It is important as a sales manager or broker that you are constantly adding value to your agent’s businesses and continuing to re-recruit agents to stay at your company, and making sure they are remaining profitable and not wasting money on expenses and marketing that are not a good return on investment. Helping them break certain bad habits that are costing them in lost commissions is also a great way to add value. You can add extreme value by being engaged with your agents and asking them questions, and make a huge difference in their daily mindset on how to conduct business, save money, realize their hourly rate and increase their skills to close more business they are losing to competitors weekly.
1. Focus on listings as your primary goal. With listings, everything follows. You will sell them, then pick up new buyers, sign calls, ad calls, open house leads, online leads, referrals, and more! Coach your agents how to sell 3-5 additional homes from each listing.
2. Sharpen your ‘saw’ of negotiation strategies. Do not cut commission unless absolutely necessary. Before you agree to reduce your fee, consult with another person. You may get some good ideas to get the buyer and seller to bridge their own gap without losing your money.
3. Sell yourself first, then sell a home. Add value and never worry about the commission again. Take a full commission at the time of the listing. Use your website, your network of agents and other tools to keep your commission. Use your marketing budget to communicate your value proposition, and you will out-market the competition…every time, with a full fee.
4. Fish where the 50-pound salmon are. Give yourself a raise and increase your average sale price. Make sure you are prospecting for new listings in the price point that is selling. Hold open houses where all the buyers are in the right price point to maximize your time. Show your agents how they can sell the same number of units at a higher average sales price and increase their income.
5. Make every offer work. Exhaust all possibilities. Involve the manager or broker if necessary. Never let a deal fall apart that can be kept together. Teach your agents to keep deals together. Keep deals together through a home inspection resolution process (use the positive term “home inspection resolution”).
6. Communicate effectively. The best place to meet someone sometimes is halfway—face-to-face, phone conversation and email. When in person, the document gets signed.
7. Save expired listings. There is nothing worse than expired listings. Be on top of them at least one month before they expire and protect your investment of time.
8. Time-block your day and fill your calendar with appointments. Evaluate the highest/best use of your time. Focus on building an inventory of buyer and seller leads.
9. Get price reductions in a timely manner. You need to be ahead of the seller with market data. With a six-month listing agreement, get to the Competitive Fair Market Price ASAP.
10. Control expenses. With the right tools, you may not need to spend additional money—or better yet, maybe you spend it on something else with a better return on your investment.
Helping your agents realize more income through these activities will help them earn more and be more effective in their business.
For a free copy of my Rules for More Income, click here.
Sherri Johnson is CEO and founder of Sherri Johnson Coaching & Consulting. With 20 years of experience in real estate, Johnson offers coaching, consulting and keynotes, and is a national speaker for the Homes.com Secrets of Top Selling Agents tour and the Official Real Estate Coach for McKissock Learning and Real Estate Express. For more information, please contact firstname.lastname@example.org or 844-989-2600 (toll-free) or visit www.sherrijohnson.com.