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questions.
What are some failures and mistakes that we should be looking for?
As
you become more and more active in the real estate industry, especially online,
you’ll start to receive a lot of requests for new products, new software
programs, advertising avenues etc. Before engaging in any of that make sure to
do your homework. Make calls, ask people what their experiences are before you
spend any money on new leads. Do lots of research.
What
advice do you have about managing buyer leads?
One
thing that my team and I failed at first was not following up with the agents
we had passed along new buyer leads to. I was inundated with so many buyer leads
at first yet had put our entire team in place that we had to pass them to other
agents in exchange for a referral fee. The lack of follow-up resulted in a
miserable return on investment because those leads were not called within five
minutes of the lead coming in. So we fired them all and I started tackling
about 300-400 leads per month, by myself. That’s when I became fairly strung
out and I decided that I can’t do this by myself anymore and so I decided to
recruit a team of buyer’s agents.
Have
there been hiring mistakes in your own experience of setting up a team of
buyer’s agents?
The
only real mistake was that we hired average or mediocre agents. The better
formula was to recruit brand new agents and teach them from scratch. A great example
is an agent that came from heating and air conditioning industry. They had no
sales experience and after passing the state exam he just shadowed me. I put
him on the phones almost immediately. I had him making calls before he was even
licensed and we did that as a concierge approach. And he would listen to me on
the phone; the phone was on speaker so he would listen to my interaction with
clients and systematically I was creating another “me”.
What other good
and/or bad experiences or failures do you have to share?
I
wish I would have followed the book “Millionaire Real Estate Agent” and I think
the reason is that I probably needed an agent to handle all the buyer leads
that were coming in. Another failure that I would have liked to do better was
hire an admin first so that there was someone handling all the back-end things.
What is your team
structure now?
At
this point we have just hired an admin but until this week I was acting as my
own admin, we have myself, a buyer’s agent plus an inside sales agent. The
admin we hired is a licensed agent coming from a top builder. The Inside Sales
Representative’s sole responsibility is to process all incoming leads, make all
back-end sales calls and then set appointments for our buyer’s agents. I take
all the listings with the eventual goal of bringing on board a seller’s agent.
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Stay tuned for more
episodes of these informational and very useful video blog posts from Kyle
Miller where he shares his best tips on how YOU can do business better!
