Tag Archives: real estate coaching

How to Make Millennial Real Estate Agents Feel at Home in your Brokerage

As you recruit agents into your brokerage, it’s important to acknowledge there are differences in the way various generational groups communicate, respond, work and interact. Understanding these differences can be your secret weapon in motivating and communicating effectively with your team. Millennials currently make up the largest portion of the workforce and account for 50% of workers in the next 2 years. Here’s how you can make sure your brokerage is a good fit.

Values That Match Their Own

As an experienced broker, you already have a good handle on the basic qualities that an agent looks for in evaluating a brokerage: leads, commission splits, support, education, etc. However, if you want to both attract and retain Millennial real estate agents, you’re going to need to appeal to more than just those cornerstones. The desire for self-fulfillment is strong in this generation and drives them to seek out companies that strongly support their growth and learning at this stage of their career and down the line. Millennials are especially driven towards companies that promote a positive, well-rounded and healthy culture. If they do not form a strong connection with your company culture and trust in its genuinely altruistic nature, they will not hesitate to leave for greener pastures. This is a key difference from the Baby Boomer generation who has more of a “pay your dues” mindset and would usually stay with a job for years to gain experience. By contrast, a Millennial will leave quickly if the fit isn’t there.

Technology That Supports Their Goals

Although it is not their top priority, tech is still an important factor for Millennials that have grown up with it. Tech-savvy tools like a CRM, modern website, and lead generation systems are mandatory to them. Like your company culture, this is an area where you will need to both talk the talk and walk the walk. If you are not yet familiar with all things mobile and social, now is the time to bone up. Remember, these tech-savvy newbies are looking for you to take them by the hand as their leader and show them the way. If you can’t show them at least some acumen and understanding with social, mobile and technology as well as real estate, you will struggle to convince them that they are in the right place.

Someone to Turn to For Guidance

Taking less experienced agents by the hand and making sure that they know they can turn to you for help or guidance is crucial; a rule that applies to new agents of any age or generation. Millennials seek out leadership that frequently engages in positive reinforcement. One way to do this is to find regular ways to recognize your agents for their various accomplishments. If you hold regular team meetings, this would be a good time to hand out various awards for goals reached or at least acknowledge those agents that are making progress towards goals set like listings taken or open houses held. This will also contribute to the positive company culture you are trying to foster.

Team Meetings

Team meetings help to build camaraderie and give a brokerage that familial feeling that Millennials crave from their place of work. The more that you can make them feel as though they are a part of a family working towards a shared goal, the more invested they will become in the overall success of the brokerage. Again, injecting your team meetings with positive reinforcement and recognition for a job well-done will resonate with Millennials. They are also a great time to offer continuing education on day-to-day issues that real estate agents face and technological advances that could help the team with their goals.

Do You Have The Right Stuff?

As Jim Weichert emphasized when he started Weichert, Realtors® over 50 years ago, it’s all about the personal. As a successful real estate broker, connecting with people on a human level is in your wheelhouse, so don’t be afraid to tap into those fundamental skills when working with Millennials. Making your brokerage more attractive to Millennials is just a small evolution, not revolution. If you have a holistic company culture, tech-savvy tools, an abundance of leads, and good systems for ongoing education, then Millennials, and everyone else will want to join you.

Weichert supports its affiliates with things such as sales meeting templates, an awards and recognition program, ongoing training, technology support and more, providing a perfect plug and play system to help brokerages create an optimal fit for Millennials.

With Weichert at your back, you can do even more. Give us a call today at 877-567-3350 or visit us at weichertfranchise.com for more information.

Best Way To Get Full Commission? Know Your Value.

In the ultra-competitive market for local home listings, the pressure to discount commissions is ever present. Some brands in your market may even make the discounted commission their primary marketing differentiator while selling themselves as full service agents. How do you compete with that?

Is discounting simply devaluing your services or something you have to do to survive? Here is some insight from the online real estate marketing specialists at Weichert.

