This week’s Facebook LIVE Real Geeks Mastermind training was all about the numbers. Titled, Understanding Number Tracking, Greg Harrelson and Abe Safa from Century 21 The Harrelson Group brought ratios into focus. In discussing the numbers, Harrelson and Safa agree that the capture to contact ratio is key. Safa defined what lead capture is clearly, "Capturing a lead is when a lead comes in to your Real Geeks account, no matter what the source," he said. Finding ways to improve that ratio will drive your ad spend down. 

 

Harrelson explained that if you're spending $10 a lead in an ad campaign, and capture 100 leads at $10, you’ve spent $1000. If you only capture and talk to 20 of those leads or 20% Your cost per lead contact is  $50. “While you can't control the lead cost, you can control whether or not you contact them,” he said. So, if you contact and talk to 60%, your lead cost goes down to about $17.

 "If we do it right, right at the beginning, and we make sure we drive our lead cost down, that's going to affect everything," said Harrelson, as he shared how the reduced cost per lead makes way for profit. Harrelson explained that the reason workflows are baked into the Real Geeks system is to optimize these costs. “With workflows,” he said, “we can get it to 60%, if not a little more." Citing an example, Harrelson specifically explained how the drop in lead cost from $250 to $80 could allow for ad spend to be doubled, and therefore increase profits, since that meant ratios were upped by 300%. Safa suggested that agents revisit an earlier Real Geeks Training episode which specifically discussed PPC conversion to truly understand this.

Tracking Numbers for Motivation

Safa and Harrelson agreed that there are many ways to track the numbers and that each agent needs to find what number most motivates him or her. According to Harrelson, any one of these data points and ratios can be improved, and result in greater success. Though the tracking is generally simple math, Eric Robb suggested CTE and SISU as possible tracking tools for further study. 

Listed below are several ratios to consider to get you started.

Capture to contact?

Contact to appointments?

Offers written to offers accepted?

Average price per closing?

Number of homes shown to a buyer?

Number of buyers contacted to contracts written?

Remembering What Works

Harrelson and Safa discouraged agents from spending more money without understanding the ratios. The idea that we need to buy more leads to do more business can’t be the answer, they explained. “Instead of thinking of upping our budget, we have to think of optimization.” One of the ways this can easily be done in 2021 is by moving the questions on qualifying to the end of the conversation, and moving appointment and engagement questions to the beginning of the conversation. In an interesting roleplay, Safa and Harrelson showed how easily this switch in order, can result in more appointments and sales. 

Harrelson stressed that it’s important to give access and over deliver, rather than reciting information, as buyers are researching on their own. “The studies show that the reason why buyers are calling agents right now is to gain access to the property, not information," he said. "Once we give them what they want. They will reciprocate by answering all of our questions." Harrelson shared that asking this particular question would show respect for the buyer’s intelligence and get them fully engaged, "Are you paying cash or what lender are you already talking to?"

Safa and Harrelson reviewed ways to be more efficient with buyers when showing homes. They suggested asking the same question at all properties and explaining to the buyer that how they answer that question helps the agent find out why or why not they want the property. This reduces timeframe, gives power to the buyer, and shows that the agent cares.

At the end of the segment Harrelson walked through a technique used in Mind Storming by Brian Tracy. Harrelson said agents should think about the process of turning contacts into contracts, and spend 20 minutes writing down as many ideas as possible. At the end of 20 minutes, each agent can take one and put it into action. “Track it for two weeks and find the baseline, and then determine how you can improve that one ratio for 20 minutes, and then highlight one idea, and implement.” Harrelson said. “Do this every two weeks for next couple of months, and you will experience a breakthrough in your business.”

Published on Feb 11, 2021 under ,

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Coaching Keeping It Real

Keeping It Real: The Resources To Equip Your Real Estate Team for Success with Sascha Chatman

Keeping It Real: The Resources To Equip Your Real Estate Team for Success

 

 

In this episode of Keeping it Real, Sascha Chatman and  Frank Klesitz, CEO of Vyral Marketing, break down how you can equip your real estate team for success.

Learn more about the resources needed to manage your own team of real estate agents. Of course, a capable workforce is one thing for generating leads and obtaining success in the real estate world. However, having the right resources available is one of the critical factors needed to equip your real estate team for success.

Recruiting Presentation 

Transforming Your Success into Their Success

Creating a Schedule

Buying this Year vs Next Year

Discovery Phase

The discovery phase is meant to determine whether or not the agents being recruited are the right fit for their real estate team while providing the necessary details for the agents to know what their team is about. Sascha first discusses their team goals and strategies to ensure agents know exactly what they're walking into. He also discusses other matters, such as expectations from the agents themselves and their commissions.

The discovery phase may be one of the most important parts of knowing how to equip your real estate team for success. In order to succeed, you need to have a reliable workforce on your side that shares the same goals and is willing to cooperate with the rest of the team to move forward. Having a compatible and efficient team is one of the best resources you can have in real estate, as it can significantly affect your business' productivity.

Ad Educated Buyer is Easier to Work with!

Agent Utility Belt

This is the highlight of the entire video. Sascha compares his utility belt of resources to Batman's belt of tools and trinkets. This belt essentially exists to store all resources and keep them within reach. Don't get the wrong idea, though. It's not an actual belt. Instead, it is usually a cloud or a compilation of all your valuable resources, such as videos, links, and other agent tools. Having a utility belt that is curated specifically for your team and your needs could help increase the productivity of your workflow because you won't have to scavenge for resources when you need them.

Not only does it make you more productive within your workplace, but it also gives off the sense that you are reliable and organized. When clients ask for something, you will easily have it within reach. 

Clients understandably have many questions before closing the deal, so one of the best ways to answer them is to grab a resource from your utility belt. For example, you're talking to a client about title insurance. Instead of answering their questions yourself, you could take an informative video from your utility belt and ask them to watch it. This makes it easier to understand and relate to.

Having a utility belt is a great way to equip your real estate team for success. It also comes in useful during business transactions. All in all, it's one of the best resources that a real estate team can have.

Having the right resources is essential in equipping your real estate team for success. Create an agent utility belt that caters to your team by signing up for the Real Geeks platform today. We provide valuable resources that you and your team can use to achieve the best possible outcome in every situation. Get started with us today!