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Judy LaDeur International
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By Judy LaDeur
Judy LaDeur International
Any company that hires new agents, has a responsibly to get them productive as quickly as possible. A lot of studies have been conducted which prove the faster an agent has their first transaction, the more likely it is they will succeed in the real estate business. These guidelines have allowed companies all across America to see instant production from their newly licensed associates, up to four transactions in their first 30 days!
Most of the success of this program lies between the ears of the person implementing it, and the agent on it! Meaning, it works on the philosophy of: Think you can, think you can't, either way you're right. And, of course, you must do your job to insure the agents you are hiring are the right agents for your team and for real estate.
Step 1: The most important part of the program deals with the subconscious mind. In the past 20 years, we have learned the power of the subconscious mind is very strong, and to a great degree, what we believe to be true, often comes true. That is why when an agent asks you how long it will be before they are productive, you must tell them if they work hard and do what ever you ask them to do, they will be productive in under 30 days. My studies have shown that if you tell them six months, it will be six months. If you tell them three months, it will be three months, and if you tell them 30 days, it will be 30 days. Sounds too simple to be true? There are some other steps, but this is without a doubt, the most important one. If they believe it, they can achieve it.
When interviewing a new recruit, throughout the interview continually tell the agent, "If you do everything I ask you to do, you will have two to four units of production within your first 30 days of being licensed." Or, "That is just one of the many systems to allow our agents to produce two to four transactions within the first 30 days." You should also ask the potential associate if they are willing to commit 30 days of working hard to develop a strong foundation and a successful career. Your program is only for full-time associates.
Step 2: First we teach them to prospect for listings. For their first five days in the office, they must prospect until they secure an appointment. I do not recommend you should be holding training classes if you are a small company, or if you do not have a training dept. If you do have a training director, I have found most training directors agree with my philosophy of letting them make phone calls for one to two weeks to see if they are going to make it. My experience has been that if they can come in for 14 days out for their first 30 days, and call until they get an appointment; they can make it in this business. You can then put them through your training programs. If you do not have a training department, you can get them up and going by just following this plan. For example:
Day 1: Have them make cold calls until they secure an appointment. If you have a video to teach dialog, have them watch the cold call dialog video or listen to cold call audiotapes. Then make cold calls until they secure an appointment. If an appointment is not secured within one hour, then have them re-watch the video or re-listen to the audiotape and begin calling again. The formula is: listen to the expert, then call for an hour. If no appointment, repeat process. Do this until you secure an appointment.
Day 2: Have them learn about FSBOs. Listen or watch tapes of an expert, then call for an hour. If no appointment, repeat process.
Day 3: Have them learn about expired listings. Listen or watch an expert, then call for an hour. If no appointment, repeat process.
Day 4: Have them learn how to contact their sphere of influence. Use same formula as above.
Day 5: Call around the competitors' new listings. Have the associate pull up three to four new listings of the competitor. Have them call all the homes located near the new listing using this verbiage. "Hi! My name is _______. I'm with ______. You may have noticed that a new sign just went up in your neighborhood. The reason I'm calling is we are also looking for inventory in your neighborhood. Statistics show whenever one for sale sign goes up in a neighborhood, someone else decides to sell within 10 days. I'm just curious, is that someone thinking of selling, you?" If yes, set up appointment to see home. If not, ask if they know someone who is thinking of selling in the near future. This will be their easiest way to get listings. I always save it for their last day, since the first three days are designed to knock out those who are not cut out for real estate.
For the next three weeks they must call three days a week from 9 a.m. until they get an appointment.
Step 3: Because they have not yet been trained, you need to have another agent go with them on their first four to six appointments. They will learn by watching someone else. This is not a mentor program; it is a referral system. For example, a new agent gets an appointment. Have one of your good agents take the appointment. If a listing is secured, the existing agent pays the new associate a referral fee of 60 percent. The new associate then does all the work, follow-up etc. on that listing. Until the first listing is secured, the new agent should only watch. Until the second listing is secured the new agent should ask the qualifying questions and present some systems. After that, the new agent should present the CMA, net sheet and close for the appointment. The new associate gets to do the work on all the listings because that is how he/she learns.
They always tell the sellers they work as a team and both names go on the agreement and for sale sign. Once the new agent gets a listing on their own, they are allowed to go on all other appointments by themselves. You should tell them up-front that each listing appointment that does not result in a listing costs the agent and the company $2,500. While an agent is in training, the company is willing to lose $10,000 but if the agent goes on four appointments and does not sign anyone up, they must go back on the observation program, and work with another associate until they have secured a listing. That means they will do the listing presentation, but another agent will go along and observe and assist. The agent who goes with will receive 40 percent referral fee on any listing secured. Once they get another listing, they can begin going alone again.
Step 4: Hold them accountable everyday until they are up and running (30 to 60 days). Hold a brief meeting each day at 8:30 a.m.. Anyone can hold it in your absence. Ask each agent the following questions:
a. How many people did you talk to yesterday?
b. How many appointments did you set?
c. How many contracts did you get signed?
d. If they got a sale or listing, ask what objection the buyer or seller threw out and how it was handled or overcome.
e. What do you have planned for today?
Step 5: I discourage working with buyers until a new agent gets a listing. If they have a referral buyer they must work with, team them up with an experienced agent and give the experienced agent a 40 percent referral fee to help with qualifying, setting appointments, contracts, etc. The exception to this rule is an agent in training to be a buyer's agent. If that is the case, follow the program in step number 3, to teach them how to work with buyers.
Step 6: Do not give them company-generated leads until they have shown that they can generate leads on their own. They must learn how to close before taking leads from the company.
Step 7: There are only yeses and nos in real estate. There are no maybes! This means if they come back from a listing appointment or showing that they went on by themselves, and say it went well, ask them; "Did you get a contract signed?" If they say, "no, but...," kindly explain we don't get paid on the "buts." "Buts" are "nos.". Find out which objection they were given and teach them how to overcome it in the future. Tell them to be more persistent next time. Remember the subconscious mind believes what it hears. So what you say is what you get!
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