Educating Clients About the Value of your Services

If you want to keep your full commission, you have to sell the value of what you do for it, plain and simple. A 4% commission from the other guy may sound great, but we all know he’s cutting corners somewhere to do that. Yet for clients, cutting broker commission seems to be the easiest route to saving money – and in their heads, this makes sense because they often lack the insight into what it is that real estate agents actually do. Taking the time to keep the client informed of the services you will provide at every step of the way is key. These include, but are not limited to:

  • Start with a great listing presentation and local market analysis. If you impress them with the professionalism and thoughtfulness of your competitive research, you’ve immediately set yourself apart as a professional who is deserving of full compensation.
  • Do the legwork – Scheduling multiple open houses, tours, inspections, re-inspections, conducting follow up, recommending small changes to make the house more sellable, running ads in local real estate publications, posting in supermarkets, mailings… the list goes on and you should be able to tell prospective home sellers exactly what they won’t get when they go to a discount brokerage.
  • Most people hate to negotiate – It’s a fact, but as an agent negotiating deals is your bread and butter. Agents can spend hours presenting, convincing, and following up on an offer – and only their experience and negotiating expertise maximize the seller’s chance of selling quickly at the price they want.
  • Expanded Property Marketing Exposure – This is achieved by accessing your real estate agent’s branding and MLS platforms, the most important of which is its online space. Buyers predominantly search the Internet for housing choices, and it’s almost impossible to get the same visibility and access to buyers through a discount realtor.
  • Accurate pricing – There are always properties that are overvalued by owners and may stay on the market for months or even years, just as there are undervalued properties that are rapidly sold for far less than what the owner deserved. Accurate pricing ensures a good result for owner and buyer, as well as a faster selling process.
  • Executing the sale – Completing a sale is a complex process that is made far easier, faster and more reliable when taken on by an experienced professional agent and broker. A full service agent will often have a real estate crm system to help them stay on top of potential buyers and a transaction management system to manage the transaction in a way that for-sale-by-owners, or discount brokers will not.

Technology plays a vital role in achieving this and is another area where you can show the value you add at full commission. As an agent, you have access to expert online marketing tools for real estate agents, a broker who is able to properly leverage the full power of their local brand and reputation, as well as a network of financing, legal, and construction professionals who you can recommend and help manage for your client.

Transform the way you sell with industry-leading real estate coaching programs 

Built on the expertise of experienced brokers, technology specialists and real estate industry leaders, Weichert is focused on providing effective answers to the challenges faced by today’s real estate agents. From marketing strategies for agents and a cutting-edge lead generation system to the best real estate coaching programs in the industry, we provide all the solutions you need to build your business and succeed in even the most competitive climate.

If these tools and solutions sound like a good fit for your brokerage or you would like to find out more about the Weichert system, please contact us today.

Undeniable Traits Of A Successful Leader

As a real estate broker, you are no longer directly responsible for leading buyers and sellers through the complexities of real estate transactions. Instead, you are now charged with the responsibility of successfully leading your team of real estate agents to reach their potential. While there are many traits and skills that make up what most would consider a successful leader, there are a few that serve as the cornerstones for every broker. As you strive to become the best leader you can be for your team and your business, focus on the development of these must-have traits.

Authenticity

The greatest leadership wisdom taught in lofty places like Harvard has to do with being authentic. Authentic leaders are said to value input and feedback, are positive, truthful, and open. They build trust and generate enthusiastic support that improves both individual and team performance.

Consider that a career in real estate can feel like a roller coaster, full of ups and downs. For some real estate agents, the downs can lead to doubts in their abilities and fears about their future. As their broker-leader, you can help shoulder those burdens by being an authentic leader who has both empathy for their situation, but whose enthusiasm and positivity helps them stay focused and motivated. Being an authentic leader, also helps creates the authentic culture in your brokerage that will minimize turnover and help improve production.

Recognition

There is nothing more demoralizing than having those you look up to ignore your strengths and accomplishments. As a leader, it is your job to give recognition to those agents that perform well and showcase exceptional talents. If you hold team meetings, you may want to consider regularly giving out awards or tokens of recognition to worthy individuals. Certainly top performers should be recognized, but there are many things you can recognize people for. In the spirit of being authentic, just make sure they are recognized for real achievements.  If you look hard enough, everyone has something meaningful they have achieved that you can hold up for your team.

Humility

Everyone makes mistakes. The difference between an average joe and a successful leader is that a leader is humble and willing to admit their mistakes. This is another attribute of the authentic leader, the willingness to admit mistakes. In fact, as a real estate broker, you have a special opportunity to use your hard earned knowledge to save your agents from wasting their own time, money, and resources in the same ways you may have as an agent. By exercising humility and openly leveraging your mistakes into lessons, your entire team can work smarter and will have deeper respect for you as a leader.

Empowerment

One of the first things you had to learn to do as a broker was to stop selling homes yourself. Now the next part is actually empowering your agents to do the selling and make them as good at it as you were. Don’t be a broker who swoops in and personally fixes everything, whenever a deal hits a rough spot. Instead give your team the training they want, the advice and support they need, and the encouragement to be successful. Agents who feel empowered and supported, and who are not micromanaged, will take more initiative and over time will develop into more productive and motivated sales associates.

