B-SCHOOL COACHING CALL: How to Get the Most out of Your Buyer Agents

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Transcript:

This is the biggest source of leverage for your business. I'm not going to talk about the compensation model because we've already talked about that. But most teams - traditional teams - need to be in production and focus on listings because the way they set up the buyer business is not profitable. They're giving away 60%, 70%, 80% in some instances to their agents. Their gross margins are 30% on the buy side. It's something that they don't focus on.

400 Buy Sides in 1 Year

Here's what I realized, though. We did 170+ buy sides this year. We could do 400 buy sides, and we'd have a few busy months. But we're set up where my admin, at a high level of service, where she's giving raving fan service, could do 400 transactions in a year the way we've set it up with our systems.

There's no additional hire there. There's no additional leads. I'll need some more agents, so I'll need 8-10 buyer agents on that side each selling 40 homes. So we could do 400 sides on the buy side without any additional overhead on my part. It's really, really cool.

Agents Need Accountability

Most people think they don't want to be held accountable, so their knee-jerk reaction is to be a little bit grumpy about it. But they really do need it. The majority of the population aren't like any of us. They're not that driven. They're not focused. They let whatever happens in their email or their text or people calling them dictate where their day goes.

They desperately need accountability. They desperately need it. And ultimately they'll respect you for giving them that accountability. Here's the truth: there's no other sales job, a legitimate killer sales organization, that doesn't have a high level of accountability. Some of it's still even like old school boiler room.

Our approach is a little bit more loving than some of the depictions in these movies of boiler room, or Glengarry Glen Ross, which is really cool. "Coffee's for closers." We're not those types of leaders, but they definitely need accoutnability, so don't shy away from it.

The weekly tracker is the one thing that all of you are really tiptoeing around, saying, "No, no I'm gonna wait on that one. I don't want my agents to let me know what they do on a weekly basis." When you really think about it, it's sort of ridiculous. It's you and your personality that's forcing that to happen, so you've got to break through it.