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30-day and 60-day onboarding packages are widespread amongst immediately’s actual property groups. In Silicon Valley, Rainmaker Actual Property is taking a unique method: a coaching and onboarding system with no set cut-off dates, the place the main focus is on high quality over velocity.
On this week’s Walkthrough, Nancy Reynolds shares a deep dive on the three anchors of the Rainmaker Residency Program and explains how this program helps them rent brokers who’re an ideal match for his or her small crew.
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Full Transcript
(SPEAKER: Matt McGee, Host)
I requested a query this morning in our Fb Mastermind Group — nicely, final week by the point you’re listening to this. Anyway, the query was, what are among the explanation why an actual property crew doesn’t attain its full potential?
To this point, individuals are saying issues like programs and accountability — the shortage thereof, I presume. Lack of effort from crew members. One reply talked about that some groups develop into too impersonal, they lose that magic of making nice shopper relationships. I believe all of these are authentic causes {that a} crew wouldn’t attain its full potential.
However I believe the primary cause is that they don’t have a fantastic coaching and onboarding system in place, a system that places new crew members in one of the best place to succeed from day one.
Nancy: The factor I bear in mind is that there was good coaching about contracts and finest observe, despite the fact that that was useful if you’re model new, you don’t have any shoppers. So I used to be somewhat annoyed as a result of my response to it might be, okay, what good is that this if I don’t know the way to convert shoppers? There was no gross sales coaching.
Matt: That’s the voice of Nancy Reynolds speaking in regards to the coaching she acquired early in her actual property profession. Nancy is the co-founder of a profitable crew within the Bay Space that’s taking a singular, structured, three-pronged method to coaching and onboarding new brokers. It combines classroom schooling, with in-the-field coaching, and there’s even a mini course in advertising and marketing and branding.
Nancy is gonna share all of it with you immediately. As a result of how nicely you prepare your brokers may very well be… perhaps can be what makes or breaks your crew’s success.
That is “The Walkthrough.”
(INTRO MUSIC)
Hello there. I’m Matt McGee, the managing editor of HomeLight’s Agent Useful resource Heart. Welcome to “The Walkthrough.” It is a weekly podcast. We’ve got new episodes come out each Monday morning. That is the present the place you’ll be taught what’s working proper now from one of the best actual property brokers and business consultants within the nation. At HomeLight, we imagine in actual property brokers. We’re on a journey to learn the way nice brokers develop their enterprise, stand out from the group and develop into irreplaceable.
Are you able to consider any occasions in your life if you weren’t ready or skilled for one thing you needed to do? I believe again to many, a few years in the past, after I took a brand new job with a fantastic advertising and marketing firm. I used to be introduced on to assist their shoppers with web optimization. Now I had all types of expertise in web optimization. Frankly, I used to be actually good at it on the time. However I didn’t get any coaching at this new firm on how they do web optimization and the way they service their shoppers. Evidently, the shortage of coaching made that job actually, actually troublesome.
The identical factor applies in actual property. Whenever you add a brand new crew member, whether or not they’re a brand new agent or somebody with nice abilities and expertise, they nonetheless want a fantastic coaching and onboarding course of.
You heard Nancy Reynolds a second in the past. She’s the founding gross sales associate at Rainmaker Actual Property, they’re a small crew within the Silicon Valley. She and founder Alex Wang launched the crew about 18 months in the past. Up to now 12 months, they’ve finished greater than 80 transactions, and $180 million in quantity. Right now, they’ve seven brokers and a seven-person help crew. A kind of seven brokers simply graduated from Rainmaker’s coaching program and one other is about to graduate quickly.
Nancy leads the agent coaching, their system is known as the Rainmaker Residency Program. And it’s a part of a really deliberate and really structured method to agent onboarding. I imply, we’re not speaking a 30-day or a 60-day coaching. The truth that they name it a residency program tells you that that is completely different.
