The Step-by-Step Process of Pushing Agents Past Their Limits

Coaching your agents helps them get more sales. And more sales mean better profitability for your real estate business. Here’s how you can push your agents past their limits the right way.

Let me ask you a question:

Which type of real estate business owner are you: the free-spirited or design-oriented?

If you’re free-spirited, that means you leave everything to chance and hope for a good outcome.

If you’re design-oriented, that means you use different methods to stay on top of your real estate business.

Here’s the thing…

To have a highly profitable and sustainable real estate business you have to be a design-oriented leader.

Because in a successful business, you can’t just leave things to chance. You have to lead your real estate business by design.?

And one of the key components to this is doing production coaching with your agents.

That’s why in this article, you’ll find out the step-by-step process of production coaching. And discover how this can help set your agents in the right direction.

What’s more, I’ll share with you a simple yet effective technique to save you time during your coaching sessions.

The 4 Steps

Step #1. Kick off the Meeting by Discussing Previous Wins

Start the session off on the right foot. Spend about one to two minutes with your agents to ask about their recent wins, both personally and professionally.

And as the person leading the coaching, remember to share your own wins. This keeps the conversation going and agents will feel more engaged.?

If they come into your session without a win to share, then that might be a concern.

Step #2. Go Through the Numbers

After setting a good tone for your coaching session, have your agents report their numbers for the previous week.

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The following key performance indicators (KPIs) are those worth discussing:

• 5% or higher overall conversion rate - ask them how many of their leads have actually turned into sales opportunities. Agents should have a conversion rate of 5% or more, including leads under contract and closed deals. Keep in mind that outside referrals are not leads. The overall conversion rate should be based on the actual number of leads in your database.

• Between 70% to 75% closings on company-provided leads - As a business owner, your profitability relies on agents who can close a lot of leads generated by your company. Now, let’s say you give them 100 leads. If your agents are only closing two or three, then that’s a risk for your business.

• 1 review per outside sales agent per week - Getting at least one review for each agent every week builds their credibility for potential clients. After all, home buyers and sellers are more likely to work with your agents if they have a proven record of being reliable, meaning more profit and a higher reputation for your company.?

If your agents are not hitting these target numbers, let them know that it’s an issue they need to work on.

Step #3. Go Through Client Headlines

Ask each of your agents about that one client they were gearing up for escrow the week prior. Have they closed the deal with that client? Did they get the client to sign a contract?

If the answer is no, take note of it.?

Then, provide concrete action steps that your agent can follow to help them ensure that that particular client ends up closing a deal.?

This is what you’ll focus on in the next and final step…?

Step #4. Get into the Issues

Once you’ve got the numbers and the main details sorted, now is the time to break it all down.

Discuss the specific problems with your agent… as well as what your agent can do to fix them. Dig deeper into why these happened in the first place.

Once that’s done, give your agents at most two weeks to improve their performance. You should be able to see some traction within that time. But if not, bring awareness to the issues again during your next coaching session.

Your agents have to be pushing to meet the numbers you want so your real estate business can go in the right direction.

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One More Thing You Need to Know

Now that you have the right steps, here’s a bonus technique to help you save time on your coaching sessions:

You don’t actually have to talk with all of your agents!

As a real estate business owner, you oversee everything that goes on in the company. And coaching each and every one of your agents can take up a lot of your time.?

The reality is that you can’t really have multiple meetings each week. It’s a waste of time and resources.

So, leverage your company structure.?

For example, have your outside sales agents and inside sales agents coached by their lead agents. Those lead agents would then report to your sales or operations manager. These managers in turn would talk to your vice president, who reports everything back to you.?

This way, all levels in your company get their respective coaching sessions.

You see, letting key people do the coaching instead gives you more time for more important work. This also builds frontline leadership that sustains a smooth workflow in your business.

Of course this doesn’t happen overnight.?

Production coaching isn’t just about troubleshooting problems with agents. It’s also about finding new ways to maximize your company structure.?

So, give you and your team enough time to get used to the process.

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Don’t Leave Your Real Estate Business Up to Chance

Production coaching is an effective way to see how your sales agents are doing. It lets you monitor their numbers to see if they’re hitting weekly targets.?

Having this information leaves no room for letting your agents “just do their thing.” And when you design the right company structure, you’ll have an easier time coaching all of your employees.?

The key is in developing your frontline leadership.

Do you need any assistance in implementing the production coaching format for your team? Then don’t hesitate to jump on a discovery call with me.