades, Ia��ve heard that comment a lot. But, my experience has shown me that almost everyone benefits from coaching.

A�Skills Come from Practice and Coaching Assistance

As a pianist since I was four years old, I know that peak performance comes only with practicea��perfect practice. And, therein lies the rub. When you attempt to learn to play the piano by yourself, without a teacher, you cana��t hear yourself play. You cana��t make adjustments fast enough alone. You need a great piano teacher who is helping you assess your performance, make adjustments, and challenges you to stretch to higher goals.

Skills: The Secret Ingredient

The difference between one persona��s success in any field and another lies, in part, in their comparable skills. All experienced pianists can put their hands on the keys. They can play the notes. But, most pianists havena��t mastered playing the notes. They havena��t mastered the interpretation. That takes practice and coaching.

A�Could You Benefit from Coaching?A�

If youa��re:

  • Not optimizing your talents
  • Not attaining your goals
  • Spending too much time spinning your wheels
  • Spending too much money for little return
  • Hitting ceilings of achievement
  • Feel as though you’re alone in your predicament

You will benefit from a professional business coach.

What Your Coach Can Do For You

  • Help you focus on our goals so we get there faster.
  • Motivate you to get into meaningful action.
  • Encourage you to keep on keeping on.
  • Offer resources for new ideas so we can take a different look.
  • Appreciate your efforts when no one else seems to!

Real Estate Salespeople and Managersa��a Special Breed

Approximately ninety percent of all real estate salespeople and managers have behavioral styles that are highly aggressive and/or promotional. Thata��s not like the normal population! In other words, we like people and we charge ahead (my motto is, when all else fails, read the directions……). Only fifty percent of the normal population exhibits those behavioral styles.A� Other styles are more task focused and embrace procedure. Yes, we salespeople-types have special talentsa��and special challenges. Our biggest challenge is focus. Wea��re great with people. We get into action fast. Our problem is that people and actions pull us in various directions, and we lose the one thing that drives us toward our goalsa��focus. The first and biggest benefit a coach can give us is to keep us focused.

A�Coaches Provide Much-Needed Models and Systems

Models and systems are woefully lacking in our real estate industry. After all, wea��re the people whoa��ve always said, a�?Fake it until you make it.a�? What if your surgeon said that? Or your accountant? Historically, we real estate professionals have had an aversion to following procedures.

Yet, in the world of business, systems are the basis of all business growth. For us too, systematizing is the best way we can build big, profitable businesses.A� A competent coach uses proven models and systems and processes that do more than stop our crisis management. They teach us how to think about our business.

A�A Coach Helps You move Faster and With More Confidence

A�Armed with great models and systems, you and your coach have a common language from which to work. You will benefit from gaining focus. You will accomplish more faster, gain greater confidence, and be able to set higher goals as a result of your coaching experience and relationship.

A�Want to see if coaching may be for you? Take this evaluator.