On immediately’s present, Nancy goes to stroll us via the three anchors of their program. You’ll hear her clarify the eight coaching modules that educate new brokers the way to work with immediately’s consumers, the ten advertising and marketing and branding ways that they educate new brokers, and what their in-the-field coaching appears to be like like too. These eight coaching modules I discussed, Nancy has a handout. It’s kind of a, I suppose, an overview or a information to what they do throughout that coaching. You’ll be able to obtain that in our Fb Mastermind Group. I’ll have extra information on that earlier than the top of the present.
For now, let’s get began. Because the dialog begins, I’ve simply requested Nancy to provide me type of her elevator pitch for the Rainmaker Residency Program.
(BEGIN CONVERSATION)
Nancy: I might say it’s a program the place you aren’t solely going to be taught finest practices, however you’re going to have alternative from day one, to observe the craft of actual property in real-time with actual shoppers. However with the nurturing steering of any person holding their palms to be able to’t make any deadly errors. However I believe bringing brokers in early on earlier than they be taught dangerous practices or improper practices, and giving them a possibility to the touch the ball as a lot as doable, they’ll launch their careers a lot sooner in the event that they need to and be extra skilled. So elevating the extent of professionalism in our business, I believe, is efficacious as nicely.
Matt: Let’s speak in regards to the Rainmaker Residency Program itself. Inform me the way you mix these two issues? How do you mix the kind of classroom model of studying with the precise on the road out within the subject kind studying?
Nancy: Whenever you’re a model new agent at Rainmaker and also you conform to undergo our residency program, now we have a collection of eight modules, that may be the classroom coaching. And actually, it’s gross sales coaching, okay, so contract stuff, it’s superb, individuals can be taught contract stuff in a short time, in the event that they’re making an attempt to be in contract. So to take six weeks to be taught contracts, when you don’t have any actual alternative to place them into use, it’s simply not as significant. So we discover that we do the eight modules, and it’s all on gross sales conversions, proper? As a result of each prospect involves you and there’s this collection of all these small conversions between if you first decide up that cellphone, you realize, that lead is available in to if you probably get a paycheck, proper? That’s the in-class gross sales coaching.
After which on the similar time, we deliver new brokers in on our enterprise. In order that they’re gonna immediately be a part of us, with purchaser shoppers, with vendor shoppers, what have you ever and the entire completely different duties that we do as Realtors to assist our purchaser shoppers get from, I simply bought my pre-approval, or I have to get one, to, okay, that is the home I wanna purchase and what do I do to get it and every little thing in between.
In order that’s the in-the-field coaching and in-the-classroom coaching. On the similar time, we’re additionally coaching them on the way to market themselves, type of, not simply finest practices, however what’s actually related for a way they wanna market as a result of all people type of has a unique model, proper? Like not all people needs to be on social however we’re gonna prepare you on in case you’re gonna do social, listed below are some good concepts and finest practices and sources that will help you.
Matt: Why don’t we begin with what you’re doing out within the subject with these brokers, you’re bringing them alongside on transactions, they’re working with consumers and sellers. Are they simply watching and listening to you or like how lively are they?
Nancy: Throughout the residency program, they’re required to finish six transactions. There’s not a restricted period of time, they don’t need to do it in two months or six months or no matter. However six transactions and once more, I’m overseeing or actively holding their hand via these six, proper? So the primary three is the place I’m doing much more of the heavy lifting, and so they’re doing much more type of shadowing, if you’ll. So being bodily current, typically doing issues independently like exhibiting homes, and so on. However I’m in all probability doing nearly all of the interface with the shopper whereas they’re on the decision with us and we current ourselves to the shoppers as we’re the crew. So it’s regular, they’re not like within the background on the decision, they’re there, reside, and so they pay attention, and so they shadow, and so they be taught. After which after every name, now we have type of a debrief, so we are able to go over what they realized, what their perspective was, and so on., okay.
