Training never stops. And in today’s market, there are three trainings you must offer your agents.
While real estate professionals are always learning new tactics and strategies, training is most effective when aligned with current challenges in the market.
In today’s market, three specific trainings every agent needs are:
- Offer writing and inspection negotiation clinic
- How to get listings
- Being the knowledge broker
Each one of these deserves a thorough breakdown.
Training 1: Offer Writing and Inspection Negotiation Clinic
This training presents live case studies showing multiple-offer situations and inspection reports.
The whole point of these exercises is to familiarize your team with real, live case studies, so they can see what’s happening in the marketplace. Without that, all you’re giving them is theory.
Theory alone doesn’t show them how, sometimes, it’s that extra bit on the purchase price, the waived inspection, or how they communicate with the agent and present their offer to get these things accepted.
Before training day, prepare the agreements of a sale and all pertinent details (using redacted information, of course). Present the information to your team a day or two in advance, using the same format you would present to the seller or listing agent.
When looking at offers, analyze them from two perspectives: how the offer was sent to the listing agent and how to present offers to a seller.
Give your team the complete offer package – exactly how it was sent to the listing agent, with all the attachments and cover message. Discuss the presentation. Note what is clearly communicated and what is sloppy.
Then, train agents on how to present multiple offers to a seller. Format offers on a spreadsheet with all the pertinent information. This allows sellers to easily compare offers easily. Sometimes, it’s a surprisingly small factor that gets the offer accepted.
Ask them to consider which offer won, and have them bring some suggestions to the table.
Then, explain which offer won – and why.
The inspection negotiation is a bit different but no less critical. Many agents who entered the business in the past two years don’t know how to negotiate a home inspection.
Provide an inspection report (or multiple reports from any inspections done) and the inspection reply. Show them what was actually requested versus what was in the report. And have them walk through and identify what they see as major issues.
Then show them the actual resolution.
Training 2: How to get Listings
We know we need to list to last in this business – list to exist. Training number two is all about how to get listings and how to sell them.
The best way to go about this is to teach one concept on how to get listings. For example, you can focus on how to work your sphere. Instead of just moving on to the next topic, make time for some classroom practice performance (a piece of advice from my buddy Doug Edrington).
Teach one thing at a time. When focusing on listings, trainings can include:
- Working your sphere
- Circle prospecting
- Running a mega open house
- Closing at the appointment
- Follow-up after the appointment
- Price adjustments
At each training, ask agents for a specific commitment around listings. Specific commitments could include, “I’m going to knock 50 doors this week, and I’ll report back to everybody,” or “I’ll make 150 circle-dials,” or “I’m going to run the mega open house plan.” This is where accountability comes in. Make sure you hold them to their commitments.
A lot of team leaders have been doing business so long, they have all these ideas in their head, they know everything that works, and they simply give a list of what to do to their team. But people can’t execute on that. We’ve got to keep it simple.
When you focus on one concept at a time, hold people accountable, and get them talking, they’ll see the same things we do.
Training 3: Being the knowledge broker
The third training is about understanding exactly what’s happening in the market, knowing statistics, knowing what the Fed is doing and how that impacts homebuying, and showing what it costs to wait to buy a home in an increasing interest rate environment.
Most realtors don’t understand these things. Many don’t get cash flow, how to calculate payments or tax implications.
Train your agents on:
- what is happening in the market
- how to communicate around the uncertainty in the economy with consumers
- how to take all the available information and apply it to a real estate purchase
- how to answer questions like, “Is the housing market going to crash?” and “What do I do when mortgage rates go up?”
Being a knowledge broker means bringing data and showing them what’s happening this month, and the change month over month – in inventory, number of sales, pricing and rates.
Educate your team about what’s happening in the marketplace. They have a real competitive advantage when they know these things and can answer these questions. Because over 95% of realtors can’t.
Every team leader should prioritize these three trainings – offer writing and inspection clinics, how to get listings, and how to be the knowledge broker.
Next time you are scratching your head about what to work on with your agents, hone in on these three trainings you must offer in today’s market. Your agents – and their clients – will thank you.