So you're the leader of a team — whether it's 10 agents or 100, if you want your business to scale, you need to ensure the people who work in your business are producing at a high level.
But how exactly do you do this? Team meetings? Contests? Prizes?
All of the above certainly helps boost morale, but for your agents to grow professionally, spending time with them 1-on-1 demonstrates not only that they are worth putting time and energy toward, but also that you're willing to help guide them in their real estate career.
That being said, if you go into an agent 1-on-1 with zero data, how can you benchmark performance? You'll be subject to the whim of how the agent feels about x, y, and z.
Feelings are a dime a dozen. But they don't help businesses scale. Hard data, on the other hand, is actionable and can inform strategy.
So today, I'm going to teach you how to hold 1-on-1s with your real estate agents (using Sisu).
First and foremost, before you embark on agent 1-on-1s, you first need understand exactly what your agent's goals are.
If you set your agent's goals, they aren’t going to care about them. Because they are your goals, not their goals.
Once the agent has told you their production goals, you should plug them in by using the goal calculator within Sisu.
First, set up their yearly production goals. Money is a strong motivator for a new agent who is hungry to succeed.
These monthly goals can be everything from 'closed volume' to 'buyers appointments set/met' and 'conversations' had.
You also have the ability to carbon copy one month's goals and use them for every month of the year; or you are free to customize each month.
Why is the goal calculator so effective?
Example: In your 1-on-1, the agent says they spent 1 hour prospecting. But what does that effort equate to results-wise? The agent may have felt like — “I just talked to 50 people” but in actuality, it was only 12 people.
That's why it's important to have the agent manually input their conversations. These numbers will reflect in your Sisu dashboard and the goal calculator.
Pro tip: We never set more than 500 conversations per month. No matter how high their conversion rate is. Once their conversion rate improves, the fewer amounts of conversations will convert into more appointments and so on.
— Spring Bengtzen, Broker/Owner of Utah Life Real Estate.
When you're sitting at the 10,000 foot view as a business owner, you have to ask yourself—what are the activities that are most important to my business?
Conversations? Appointments set or met? Which activities produce the most ROI?
These are questions that are only possible to answer with good data.
Using the Sisu production & activity report, even at the high level view, you can do calculations and figure out your conversion rates for each of these categories.
How many conversations convert into appointments?
How many appointments set actually get met?
And so on. These metrics can serve as a pulse-check to your business' monthly (or quarterly, yearly, etc.) goals.
But for 1-on-1s, you want to figure out exactly which activities produce the most ROI and then only review / coach on those activity with your agent—because those will ultimately help them reach their goals.
Namely, some helpful data for holding 1-on-1s in the 'reports' section of Sisu:
In the following sections, I'm going to dive deeper into each one of these reports.
Before walking into a 1-on-1 with your real estate agents, it's a good idea to check your main Sisu dashboard.
This data can inform you about which benchmarks have already been met for the month (or any time interval).
For example: You can see that the business below has already reached the goals of Buyers Appointments Set, Buyers Appointments Met, Buyers Under Contract, and Listing Appointments Set.
So from a business perspective, if an agent isn't performing well in an area that's already orange, you absolutely can coach them—but it isn't necessarily a make-or-break metric to the business as a whole for that time interval.
You can pull up the agent view of these same dashboards and see exactly where the agent is activity-wise for the week as well.
In the activity by agent report, you can see these same dashboard metrics by each individual agent.
This data is invaluable as you go into a 1-on-1.
For example: Let's say one of your best 'newer' agents has had a whopping 1200 conversations in a month. But when you dig into the data, you see that the large quantity isn't converting into appointments.
What that tells you as a business owner is that, because the agent is doing a large amount of conversations but not converting, they need to work on their conversation script.
This is just one example of how the data within Sisu can inform the coaching points for your agents.
Without a doubt the best report in Sisu's arsenal to take into an agent 1-on-1 is the agent accountability report.
If you happen to leverage virtual assistants in your real estate business, this is absolutely something they should pre-prepare for the scheduled 1-on-1.
It allows you to see exactly where the agent is hitting their goals and also where there are gaps present.
The agent above isn't at their conversations goal, but it's clear that they have hit their appointments set and met goal.
They've met their goal for under contract as well, but they haven't hit their goals for buyers signed or listings signed.
That's when you have the opportunity as a business owner to support them, asking questions like:
Using this report on your 1-on-1s, not only does it show you the broad overview (dashboard metrics) but you can also see the ins and outs of the agent's business. What’s their sales volume? How much commission are they bringing in? Are they hitting their goals?
Answering these questions will not only keep your agents happy and motivated, but it will keep your business on track to meet its goals and running smoothly.
From the top producing team owners I've spoken to, a good rule of thumb is that 1-on-1s should be capped at 20 mins.
Better yet, the agent you’re coaching should be pulling up the data and doing the legwork themselves as well.
Have the agents present the data to you. Not you presenting to them.
This strategy gives them accountability and ownership over hitting their weekly and monthly metrics.
If you make that a solid practice in your real estate team, it will absolutely make a massive difference in your production.
Do you want to see what Sisu can do to enhance the coaching of your team? Request a demo today.