So the primary one, I’m just about doing 99% of every little thing. Okay. And the second, I’m type of scaling again somewhat bit, hopefully, they’re going to be excited to start out doing extra of it. The third one, we’re in all probability type of 50/50 so far as our interplay after which by numbers 4, 5, six, the second three, they’re anticipated to be much more unbiased, however I do oversee every little thing. So in the event that they’re gonna ship a contract out, I’m gonna take a look at it first. In the event that they’re gonna ship an electronic mail that isn’t one thing they’ve lined earlier than or that’s perhaps a fragile state of affairs, I’m positively going to supervise that and assist them edit and draft that kind of communication.
After which once more, I believe the massive worth within the subject coaching is the debriefing afterwards. So even once they’re doing 4, 5, and 6, these transactions and so they’re far more unbiased, I at all times wish to say, okay, make this your shopper, proper? Although it’s moving into my title and I’m overseeing all of it, I would like you to make this your shopper and be the particular person, the purpose of contact. However I’m right here to be sure you don’t do something deadly.
Matt: Inform me extra about what a debriefing assembly would possibly appear like. I might guess simply off the highest my head within the first couple of transactions if you’re nonetheless doing many of the work, you’re in all probability explaining issues like why you stated what you stated, why you type of steered the dialog this fashion. After which within the second three, you’re type of reviewing what they did extra, is that the way it works?
Nancy: Precisely, sure, yeah. And I believe the hot button is, it needs to be instantly. In order quickly as we hold up a name, or as quickly as we end the exhibiting, or no matter it’s we’re doing, you realize, end a negotiation. And this isn’t simply working with consumers, proper? That is working with the agent on the opposite aspect of the desk. So we’re negotiating for our shoppers making an attempt to get them in on this ridiculous sturdy vendor’s market. And in order that negotiation coaching in the end in the long run is what makes our brokers or what makes Rainmaker brokers somewhat extra priceless than those who don’t know the way to negotiate for his or her shoppers to get one thing. Nevertheless it must be instantly. So we at all times need to make time immediately afterwards to go over it whereas it’s contemporary in all people’s thoughts. After which the repetition, proper? Over, and over, and over once more.
Matt: So, you talked about the timeframe right here that it’s not, you realize, the six transactions may take any size of time, many of the coaching that I’m accustomed to from having spoken to crew leaders and brokers throughout the nation, it’s pretty, you realize, there’s a 30-day onboarding or a 90-day onboarding. Inform me about why you guys have this method the place it sounds prefer it’s gonna take so long as it takes?
Nancy: As a result of we imagine in high quality over amount. The identical goes once we work with our shoppers, we imagine in a superb match with our consumers versus only one that’s gonna shut escrow on a home shortly. So yeah, we do have a 90-day test in. So there’s a time frame the place we do type of say, “Okay, how is that this working? Are you doing the issues that we want you to do?” And usually, we’re offering lots of alternative. So if any person is just not stepping up and accepting our teaching, then it’s not a superb match, and perhaps we have to assist them discover a new dwelling. However that stated, if it takes any person six months or a 12 months, or a 12 months and a half to do all six transactions, that’s okay with us.
Matt: Okay, in order that, I imply, that sounds improbable — the way you simply defined going together with the six transactions, getting the agent to tackle extra of the load as they get into the second half of these six. Let’s transition, Nancy, into, you talked about, there’s eight coaching modules that you just undergo with the brand new agent. That is extra of the, I suppose we’re calling it the classroom setting. Are you able to type of stroll us, inform us what these eight are? After which we’ll begin to unpack a few of that.
Nancy: Sure. So the primary one is about changing an inbound lead. So the very first thing you wanna do is e book an appointment to have an extended dialog. In order that’s primary. Quantity two is now the day comes, you’ve gotten this dialog, this session, proper? So what do you do on this session with this purchaser prospect? Three, in the event that they’ve dedicated to working with you in that session, success, you’ve transformed, proper. And now the following one is now we have what we name the BOSS. It’s a workshop that we do with shoppers that decide to working with us, it stands for Purchaser Provide Technique Session. And we’re educating and empowering them throughout this course of. However we’re additionally doing a little conversions in right here.
