Hiring a new real estate agent is always a bit of a gamble. You won’t know whether they’ll fit in with the existing team, work well with your clients and are a match to your company culture. So it makes sense to keep an eye on how they’re doing, checking in on a regular basis.
Agents commonly use checklists when they’re listing new properties helping a client secure a deal. It makes sense -- it’s much less likely they’ll forget anything and clear up headspace for interacting with everyone involved in the sale.
You might think agents will always maximise their commission -- after all it’s their commission and it’s in their interest to be paid as much as possible for their work. And it’s true, agents are responsible for their own commission. But, that doesn’t mean you shouldn’t track their commission at all
Do you feel like you haven’t quite hit your business targets over the past year? It’s common for brokers to feel like they haven’t been doing well enough -- like they haven’t achieved their targets. But often that’s just a feeling.
Dealing with listings, recording payment, tracking sales, commissions… as a real estate broker your job reaches far beyond matching a for-sale property to a buyer. There are many things you need to monitor and decide on -- business, agents, marketing, etc…
A friend of mine -- who is a real estate agent -- told me a story about an old boss of hers. She told me her boss didn’t care at all about key performance indices (KPIs), setting targets or implementing a strategic vision. All he cared about was increasing sales.
What is your team doing? If someone asked you what your team is producing this month, would you know? Do you know who is the strongest and who is the weakest agent in your team? Do you know by how much?
I bet you know as well as anybody that one of the best ways to improve your performance is to hire a coach. A coach will lift you to the next level more quickly -- and will create more clarity along the way.