The more your agents know, the more they earn. And as a broker, the more your agents earn, the more you do, too.
These seven tips will help brokers working with new agents or agents returning to the field gain valuable knowledge to get started.
- Encourage agents to complete their postlicensing continuing education credits before the deadlines have passed.
- Make sure your agents take an MLS class with your local board. Agents can’t enter listings quickly or accurately if they don’t know how, and they need this information from the horse’s mouth. Taking an MLS class will also help agents do research for their comparative market analyses and their property searches for their buyers.
- Make sure your agents take a class on contracts from the local REALTORS® board or with your own brokerage firm if you offer them. Contracts change quickly these days due to new laws and regulations. It’s not worth one of your agents risking her or his license over rookie mistakes.
- Encourage agents to attend both a buyer’s and a seller’s closing. By doing so, your agents will know what to expect in both circumstances and they can then create and distribute a buyer’s or seller’s net sheet to their clients. Their clients will appreciate a net sheet. It shows that their agent is competent and their trust in them as a professional will grow.
- Ask agents to attend a buyer’s loan application meeting so they know first-hand what this process requires. Direct knowledge about time frames and how debt-to-income ratios and credit scores affect a buyer’s approval standing is more than helpful. Also ask lenders for checklists for their specific loan application process. Your agents will be prepared, which, in turn, will help them prepare their clients for this process.
- Reinforce to your agents that real estate is a relationship business, and that some of the most important relationships they should maintain are with various types of lenders: Small Business Administration lenders, VA and FHA lenders, traditional 20% down lenders, jumbo loan lenders, and others.
- Encourage agents to tour at least 10 houses in every price segment of your market, from lowest to highest. Also make sure your agents are aware of all new construction projects and builders in your market area.