So, on this course of, we’re getting their dedication to principally get their pre-approval finished, do another issues earlier than we go take a look at any homes, okay. In order that’s the BOSS. Quantity 4. How do you evaluate disclosures with potential consumers? Disclosure packages do nothing however scare individuals. So how are you gonna help your shoppers to know the knowledge accepted and have the boldness to nonetheless purchase this home. Quantity 5, writing gives to win. So our market within the U.S. has been so aggressive the final nevertheless a few years, and we don’t imagine in writing gives in useless. That means in case you…it’s important to need the home so dangerous that you’re keen to leap via hoops and convincing your purchaser shoppers that that’s what they’ve to do this’s exhausting to do. So coaching on that, how [not] to put in writing gives in useless.
And by the way in which, we don’t wanna write gives in useless as a result of that simply helps push the costs up extra, proper? If you happen to’re gonna write a proposal that’s not gonna win, nicely, that’s one other provide on the pile. And guess what, subsequent week, when a home goes on sale across the nook, all people’s gonna say, “Effectively, that different home bought this many.” Now you’re simply competing with your self, you’re simply gonna pay extra. In order that’s what I imply by that.
Quantity six. So presenting, negotiating gives to itemizing brokers. We’re very particular about the way you do that and you don’t ever simply electronic mail a proposal in and textual content the agent and say, “Hey, please verify receipt.” There’s an entire…that is like severe negotiation, okay. So there’s that, then empowering your consumers to get what they need. So principally, are you getting a counteroffer? Did you current and is your provide not ok? You continue to have an opportunity to attempt to go after this. How are you gonna try this? And it’s exhausting to principally push consumers to go up in worth or take away contingencies. So I wish to name it empowering them to get what they need. Oh, I’m sorry, in order that was quantity seven.
After which quantity eight is if you get your provide accepted, now you’re in escrow, there are extra negotiations that come via the escrow interval, something can occur. So how can we negotiate these to get what’s finest for our shoppers?
Matt: Is there lots of scripts and roleplay, I suppose, that you just’re doing for every of those classes? What does a session appear like?
Nancy: Effectively, it does type of appear like a category. It’s me, I favor to face up after I’m sharing and instructing. You understand, I’ve handouts. So yeah, so it appears to be like like a category that approach. However there are positively scripts and dialogues. I attempt to at all times kind of ask them the place they’re at, type of, know what their problem is, what their perspective is immediately, after which ask them some questions, type of see in the event that they’re actually stumped or not, or in the event that they actually have the improper perspective. And usually, if you’re new you do, after which type of expose them to what it’s we’re gonna be taught immediately and why, and the way that is going that will help you have what we name shopper management. And I don’t imply that in a approach, like, we’re controlling our shoppers, I imply it extra we all know how to do that, our shoppers don’t, they’re so sensible, they’re so savvy, proper. However they don’t know the way to do that. They usually don’t know the way to do it right here in my native market, proper, or whoever’s native market. We’ve got to get them to belief that we try this. In order that’s what I name shopper management. It’s all to assist them get what they need.
However then we do roleplay. And relying on the subject, typically we schedule one other day in between considered one of these eight modules to do nothing however roleplay. So now we have these scripts. So there’s so many various objections, and brokers, once they’re new, are very afraid of these. They usually wanna know, “How do I reply each single objection?” However fact be instructed, it comes all the way down to just some solutions, proper? It’s actually a matter of refocusing your shopper on what it’s that they need, and the way we’re gonna get it?
Matt: Inform me extra about, I believe it was quantity 4 on the coaching session, you type of identified the disclosures evaluate, and the way you speak to the house proprietor at that time, are you able to type of develop on that?
