- Agents should know how many leads they need to generate in order to close one transaction.
- Agents should know the number of transactions needed to meet their goals each month.
- Agents should create and execute a plan of action for each person they’re working with.
Even though the recent housing market has seen its highest level of sales since July 2007, according to U.S. Census Bureau data, news of the COVID-19 economic roller coaster and Depression-era unemployment numbers can feel overwhelming. Making sure your firm is on track to close out the year strong and meet your company goals in 2021 might be challenging in this pandemic environment, to say the least.
That overwhelmed feeling can easily lead to inaction and fear—two reactions you want to help your agents overcome or, at the very least, contain. By offering concrete, specific tips and clear strategies, you can help your agents combat these debilitating responses. Let’s look at the specifics first.
Certainly, you as a broker always know whether or not your company is on track to meet its monthly, quarterly, and annual goals. Likewise, each and every one of your agents must know whether or not they are on track, ahead of, or behind in meeting their own goals. This knowledge will help them set their strategies for the coming year.
All of your agents must also know their own “magic number” of transactions needed to meet their goals each month. If they’ve surpassed this, it’s time to set a higher magic number. If they have fallen short, it’s essential that your agents have a plan or strategy set for reaching that magic number each month in 2021.
As we head into the last month of the year, help your agents finish strong and chart their course for the year ahead by sitting down with each person and asking them, “Are you on track for meeting your monthly goals?” and “What is your magic number?” For example, an agent’s magic number could be six closed transactions a month to meet their monthly earnings goal.
If your agents can tell you whether they are on track to meet their goals, great. If not, help them figure this out in concrete specifics, without any judgment from you. Just going through this process with you will help agents break down, in detailed increments, what they need to be doing in order to meet their goals in the months ahead.
For example, you will help agents think through how many leads they need to generate in order to close one transaction. Have your agents examine the specifics of each of their leads (the client’s space needs, their time frame for buying or selling, their budget, etc.). Ask your agents to create and execute a plan of action for each person they’re working with, so those current clients result in a closed transaction. This will help them start the new year with detailed action plans.
Clearly, specifics and strategies go hand in hand in any housing market, facing COVID-19 or not. They help eliminate agents’ inaction and fear. Once your agents have their strategies in hand, they will be able to head into 2021 with confidence.