Build a Real Estate Team
Instructor: John Henderson
Listing, buyer and prospecting agents are all examples of selling functions. Selling functions include prospecting, lead follow-up, attending listing appointments, and showing property. These activities directly impact the bottom line.
A listing agent’s primary responsibility is to meet potential home-sellers, tour their property, present a CMA and selling program and convince sellers to list with their team. The listing agent holds the fiduciary responsibility to the home seller on behalf of the team. A successful listing appointment can take up to two hours to complete making the case that listing agents are limited to 15 listing appointments per week. A listing agent’s work should be judged by the percentage of listings won as well as the quality of communication with the client that prevents transactional problems in the future.
A buyer’s agent is primarily responsible for showing properties to potential buyers, writing offers and hosting open houses. The buyer’s agent holds the fiduciary responsibility to the home buyer on behalf of the team. Taking time to show homes and write offers can take 3 hours for each client meeting meaning buyer’s agents are limited to 10-15 appointments per week – many of them are often with the same clientele. A buyer agent’s work should be judged by the number of contracts written each week as well as the quality of communication with the client that prevents transactional problems in the future.
A prospecting agent is primarily responsible for maintaining connections that feed sales opportunities for the team. Often referred to as the rainmaker, a prospecting agent attends and engages in activities that provide sales opportunities in search of new clients. A prospecting agent’s day should be focused on this activity for at least six hours a day. There are many ways to accomplish this, by phone, by text, and even in face to face activities. A prospecting agent’s primary responsibility is to set appointments for listing and buyer’s agents. A prospecting agent generates leads, which result in sales and team revenue. A prospecting agent’s work should be judged on the quantity of leads generated weekly and monthly as well as the quality of leads that convert a lead into a client.
Managing the time of prospecting, listing and buyer agents can be accomplished by filling gaps between appointments with scheduled and impromptu open houses of existing listings.