Treating Your Brokerage Like a Sales Organization (Real Estate Sales Best Practices)
In my seven plus years providing Real Estate Professionals with technology related services, I’ve found (time and time again) more often than not, Broker Owners/Team Leads/etc. don’t treat their teams like either.
Today, I wanted to point out a few best sales/business best practices that you can adopt to make the agents you’re currently managing, working smarter and getting more sales and a few simple things to adopt to make you a better CEO (which, as you should know, is how you should be looking at yourself).
Sales best practices:
Have monthly strategy sessions
Have monthly (minimum) pipeline reviews
In the aforementioned pipeline review, determine if they are on pace to finish behind or ahead of their individual goals (GCI, number of transactions, etc.)
Look at what marketing efforts are yielding the highest ROI (and conversely) what is not. Use this information to guide yourself and have relevant talking points in the pipeline reviews
Hopefully, whatever system you’re currently using, gives your agents the ability to see behavioral data (how many times did they view a property, where did they share the property, what properties did they save or request information on?) and use that data to have a compelling reason to call “Have you found any properties that are of interest?” Make it a “curious” call so as not to give the impression Big Brother is watching! Use this data to make intelligent and relevant contact.
Have a preset list of goals going into each call
Business best practices:
Forecast, forecast, forecast
While it can be done without a map and compass, it is challenging to navigate and know where you’ve been without one. Having a forecasting strategy will allow you to have an idea of where you’ll be in terms of YOY and QOQ growth and ultimately, how you, as a company, will finish against your goals
Forecast with your team. This will show that you’re not simply interested in getting a percentage of their transactions or a desk fee, but rather invested and interested in their success. If they know that you’ve taken an interest in their development, not only will this help you hit your recruitment goals, but also assist in retaining those agents you’ve brought on board
Always know what’s working. A billboard is a billboard, but if it’s on a desolate country road, it’s not going to get the views that same billboard gets being on a major interstate. This is going to help you know where you need to allocate your marketing dollars.
Treat your business like a business! That’s what it is and should be treated accordingly.
This is part one of Real Estate Best Practices. Until my next installment, should you have any questions or have interest in management best practices, please email firstname.lastname@example.org
Best of luck out there!
National Director of Sales
Rigpa Solutions, Inc.