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Real estate coaching: Is it worth it?

by Jason Porterfield

Developing the Business
Pyle’s goal when she started working with Goodfellow was to “take her business to the next level.” She has benefitted from the direct coaching in their weekly sessions, as well as from meeting the other agents she says she connected with through her coach.

The larger network has helped her business develop in unexpected ways. She can speak with the coach during the weekly coaching sessions, or reach out to other agents from outside the Chicago market for their input.

“For instance, we keep increasing our price point to where we’re beginning to slip into a luxury market,” Pyle says. “Part of the marketing that we do and have done, we’ve learned from other agents that are part of this program. It’s really opened our eyes to a lot of options that are out there.” Pyle intends to stick with the coaching program for several years, and recommends agents commit to at least two years of coaching.

“You might see results in the first couple months, but really intensive results within the first two years,” she says. “I see people come in to our coaching program and think they’re a mess, but that’s what we were [when we started].”
Goodfellow emphasizes that coaching is indeed a commitment and that success depends on doing the necessary work to make beneficial changes.

“If you think you’re going to come in and we’re going to do everything in one week, it’s not going to happen,” Goodfellow says.

“Their [clients’] expectations are set by their time and their commitment and how big their goals are. We’re big on thinking big. Their expectations are managed by really how big they can think and how ambitious they are to implement what we show them and help them with.”

Tiegler instills accountability practices in his clients, but he does not personally track their progress after they work with him. Instead, he shows them how to track business data such as their average days on market, as well as their sales price to original list price ratio, on the principle that once the broker is aware of the results they deliver for their clients, they can begin to focus on improving them. Tiegler teaches classes that deal specifically with helping brokers improve results through strategic pricing, bidding and negotiation tactics.

“It doesn’t really matter what tool you use, as long as you actually track it,” Tiegler says. “Even if it’s an Excel spreadsheet. As long as you track your activity, you’ll see your results align with it.” When agents notice a dip in sales after they slack on their activity, they see the immediate feedback provided by their accountability system, he says. Agents who consistently adhere to an accountability system will see how their own activity drives results.

Tiegler frequently encounters his past clients at conferences, where they update him on how they are doing. One broker who had taken one of Tiegler’s classes had increased his income over the previous year by $100,000, simply by raising his commission.

“He had been afraid to ask for a higher commission,” Tiegler says. “I teach a class on how to defend your commission and answer objections. It’s not that hard if you get past the fear of it. He was already doing a massive amount of business, so he made a lot more money. I don’t really track people and hold them accountable. I tell them how to do this and some do it, while some don’t. This guy did exactly what he needed to do to get to the next level.”

 

 

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