The real estate industry has gone through significant changes in just the last two decades alone. From the adoption of paperless platforms and the emergence of digital marketing to the rise in regulations and the growth of third-party marketplaces.
Some changes have greatly benefitted real estate agents, while others have hindered their success. So what can brokerage owners do to make agents lives and jobs easier, while helping grow their own company?
Most Common Agent Challenges
We’ve gained a lot of insight from the brokers we’ve partnered with. Time and time again, the following three agent challenges emerge.
Prospecting
While those possessing a so-called “sales gene” are always happy—no, make that downright excited—to get on the phone, shake hands, and network, many real estate agents don’t know who to call, who to meet, or where to be. They also may fear rejection. Conquering this fear takes effort and some rationale (just think, each rejection brings an agent one step closer to a sale). Certainly, some agents have a natural gift for prospecting, but it is also something that can be learned.
Time Management
Real estate agents are often on 24/7/365. In that time, they’re also trying to balance family, friends, and other obligations. All this multitasking causes stress, frustration, and can lead to failure at one or all commitments. After all, trying to focus on everything means nothing is receiving full attention. Learning time management is crucial for success, and may be as simple as creating a schedule that allows for agents to set aside time for specific tasks—focusing only on that task—until it’s time to move on.
Organization
Being organized goes hand-in-hand with time management. Being disorganized—hunting for contacts, tracking down files, finding the right forms—costs time; and in real estate, time is money. Devising a system to streamline work processes gives agents more time to go out and do what they should be doing best—prospecting!
Delivering More Brokerage Support
Broker-owners today are doing more to help their agents achieve success. Here are three ways some of our broker partners are providing more support.
Keeping Current With Technology
The primary focus for real estate agents should be prospecting—that’s where the money is! But with their time focused on prospecting and closing deals, they can’t be expected to be on the cutting-edge of everything. Brokerages we work with have made information exchange painless and are embracing automation. Technology dramatically reduces redundancies in workflow and helps make agents more efficient and effective.
Employing Digital Transaction Management
Paperwork can be a pain. Files get lost, and details are forgotten, resulting in wasted time and money. The brokers we’ve partnered with have embraced Digital Transaction Management (DTM), a solution that solves many woes for Realtors. While some brokerages have made a move toward paperless, the applications aren’t seamless and don’t always integrate with one another. With a true DTM, everything is automated within one platform, simplifying every step of the transaction process and making file review, compliance, form initiation, and signature acceptance faster and more efficient.
Adopting New Marketing Techniques
The internet has made real estate much more transparent, allowing consumers to perform property searches online. Of course, most buyers still want their hands held. In fact, 88 percent of buyers used a real estate agent or broker to buy their homes last year, an increase of nearly 20 percent since 2001! That’s good news, but to get noticed, today’s agents can’t rely on direct mail and open houses alone. They’ve got to embrace digital marketing, and brokerages we work with are encouraging it, whether it’s building a social media presence or engaging in mobile marketing.
What’s Next for Your Brokerage?
What will you do to better support your real estate agents in this brave new world? After all, their success becomes your success.
Is it coaching? There are many great real estate coaches out there that can help agents overcome their fear of rejection and improve their time management and organizational skills (one of our favorites is Brian Buffini; at the very least, get your agents hooked on his podcast—they’re sure to learn a thing or two!)
Maybe it’s a Digital Transaction Management solution? The benefits are many, and a DTM provides valuable metrics regarding each of your agent’s activity, so you know who needs help and support. Just think, you could turn a low performing agent into a top producer! Of course, it’ll also let you know who’s completely crushing it so you can hand out a well-deserved high five.