Accountability

If you strive to lead an all-star team, you must lead by example by being accountable for what you say and do. This really means getting back to some basics like saying what you will do, and doing what you say you will. Since the buck stops with you, some things will naturally float up to your level, and when agents see that you will jump in and handle the big challenges, their confidence in your leadership will grow.

Accountability is actually one of the important skills Weichert teaches its brokers through the Weichert Management Academy. The academy, open to Weichert owners, brokers and managers across the country, teaches attendees all the important elements of building a successful team and managing a successful business. In this training the behaviors that constitute accountable leadership at every level are discussed. Being accountable means employees will feel your organization is solid, and that they are both well supported, and empowered to move their business forward.

There’s Always Room To Be A Better Leader

As a real estate agent, you successfully developed your abilities as a salesperson. As a broker, your focus shifted to being an effective leader. If you think you could benefit from leadership coaching and training programs, as well as a collection of production boosting tools and systems for your agents go to weichertfranchise.com or call 877-746-2067.

 

3 Tips For Selling Homes To Gen Y

Gen Y, more commonly referred to as Millennials, have now become the most populated generation in the USA, surpassing Baby Boomers. That means that they are one of the largest demographics of home buyers and sellers and are in the crosshairs of real estate agents and brokerages eager to build a profitable business. However, the buyers and sellers of Gen Y are unique in their interests, priorities, and especially their behaviors when it comes to buying and selling real estate. Selling to this tech-addicted generation will require you to be savvier than the competition and to do things a little differently than you did when you were starting out as an agent. Here are three useful tips that can help the modern broker prepare their agents to sell homes to Gen Y.

1.  Ad Content That Doesn’t Sell!

Millennials grew up in an age of digital marketing with its ever present ad mechanisms, making them somewhat impervious to more blatant forms of advertising. In fact, the more that you try to directly sell members of this generation, the less effective you will be. That’s not to say advertising is ineffective here, but the style and nature of the content has to be more helpful, relevant, or entertaining and less overtly service focused.

Millennials respond to creative that is more visual and will be attracted to video content using mediums such as Facebook newsfeed ads. And don’t forget Instagram. Offer free and convenient tools to help, like an online mortgage calculator, or a downloadable neighborhood or local school analysis. The more free tools, tips and services you can offer in your ads, the more likely this generation is to trust your agents, and your brokerage.

2. Supply Your Agents On-Going Training

Now, more than ever, the technology and platforms that are used to reach buyers and sellers are complex. Furthermore, they are forever evolving and shifting in popularity. If you want to enable your agents to close deals with the Millennial set, you’re going to need to provide them with ongoing training on topics like social media, mobile marketing and digital marketing, in general.

This is an area where big name real estate brands sometimes have an advantage. Weichert for instance, has both proprietary technology and processes that make marketing to Millennials (and everyone) less complex and more efficient. Add to that the training provided by Weichert training teams and its ongoing University approach, and you leverage a powerful educational infrastructure that keeps you and your team on the cutting edge.

3. Enable Prompt Follow-Up

Growing up in the most technologically advanced era in human history has had many effects on Gen Y. One of the largest is their increasing desire for instant gratification. This means that when a Millennial expresses interest in buying or selling a property, or has a question about a property or a town or neighborhood, they expect to hear from an agent right away. In fact, agents that fail to follow-up with a lead within 30 minutes or less, will usually fail to convert that lead. They simply won’t wait to hear from you.

What is your system for getting immediately back to leads, however and whenever they come in? Do you pass the 30 minute rule, even in the off hours?

Brands like Weichert have systems in place that help the agent both get leads and automate the follow-up. Once a lead comes in, Weichert has a call center that handles pre-screening and forwarding, putting incoming leads into the hands of a live agent within minutes. Accepted leads are then fed directly into the brand’s proprietary CRM. As a broker you need to consider tightening up your lead response times and follow up to be sure you’re making the most out of your opportunities.

How To Plan The Future With Gen Y

As an experienced real estate broker hoping to attract business from the country’s largest demographic population, you understand that your agents require advanced technology and training. You also know that trying to supply all of that tech and training on your own can be a challenge. If you feel that you could benefit from a system of tools and access to the most advanced training programs for selling to Millennials and any consumer category, think about teaming up with Weichert.

For more information about our proven strategies and resources go to weichertfranchise.com or call 877-746-2067.