5 Things Agents Hate to Hear (But Need To)
No one grows from fluff and feel-good falsities. Agents who want to reach next-level success need tough love, no B.S., real-talk tips.
Disclaimer: If you get fired up while reading this, read on.
Let’s dive into some things you don’t want to hear, but need to.
#1. (Most) Agents Suck at Tech Adoptions and Follow Up
Consider what Chris Stuart called “The Loyalty Gap:”
- According to NAR’s Buyer and Seller Trends Report, 91% of buyers surveyed said that they would use their agent again.
- However, only 13% actually used the agent from the previous transaction.
Most agents aren’t great at following up with past clients to generate further opportunities, or adopting the tech that will empower them to make outreach easy.
When agents work with a platform, many don’t actually use it and log on.
BoomTown’s data found that 59.4% of platforms have 75% of users logged in the past month. Even though we know that working leads yield consistent results, we still see that the majority of users do not log in regularly.
However, there are agents that are fantastic at following up with leads.
- When you poll top producers about their pillars of business, past clients and SOI are a top source of transactions.
The agents that are good at tech adoption and follow-up are:
- Self-aware and intentional with their actions, investing time into adopting technologies.
- Aware that tech adoption and lead follow-up have a symbiotic relationship, meaning that adopting tech should facilitate more seamless and efficient communications.
When you sign up for any tech service, go into it with humility and a real hunger to figure it out. The more you work at tech adoption and follow-up, the better and more efficient your business becomes.
#2. Complaining About “Exclusivity” and “Limitations” in a Platform is a Cop-Out
Oftentimes, when agents evaluate a service, they ask if they will be the only ones in their market using it or if there are limitations.
Instead of asking about whether or not a platform is “exclusive” or “limited,” focus on asking questions about adoption and usability.
Questions to Ask on Usability:
- How do you all help ensure that my agents have the resources to succeed with your product?
- What kind of staff do you employ to focus on usability of your product?
When it comes to leads, focus more on how the leads are generated — typically, it’s through AdWords, Facebook, and Instagram.
3 Questions to Ask on Lead Generation:
- How are the leads routed to me?
- What are the costs?
- What sources are contributing to the prices?
Asking these questions can help you make the best decision for your business.
#3. Internet Leads Don’t Suck, You Might Just Suck at Working Them
If you think that internet leads suck, you might just suck at working them.
Internet leads are important because everyone looks at listings online nowadays. Besides the traffic potential, internet leads are an incredible way to build your database.
Keep in mind the lead funnel. Just because a lead is at the top of the funnel doesn’t mean it’s bad — you just need to focus on the long-term future.
Leveraging technologies and services will help create a system for your follow-up.
BoomTown’s Success Assurance increased the average number of new lead outreach by agents from 0.49 to 2.50 within the first 24 hours of registration, and from 1.24 to 5.02 within 30 days of registration.
Want Conversion-Ready Leads?
#4. Commission Compression is the Natural Selection of Real Estate Agents
Have you felt the screws tightening on your commission?
You need to start evaluating your value proposition if you want to grow and attract talent. Otherwise, you will lose out to online models, and ultimately give those organizations more strength. This will have an impact on your ability to command specific commissions in the future.
To compete with the Zillows and RedFins in the market, you need to be able to attract top talent.
Evaluate your value proposition as an organization:
- What does onboarding look like?
- What kind of tools am I providing to help new agents succeed?
#5. Zillow Isn’t Going Anywhere
Zillow’s advertising budgets are astronomical, they dominate real estate SEO, and they have a 23.9 billion market cap. Consumers aren’t just going to stop leaning on Zillow.
If Zillow is a concerning competitor, all you need to do is level the playing field.
- Create an amazing consumer experience.
- Be an incredible source of local real estate knowledge to become indispensable.
- Have your own branded consumer app.
- Provide convenience, speed, and white-glove service.
- Work with leading technologies — like BoomTown!
We want to illustrate just how much opportunity you have to be an exceptional agent and evolve your career. Use these tips to increase your abundance, opportunity, and success.