As we end the first quarter and head into the spring market, now is the perfect time to meet with your agents to make certain that their business plans are on track. As a broker/owner, it has become more important than ever to provide your agents not only with the tools and systems they need to grow their businesses and make them more efficient, but to also empower and encourage them to be the best they can be. Creating a culture and value proposition that your agents can learn and grow from can make all the difference between an average business and one that thrives. Think of it this way: Those seeds you and your agents planted in January have grown into goals, and those goals should be driving spring growth.
So, what can you do to help those agents if those goals are slow to develop? There will always be market challenges; however, identifying why an agent may be struggling is key to helping them overcome them. Here are three questions that can help you review your agent’s business plans.
1. Is the business plan hyperlocal?
Go back to the beginning of 2020 and look at the agent’s notes and business plan. What was the foundation they were planning to implement to have a good spring? What were the steps to their big-picture goals?
Next, evaluate the steps that support those goals. For example, maybe an agent planned to be top of mind within a specific zip code; however, after a few months, they haven’t achieved the success they planned. Ask them, “Have you set aside time to cold-call each day and talk to prospects? Are you sending out mailers to each confirmed homeowner in that zip code?”
Bottom Line: Continuous hyperlocal strategies will keep your agent top of mind in a targeted geo area.
2. Do they know their market?
Knowing the market can easily tie back into your agent’s business plan and should be the foundation of their 2020 goals.
Let’s go back to the example of breaking into a specific zip code. While it’s essential for an agent to consistently utilize multiple marketing avenues and develop their personal brand, it’s equally necessary to make sure they know and understand their market. Using research tools and other technology solutions will help uncover why residents move into specific neighborhoods and what the key features and demographics are that draw them to it. By learning key details about the market, you can easily match up prospects looking for a specific neighborhood.
Bottom Line: Truly know your market segments.
3. Does the plan only focus on a short-term outlook?
Whether an agent is a top producer or new to the industry, it’s important for them to think long-term and consistently develop their personal brand. It’s essential to have a mixture of both long- and short-term goals. Those long-term goals can be something to strive for, such as earning specific awards or recognition for sales volume, units or referrals. There’s nothing more rewarding than reaching a goal that’s been well thought-out and planned for with an excellent long-term strategy.
Bottom Line: Manage the quick wins while you plan for the long term.
Remember, it’s easy for an agent to start feeling overwhelmed. Talk to them, help them stay focused and work with them to identify the tools and actions they can implement to achieve their growth goals. Invest in your team and they will invest in themselves!
Travis Bailey is vice president of Enterprise Sales at Cole Information. For more information, contact Bailey at 973-896-6134 or firstname.lastname@example.org or visit info.coleinformation.com/agentmindset.