Nancy: So the tone of delivering this info has to principally give attention to the information, proper, and it needs to be supportive. So when they’re…when the consumers are voicing their considerations, and their questions, and each query is a priority. We validate their concern, we help them, after which now we have to ultimately information them to, “Okay, I completely perceive that it is a concern for you, it might be for me as nicely, or it was after I was shopping for my home. However that is fairly widespread in our space that homes include these kind of defects, proper, or these unknowns. So it’s actually gonna come all the way down to in case you actually desire a home right here, that is fairly widespread.” Except after all, there’s one thing that’s tremendous unusual.
So lots of occasions, you possibly can assist give them confidence you probably have tales of expertise. So the primary rule for me is at all times don’t share your opinions. All people has an opinion, it’s meaningless. However do share your expertise. And in addition, now we have to ensure we type of shift the duty onto the client, proper? As a result of it’s their home, it’s their cash. And we’re liable for advising them on actual property, however I can’t be liable for the situation of a chimney. You understand, so I can level to the chimney and inspection or non-inspection. And I can share my expertise, “Effectively, okay, yeah, this chimney, they stated, it’s having somewhat little bit of motion from the home. That’s positively not supreme. I’ve had a shopper have this case and so they took the chimney all the way down to the shoulder, it value them about $6500, plus a number of $100 for permits. They usually needed to undergo the allowing course of and all that. So it took somewhat time, however that’s what they did with their home, and so they’re fairly completely satisfied.” So that you simply type of share expertise that you’ve. So clearly when it’s new brokers, they need to depend on our tales and our expertise.
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To this point, Nancy has lined two of the three anchors of the Rainmaker Residency Program. She’s talked in regards to the subject coaching facet, these six transactions that new brokers have to finish. She defined that the brand new agent must tackle extra duty with every transaction. Nancy additionally talked in regards to the classroom coaching facet, these eight modules that stroll a brand new agent via working with consumers. She stated there’s lots of scripts and roleplay concerned. It begins with setting the appointment and goes all through to negotiating throughout escrow. The third component of this coaching program is all a couple of topic that’s close to and pricey to my coronary heart: instructing the brand new brokers the way to market themselves. So let’s get again to the dialog with Nancy strolling us via the ten components of that coaching.
Nancy: So the very first thing is about up your database. Each agent comes via and is like, “I don’t have a database.” Effectively, sure, you do. You may have those who you realize, and I at all times say, I don’t care if it’s simply your family and friends. In the event that they love you and help you, they’re not gonna be upset in case you market to them, proper? They need to be okay with that.
Matt: They wanna see what you’re doing.
Nancy: And even when they don’t, they’re not going to love, divorce you as a buddy or a member of the family, however it’s good observe. So I at all times say use your family and friends to observe your dialogue and observe your advertising and marketing and this and that and simply do it and begin constructing.
Matt: If you happen to deliver individuals in, that’s such a fantastic level you simply made as a result of in case you deliver these family and friends members in, in the concept that they’re serving to me as a brand new agent, they’re going to be far more keen to obtain that message and kind of take possession within the begin of your new profession.
Nancy: Sure, precisely. They nonetheless in all probability received’t refer you as a result of they know you’re too inexperienced. However that’s okay. However that’s okay. So organising your database is admittedly necessary. And it’s fascinating to me how troublesome that is for lots of people. And it’s all as a result of being a salesman is taken into account like, proper down there with being a used automotive salesperson. I believe bartenders rank greater than us so far as individuals not pondering we’re slimy. So individuals are, you realize, brokers are afraid to market themselves, they don’t wanna come throughout as a tacky salesperson. That’s what I hear on a regular basis. However in case you arrange your database and also you present priceless content material, you’re not gonna be a tacky salesperson, you’re gonna be any person that’s hustling to attempt to put bread on the desk. And also you’re doing it in a approach that’s additionally making an attempt to assist different individuals.
