Lee Nelson is a freelance journalist from Illinois. She writes for several state REALTOR® association magazines along with LawnStarter.com and Nurse.org. She has written for Yahoo! Homes, MyMortgageInsider.com, and TheMortgageReports. Contact Lee at email@example.com.
When to Hire a Real Estate Coach
These scenarios are signs your business may need additional support.
July 13, 2016
Everyone needs a little professional —and personal—boost now and then. As a broker, sometimes it’s obvious when you or your agents need a coach to get business on track, but sometimes it’s less apparent. Here are five scenarios that can be addressed effectively with outside training help.
1. The Hamster Wheel:
When the market activity picks up, brokers and agents get caught up working in their businesses and not onit, says Kevin Mullin, designated broker, general manager, and owner at Windermere Professional Partners in Gig Harbor, Wash.
“Often referred to as the hamster wheel, once we’re on it, it’s tough to get off,” he says. “We need to be disciplined about making sure our agents regularly review their business plans, including goals, systems, and vision.”
2. Work-Life Priorities:
“Quality of life is often the first thing lost when the market heats up,” Mullin says. “Most of us [in real estate] are Type A and end up sacrificing our families, our health, and friends—without even realizing it.” A coach is a great resource who can help agents make sure they keep their priorities straight and remind your team that they can win without having to sell every house in the market. It’s more about finding the right houses to sell and vetting clients just as they vet your agents.
3. Sales to Leadership Challenges:
“Salespeople rarely make good managers,” says Jennifer D. Ames, owner of Jennifer Ames Chicago, a Coldwell Banker residential brokerage. “The most successful salespeople need the support of a team to grow.” But making the transition from a one-person show to someone who can hire and train others requires guidance. A former salesperson must learn how to nurture other people’s careers and built a coherent culture, says Ames, and a qualified coach can help that rock star salesperson become a rock star leader.
4. Business in Transition:
Whether your company is in a growth mode and staff levels and business systems are stretched thin or you are nearing retirement and considering bringing on a partner or selling your business, a coach can help you establish a smart course, Ames states.
5. Insufficient Accountability:
A coach is like having a board of directors, Ames says. “They hold you accountable. You can [and should] share your fears and your weaknesses, not just your success stories, with your coach.” If you and your agents don’t have an accountability system or your current system isn’t working, find a good coach who will challenge you and your team, Ames says. “Hire someone to complement your skills.”