8 of the best real estate coaches share their best advice for what agents need to be doing TODAY!
When it comes to today’s market and what you should be doing about it, everyone has an opinion – the news, the real estate “hobbyist,” and the other agents who are hurting out there right now. The question is, are you going to listen to them or the best real estate coaches in the industry?
Here’s the interesting thing…
That question I just asked seems like it should be a no-brainer. But then why are so many agents allowing themselves to be blown around by the noise while it’s proven that agents who listen to their coach are the ones who come out on top? Now, there’s a question that isn’t so simple, and quite frankly, I don’t have an answer for it.
What I do have are eight of the best real estate coaches working for me sharing their best advice for agents on this blog.
Here’s the question I asked them:
“In just a few sentences, tell me your thoughts on the market and the No. 1 thing agents need to do to survive in it.”
Here’s what they said…
Merrill Jencks: Love the Challenge (and Your Clients)
The honest truth is that right now business is not coming as easily as it used to because there are fewer transactions to go around.
Agents who are successful have to work harder than ever, and sometimes it can feel like we are working twice as hard for half the money.
But here’s my advice…
LEAN IN. Do the work. Love on your clients and your sphere like you never have before. When the market improves, those agents who put in the work now are going to be the ones who come out on top.
What’s important is that you embrace it. Don’t fight against it. If you carry around any negative baggage about today’s market, it’s going to spill over into your interactions. See this as your opportunity.
Glen Stein: Do the Work that Matters
Your first step – before you even begin doing any work – is to define what “work” is.
There’s a difference between “Work” (with a capital W) and “busy work.”
Busy work is work that needs to get done, but not necessarily by you. “Work” is any activity that directly produces income. That means setting appointments.
You need to focus on doing the Work – activities that are going to get you appointments. There are plenty of options for buying and selling in this marketplace.
Agents can’t just wait for inventory to arise – they have to go find it, and that means developing the skills to set appointments like never before.
Doug Hannan: A Plan to Do MORE
It appears the total number of sales will be down this year over previous years. Fewer of your past clients may be moving, and less homes in your farm may be sold.
In this market you need to do MORE to get the SAME production from each lead source. More hours worked, calls made, marketing and communication etc. Lean on your coach and come up with a plan to do MORE.
Kay Fairchild: No More Excuses
1. Agents, team leaders, and brokers must understand and accept this market is here to stay!
2. They have to LEARN to be proactive – looking for business, not waiting for it to show up like they did the last two years.
3. Understand that there is still plenty of business. Agents need to ask themselves, on a scale of 1-10 (10 being perfect), how would they rate their MOMENTUM right now? That means looking at the big picture – calling, texting, videos, open houses – and ranking whether or not they’re working to generate business every day.
Now, on the same scale, how would they rate their SKILLS? Because this is a skill-based market.
They need to recognize that if they can’t honestly rate themselves a nine or ten in Momentum and Skills, then it’s not the market that is the issue!!!! They are losing money due to their lack of activities and skills!
4. Are they working from a biz plan? Are they working their lead sources every day to see if those sources are working for them?
Tracking conversations against appointments to see which sources are working and which need to be switched out or pivoted to better sources.
5. STOP with the excuse of, “I have too many things to do.” You are either making money or LOSING money through your activities. Stop with the crap and take control of your business by focusing on what makes you money.
I’m a direct coach with high accountability so our focus is not on excuses, the market, or inability to find biz. It’s making this market work for us!
Larry Webb: Appointments-Appointments-Appointments
More conversations lead to more appointments, and more appointments lead to more contracts… If agents concentrated on that path vs. chasing the shiny penny, they would be successful. Get out in front of more people! You need to adjust to the market, the market will not adjust to you.
Emily Kettenburg: Focus on Trust
Change is extremely difficult, but that doesn’t mean it can’t be a good thing.
In today’s market, we need to be reminded that real estate is a RELATIONSHIP business built on TRUST – the commodity just happens to be homes.
So, how do you build trust?
Start by doing your homework – how well do YOU know YOUR market? (Average DOM, absorption rate, list-to-sale ratio, equity increase or decrease over 12/24 months, average price per square).
Second, know your audience – do you know how to adjust your natural social style ever so slightly to win your consumer? Whether through face-to-face conversations, social proof, or any marketing channel, a successful agent must know what to say and how to say it.
Lastly, and most important, agents must not only execute with relentless discipline but remember to take the blinders off. Always be looking for strategies to multiply every transaction. Each listing should generate between one and five additional deals. The multiplier effect is absolutely crucial right now.
Carl Rizzuto: Get Your Numbers in Order
1. ALWAYS…ALWAYS…ALWAYS…focus on setting appointments! When you are on the phone, keep in mind your goal of helping them by setting that appointment while remembering to NEVER ACCEPT A NO WHEN A YES IS POSSIBLE!
2. Divide your time into two areas…
- Income producing activities
- Production supporting activities
Make certain that a minimum of 80% of your time is invested in INCOME PRODUCING TIME (prospecting, setting appointments, obtaining listings, working with motivated buyers) and not more than 20% of your time is spent in production supporting activities (admin).
3. There are three numbers you need. Set these numbers and then stick to these numbers.
- What is the number of times you will “close” a lead to set an appointment… before getting off the phone? I suggest three to five. However, what is your number?
- What is the number of times you will “close” a past client, in asking for any potential new clients/business via them or their friends, etc.? I suggest two times/twocloses).
- What is the number of times you will “close” while on an appointment to get a contract signed during the appointment? I suggest you have a number between a minimum of three and five times.
REMEMBER to CLOSE and CLOSE AGAIN!!!
Marie Gomer: Ask More Questions
Agents successfully overcoming the challenges of today’s market are digging into their database of past clients and SOI, focusing on attaining a deeper understanding of each person’s personal situations and concerns by asking more questions. Don’t be afraid to ask lots of questions and allow your leads to really open up to you about their personal situation and needs.
Lead generation is the priority. They have increased the frequency of their lead follow-up, marketing efforts, and communication by putting systems in place to effectively manage a longer sales cycle for both sellers and buyers. They know their market statistics and can provide information as facts rather than opinions.
What’s Your Takeaway?
There you have it – the top advice from eight of the best real estate coaches in the business. What’s your biggest takeaway from what they had to say?
It’s hard to miss that there are a lot of common points here:
- Agents who are succeeding today aren’t waiting around for the market to get easier. You need to lean into it and get better. Don’t complain – COMMIT.
- Focus on income-producing tasks: setting appointments. Appointments are the currency of today.
- This is a skills-based market. Developing your skills is absolutely essential and it’s not something you want to do during work hours. Professional athletes don’t wait for game time to tinker with their technique.
- You need to do MORE-MORE-MORE. But that doesn’t mean you need to 3X the number of hours you work. You’ll likely have to increase them, but mostly it means that you need to put automation systems in place to get more done in less time.
- Have a PLAN! If you don’t have a map to your destination, you’ll never get to where you want to be.
- Get yourself the guidance and accountability you need. Like I said at the beginning, the agents who have a coach are the ones who come away stronger (and richer) from a market like this one. Curious to know how? Schedule a Free Coaching Consultation today.
Now, what I’d suggest you do is go back to what Kay Fairchild said, take a hard look at yourself, then rank how you’re doing against all of these areas.
Are you a nine or ten in every area and all your dreams coming true right now? Or is it time to get better?