Matt: Gotcha. So primary, you’re coaching them on organising the database, what else does the advertising and marketing coaching contain?
Nancy: Effectively, so numerous other ways which you can market and I really imagine in…nicely, okay, so if you’re new, I believe you must attempt to be in all places, since you…I believe they name it like canvassing, if you simply attempt to be in all places, since you don’t know what’s gonna stick. However in case you can’t try this as a result of cash is brief or no matter, or perhaps you’re working one other job for some time nonetheless, to place bread on the desk. And money and time are each quick, then lean into the issues that you’re comfy with, and do them quite a bit and do the nicely. Really easy-peasy, month-to-month advertising and marketing publication, there are such a lot of programs that you should use to only kind of automate that. Simply be sure that the content material is efficacious. There’s a program known as Homebot, which really I realized about in your podcast from one other agent.
Matt: Proper? And my spouse simply began utilizing it a couple of month or so in the past. So yeah, we’re studying about it, too.
Nancy: Yeah, so Homebot is cheap, you simply put individuals’s…it’s important to have their electronic mail, proper. However it is going to give them some priceless content material as soon as a month, simply particularly about their home, I get fairly respectable engagement from it. In order that’s good. And it’s cheap, it’s $25 a month for as much as some variety of electronic mail addresses, I believe. And usually, in case you’re new, that’s all you’ve gotten anyhow. Pop buys. So dropping off little items, I don’t care in case you’re gonna drop it off, in case you wanna mail it, no matter. However as soon as, twice, 4 occasions a 12 months, as a lot as you are able to do it, attempt to give one thing enjoyable that kind of displays your persona, you probably have the time and are comfy really popping by as Brian Buffini would say, “Knocking on the door and saying good day.” I don’t assume that’s dangerous concept. However it’s important to be comfy with it or don’t do it, proper?
Annual espresso date. So that is one the place principally yearly, shoot an electronic mail out to all of the those who I wish to have espresso with and invite them. And it’s superb how a lot traction that will get. After which I get to see those who I like and catch up. And perhaps they’re not prepared to purchase a home or promote a home proper now. However lo and behold, they’re usually going to ship me any person or one thing, proper. After all, word playing cards, if you are able to do handwritten word playing cards, once more, they should have some worth. And people must be very custom-made. I don’t imagine that these may be automated, however you possibly can rent any person to put in writing it for you. So, like, I employed a advertising and marketing assistant fairly early on, and I might simply dictate to her and ship her information that, “Okay, please ship a word card to this particular person, please ship a word card to this particular person.” So it was nonetheless private, I simply didn’t really do the work.
Social media gross sales exercise. I do imagine that early on, in case you don’t have any road cred, that may be difficult. So the exercise that you just do have, so like our brokers who do these six transactions, I believe they need to be utilizing that for social media. Now they don’t essentially have to only publish simply offered, they’ll publish issues like, “Hey, I’m representing a purchaser on this home that has like the good range.” Or no matter type of matches their persona. However once more, in case you’re not comfy with social media, then this isn’t an space you’d wanna lean into, proper? As a result of social media type of needs to be finished proper. If it’s not, you possibly can really damage your presence.
After all, if you are able to do any shopper occasions, and after I was new, in my first couple years, my shopper occasions had been tiny, I’d have like 10 shoppers. Nevertheless it’s okay. However I broke them up. And I did them. They usually had been enjoyable. You understand, and I like social media. So it gave me some social media fodder. And now this 12 months, I’m gonna have an enormous occasion, will probably be my greatest occasion but, it nonetheless received’t be humongous, as a result of we type of like issues to be somewhat intimate. However I’ll have perhaps 80 individuals. In order that’ll be an enormous occasion for me.
