Real estate team leaders in 2022 are dealing with a different market – and the challenge of helping their teams succeed despite rising mortgage rates and a general drop in demand.
There are six skills, in particular, that team leaders should be cultivating themselves and transferring to their agents, especially agents who entered the industry in 2019-2020.
Some of what worked before doesn’t work anymore. So, what should team leaders teach their agents to help them succeed in today’s market?
#1 – Always have a top prospects list
Over the past two years, prospects became clients seemingly overnight. In the current market, prospects won’t become clients as quickly – let alone clients under contract.
Agents must be aware of this and spend more time nurturing their prospects. Here’s how to keep your prospects top of mind:
- List everyone you think is ready to sign a listing contract or write an offer – but who is not your client yet.
- Print this list out at the start of each week and keep it with you everywhere you go. Keep a copy in your car, at your office, in your home office, and within reach at all times.
- During downtime, you should constantly communicate with these prospects, talking to each of them at least once a week.
This strategy works for top prospects, active listings, and active buyers and will keep you top of mind with the people you’re trying to sign.
#2 – Learn how to have difficult conversations with sellers
Like it or not, days on market are going up. And if a home isn’t selling those first couple weeks – assuming you’re marketing it correctly and it shows well (those are issues in and of themselves) – it’s time to talk to the seller about adjusting their asking price.
Price reduction scripts are tough to learn. It’s probably the most difficult conversation in real estate. But houses priced too high for the market will sit longer than necessary and possibly expire.
The sooner you engage your clients on this, the sooner you can list homes at a price that attracts interest and, hopefully, offers worth considering.
#3 – Ask all the pre-qualification questions – with every client
In this kind of market, if you don’t know whether your clients are able, ready, and willing to transact – and you don’t understand why they want to move – you’re not going to be able to guide them through the process.
Any number of outside stressors can knock your clients off their game, making them forget why they got into the market in the first place. If you know their ‘why’ – the core of their motivation – you can remind them of this and guide them to a pending sale and closed transaction.
Internalize those pre-qualifying scripts. And go through them with every single client before a meeting. The more you know about a client’s motivation and their ability, readiness, and willingness to transact, the better you can help them throughout the process.
#4 – Talk to more people
To keep your pipeline as full as possible, you’ve got to talk to more people. Agents who talk to the most people go on the most appointments and sell the most houses.
- Reach out to your prospects each week and stay top of mind with them. Give them a reason to want to call you back.
- Create a goal to make a specific number of calls every day. Embrace the no’s and make sure you have real estate conversations with a high number of prospects daily.
#5 – Have a defined client process
This should be a team-wide process that every agent is trained on. Having a defined client process means knowing what happens before and after the initial face-to-face meeting. Consider the following:
- Are you sending a pre-appointment video?
- Do you have the pre-qualification call scheduled?
- Are you calling to confirm?
- Do you have the appointment talking points down so you’re covering everything?
- Are you planning a follow-up call?
A clearly-defined process should spell out exactly what happens internally with your team once you set an appointment and add a new client to your pipeline.
Without that, you and your clients (and prospects) are flying blind.
#6 Know the questions to ask after the appointment
If a buyer doesn’t like a property you’ve shown them, you need to cultivate a habit of asking the right questions:
- How would you rate the home on a scale of one to ten?
- What number on that scale would induce you to make an offer?
- What do you like about the property?
- What do you not like about it?
Knowing the right questions to ask means going deeper on your clients’ needs and actually listening to them.
Buyers will be pickier, and many will hesitate to sign a contract, pointing to the rise in mortgage rates as the reason. This gives you a chance to educate them on what changes in the market really mean for them.
What skill will you focus on this week?
These are the skills team leaders should be emphasizing and scaling right now to help their agents thrive and level up in today’s market.
Which of these skills will you work on this week with your team?