You have built a team with amazing potential! You have a mix of agents and some might not be high producers… yet!
We provided insight on what those top producers look like and how to identify them in your team. Now you want to learn how you can motivate your agents to yield higher production.
According to a Stanford study, only 25% of success comes down to technical skills. That means success comes from something more than being the most technically proficient agent.
We found some methods to use with your agents to help encourage higher productivity. Time to take a deep breath and dive in!
Reassess the ‘why’
A common reason that some agents might feel overwhelmed with their current business is they aren’t looking at their past, present, and future in a realistic way. Encourage them to not only develop goals but to develop concrete steps on how to achieve those goals.
They need to ask themselves why they got into real estate in the first place. What made them choose real estate to begin with? Have them write down all their answers including ones that might seem unrealistic. It will help remind of all the reasons they got into real estate.
Having a business plan in place will be a tremendous help for your agents to achieve their goals. Whether it’s to secure investment capital or to grow their business, they will need actionable steps to realize their plan.
Get your agents to write down their daily routines. Maybe there’s something telling in their daily routines that are impacting their ability to increase their production.
Finally, have them write down their short- and long-term goals. No goal is too silly. It will help solidify the direction that they would like to pursue.
Having your agents write down and understand their “why” could be what they need to feel remotivated to get out there.
The other seventy-five percent
If only 25% of success comes down to technical skill, what makes up the other 75%?
According to research by Shawn Achor at Harvard, success can be predicted by three things: optimism, social relationships, and how one perceives or reacts to stress.
Addressing each of these factors could greatly impact your agent’s success.
Optimism and social connections are two factors that are reliant on one’s ability to balance work and life. If agents are feeling burnt out or struggling, the immediate reaction is to pile on more work, making them feel even more overwhelmed and tired.
It could be worth encouraging that an agent who is struggling take a weekend to connect with friends and regain that optimism that one feels at the beginning of something new.
Offering support and guidance when an agent is struggling is so important. Reframing problems or issues as an opportunity to learn could also greatly improve their outlook.
Helping agents identify stressors could also improve the quality of their work. Persistent issues weigh people down and hold them back from obtaining their goals. Finding ways to cope with stress will help agents in work and is an important life skill to develop.
Developing a growth mindset is one of the best ways to cope with opportunities in challenges. It addresses that there is an obstacle and that there’s an opportunity to learn and grow from it.
Tackling a busy schedule
One of the most productive things one can do is to tackle their schedule as efficiently as possible.
Help them divide and conquer their daily, weekly and monthly tasks with newfound motivation. Looking at the list of tasks can be overwhelming and ruin one’s motivation. It’s best to break up bigger tasks into smaller ones that can be completed more easily. Once all the small tasks are completed, your agent will be pleased to see that the big task has also been accomplished.
Concrete ways to increase production
Getting into the right headspace is crucial to being a successful real estate agent. Now that your agents have been motivated, it’s time to work on the more concrete ways that will drive higher production.
When looking at what high producers are doing, we see that 89% of top producing real estate agents spend something on marketing. This is something to consider if you need to find practical ways to motivate your agents to yield a higher production.
There are six commonly known factors that lead to a higher pay-check:
- Lead generation
- Lead follow-up
- Prequalifying
- Presenting (to buyers or sellers)
- Negotiating
- Closing
Developing a routine centered around these six key factors will help your agents reach their production goals. Keeping an eye out for any faltering around these areas is a telltale sign that your agent might be experiencing burnout. At this time, you would want to check-in and make sure they are supported to get back into the right headspace.
Providing the right tools and supports are important factors that also contribute to your agent’s success. Remember to celebrate their wins. Positive reinforcement goes a long way.