After which after all, there’s this one marketing campaign about asking for referrals. And once more, it’s important to be comfy with this or don’t do it. And it needs to be tremendous skilled trying. So that you’re sending them a mailer, with a canopy letter, and inside, you’re giving them two full packages, that they’ll principally simply hand to any person else. So that you’re asking them handy these two packages out.
Matt: Oh, fascinating. Okay.
Nancy: Yeah, so we name it Refer a Buddy, I’ve to provide Lorna Hines credit score. It’s really her factor. I didn’t make it up. After which in between, there’s simply — you are able to do Christmas playing cards, you are able to do month-to-month scratchers or quarterly, there’s a lot stuff you are able to do, however it’s all about staying high of thoughts.
Matt: I really like that you’re coaching the brokers on all this advertising and marketing stuff, I come from a advertising and marketing background. So I like it, this warms my coronary heart, Nancy. You’re coaching them, I believe there’s kind of an underlying message right here is that brokers, you’re liable for producing a few of your personal enterprise, not simply counting on the enterprise that the crew offers you. Is there a sure…like, a sure proportion, or a sure stability that you really want when it comes to how a lot enterprise an agent generates on their very own versus how a lot they get from you?
Nancy: We don’t have a written expectation but, so we’re type of growing that a part of it. I imply, I believe if an agent is just not growing, say, 30% of their enterprise from their very own sphere, that type of tells me they’re not hungry sufficient, or they’re not motivated sufficient. As a result of we’d like it if an agent stayed on the crew ceaselessly, proper? If a superb stable agent would simply do all of the stuff and convert, and promote, that may be superb. However fact be instructed, you need people who find themselves gonna work actually exhausting to kind of get off the crew after a number of years, or not less than do a hybrid. They’re gonna make the next lower, clearly, if it comes from their very own sphere. So they need to be motivated to do this. If you happen to’re not motivated to do this, I simply discover that you just’re you in all probability had been a extremely good customer support particular person. However I don’t find out about being an unbiased salesperson.
Matt: So let me ask you this, Nancy, I imply, we’ve lined, we talked in regards to the six transaction coaching that the agent has to undergo, we talked in regards to the modules for working with consumers, we simply went via the completely different advertising and marketing coaching that you just present. You may need an agent come to you, and we’ve type of been speaking about an agent that has no expertise in any respect, however what you probably have an agent becoming a member of the crew that’s already been doing this for 4, or 5, six years … do you kind of customise? Do you alter the coaching in any approach for extra skilled brokers?
Nancy: We don’t alter it. No, it’s the identical. And I’m actually glad you introduced that up, as a result of I don’t find out about the remainder of the nation, however right here particularly in Silicon Valley, we’ve realized that the client pool has modified dramatically within the final 10 years.
So now we have an agent on our crew who has been doing this, I believe, for 15 years. And he had measurable success till about a number of years in the past. And actually what it got here all the way down to is the evolution of the client pool, he didn’t know the way to work with that. And so he got here to us and joined our crew, he’s a veteran with contracts, and finest practices, and all of that, so actually priceless to the group. However we needed to prepare him on the way to convert. He additionally is likely one of the nicest, most giving individuals you’ll ever meet. And so he struggled with that, doing an excessive amount of, freely giving an excessive amount of, not holding something again in order that shoppers wanted him, proper. And so coaching him to principally breaking down the mindset and coaching him on the way to work with these consumers that we’re seeing right here in our market. Sellers, he was nonetheless actually good with sellers, as a result of they’re principally the boomers. And people are type of the individuals…not less than the place we’re. These are type of the individuals he’s been working with most of his profession, and he dedicated to doing it, and he had very fast success, and he’s contributing, and it’s working.
Matt: Final query. I at all times wish to ask my company to kind of sum up — give my listeners a takeaway or two. What would you like crew leaders, particularly, which are listening proper now, what would you like them to know about the way you guys do coaching or simply in regards to the worth of coaching and onboarding typically?
