The Real Estate Encyclopedia
Lead Your Agents to Success: 5 Important Steps
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All agents, rookies or seasoned veterans, can increase their production and immediately benefit from implementing a business plan. Couple that with guidance and being held accountable to a manager or mentor and an agent's chances for success skyrocket. With the right business plan, an understanding of how simple it is to operate and maintain, and a weekly check-in with a mentor, and agents will not only reach their commission goals but will find they're able to relax and be more creative in their business. One way of helping agents achieve that goal is to implement the following five components when managing or mentoring an agent.

#1 - Set Realistic Goal
Unrealistic goals can quickly discourage a new agent or a seasoned veteran. Working with agents to ensure their goals are realistic will set the tone for the first year of production. As a comparison tool use the numbers from a business plans of successful agents that have been in the business 3-5 years. “Just recently I spent some time discussing business planning with a new agent. Within a few minutes, I could hear the frustration she was experiencing in not meeting her goals. After a short review and a hard reality check she made her own conclusion that her six-figure first year salary was too high,” says Business Planning Guru, Allen Wright, SVP of CreateAPlan. “Having realistic goals is critical to setting a pattern for long-term growth,” Wright added.

#2 - Define Activities
It doesn't matter how long you have been in real estate, defining what you need to accomplish in very specific terms allows you to better monitor your weekly activities. Seasoned professionals know what activities they need to do to keep their pipeline full. However, during a recent forum on business planning, most agreed that they knew 'what to do, but just plain forgot.' These items include the calls to sphere and past clients, personal visits etc. Having a list reviewed weekly with your mentor keeps even seasoned professionals sharp.

Newer agents need this more from a psychological aspect since much of their work will not reap immediate rewards. Keeping agents focused on the fact that they are meeting their goal of work activities will keep them motivated until the prospecting and generated leads turn into transactions.

#3 - Identify Issues
By comparing all the agents in your office with an online business plan, you can quickly see if someone is outside the norm and maybe wasting time or money. Conversely, you can also identify marketing strategies that are working and help others employ them.

#4 - Add Accountability
Being able to view agent activities will allow you to supervise those agents that need extra incentives. Additionally, you can identify and examine problems earlier for those that are consistently falling short of their activity goals. Finally, all those in the sales profession need praise when they do well and sometimes strong correction when they're not. Viewing agent activities through a business plan gives you, the manager or mentor, that ability.

#5 - Have Meaningful Reviews
Instead of the annual or bi-annual pat on the back and discussion of what did or didn't work with no real statistical measurements, a well designed business plan reveals those items automatically. Part of being a manager and mentor is assisting agents in making the decisions they need to become more productive. The use of a business plan as a comparison tool allows you to identify critical components such as:

  • Overhead or marketing expense changes
  • Changes in closed transactions
  • Changes in earnings
  • Discrepancies in sources of business

Working with your agents to add your experiences and guidance to their career goals is why they give you a percentage of their business. From a recruiting and retention point-of-view, this is paramount to keeping the best and quickly identifying those who should be encouraged to explore other career alternatives.

Any broker can have the power to manage a real estate office effectively, regardless of the number of agent, with a contemporary online real estate business plan specifically designed to help them. Call Allen Wright at 949-600-7176 today for a FREE demo or visit the CreateAPlan real estate business planning web site.


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