Nancy: I believe what I might need crew leaders to listen to and that is primarily based on me interacting with lots of crew leaders up to now nevertheless a few years is that it takes lots of time and dedication from you because the coach. And in case you’re not dedicated to doing that for these individuals that you just onboard, you then’re actually doing them a disservice. You’re additionally gonna damage your model, as a result of they’re not going to carry out at that tremendous excessive degree. And I believe if you’re rising a crew, I believe that one of the necessary options for the patron is that it’s constant. So the enterprise observe is constant. I at all times say, look, Matt, in case you be a part of my crew, that is what I inform shoppers. “Oh, yeah. So Matt and I are gonna work collectively, we’re gonna assist you to get this home. I would like you to know which you can count on, no matter which considered one of us you speak to, the method goes to be the identical and your expertise goes to be very constant. Matt has a barely completely different persona than me. You understand, he would possibly inform you a unique joke than I would. However you must have the ability to count on the identical service and the identical consistency from each of us.”
(Speaker: Matt McGee, Host)
That final bit proper there that Nancy talked about, actually fascinating to me. After we wrapped up, I discussed to Nancy that in my thoughts, coaching is all about getting the brokers in place to succeed. I hadn’t thought in regards to the branding and consistency facet, however it makes whole sense. And not using a nice coaching program, your brokers is probably not representing your crew in the way in which that you just’d at all times like them to. Nice, nice level.
Another factor so as to add. As soon as an agent graduates from the Rainmaker Residency Program, they’ve the choice to additionally undergo one other coaching program that’s all about working with sellers.
All proper, in case you wanna join with Nancy, a pair other ways you are able to do that, you possibly can comply with her on Instagram, her profile is @nancyreynoldshomes, or yow will discover her in our Fb Mastermind Group. That’s additionally the place you possibly can seize her handout with extra particulars on the eight coaching modules we talked about immediately. Simply go to Fb, do a seek for HomeLight Walkthrough, and the group ought to come proper up.
All proper, let’s do our takeaways phase. Right here’s what stood out to me from immediately’s dialog.
Takeaway primary, the Rainmaker Residency Program has three anchors: in-the-field coaching for six transactions, classroom coaching on eight steps for working with consumers, and so they additionally educate new members about advertising and marketing and branding.
Takeaway quantity two, for the six transactions out within the subject, Nancy does many of the work on the primary deal, then she begins to reduce increasingly every time. She says the agent must be doing many of the work throughout the closing three transactions. And in addition, that is actually necessary. They debrief proper after each shopper interplay when issues are contemporary.
Takeaway quantity three, the eight classroom coaching classes are targeted on what Nancy known as that “collection of small conversions” from the time a lead is available in to the time a deal closes. She walked us via all eight. As I stated, you may as well get extra information about that on the obtain that’s in our Fb group.
Takeaway quantity 4, there are 10 coaching items about advertising and marketing. It begins with organising a database and consists of issues like social media, shopper occasions, and that Refer a Buddy mailer that Nancy talked about.
After which takeaway quantity 5, each agent irrespective of how skilled they’re, goes via the identical coaching. And there’s no timeframe on all this. Nancy says they’re extra involved with high quality over amount, high quality over velocity. That’s why it’s known as a residency program.
Okay, I hope this was useful for these of you main a crew or fascinated with beginning a crew. When you have questions or suggestions for me on immediately’s episode, a pair other ways you possibly can attain me, go away a voicemail or ship a textual content, the quantity is 415-322-3328 or you possibly can ship an electronic mail to walkthrough[at]homelight.com.
That’s all for this week. Thanks a lot to Nancy Reynolds for becoming a member of me and thanks for listening. My title is Matt McGee, and also you’ve been listening to “The Walkthrough.” At HomeLight, we imagine in actual property brokers. We’re on a journey to learn the way nice brokers develop their enterprise, stand out from the group, and develop into irreplaceable.
Exit and safely promote some properties. I’ll speak to you once more subsequent week. Bye-bye.
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