CHICAGO – Tammi Brannan believes that all of us have the potential to get stuck in our ways. We’ve either done something one way so long that we can’t see how to change, or we’re sure our efforts will pay off if we just keep at it a little longer. It’s called spinning your wheels, and in real estate, it can look like getting stuck in practices that aren’t converting to leads or sales.
“If you don’t know a solution, isn’t that all it seems you can do—continue to use what has worked for you in the past, hoping against hope that one more time will make the difference?” says Brannan, founder of Blueprint Process in Corvalis, Ore. In 2008, Brannan developed a program that has helped professionals, including real estate professionals across the industry, “get off the hamster wheel,” as the saying goes.
Tracey Royal believes it’s human nature to shy away from a more challenging endeavor and gravitate toward tasks that seem easier or come with instant gratification.
“However, in the real estate business, learning is an ongoing process,” says Royal, ABR, SRS, C2EX, vice president of agent development at Coldwell Banker Realty in Oak Pak, Ill.
She stresses to her agents that it’s important to stay focused on your goals and business plan, and align yourself with successful individuals and proven strategies, even if they seem daunting or uncomfortable. Agents who trudge along a road that doesn’t go anywhere are going to feel unhappy and unproductive, because they’re not making any money. It’s not good for the brokerage, either.
Brokers can help redirect agents by providing structure, support and proven tactics that will help move those agents toward the success they desire.
Understand where the problem lies
“Clear signs of an agent struggling are their absence from training sessions or a noticeable lack of engagement with the resources provided by our office,” says Royal.
This often indicates that they may not be investing their time effectively in activities that generate leads and income. Because she stays on top of training attendance and has a working knowledge of where her agents are investing, or not investing, their time, Royal knows whom to reach out to.
“By regularly reviewing our office reports, I can keep a close track of our active agents and identify those who may be underperforming. This allows me to intervene and provide the necessary support to help them improve,” she adds.
“If a leader is caring enough to be interested in the answer (to help those spinning their wheels), they are leaps and bounds beyond the rest,” she says. “The signs I look for are increased tardiness or lack of accountability, a ho-hum attitude towards new projects, a reluctance to step outside of their comfort zone, and a general lack of engagement with their work and team.”
Know their time busters
Some agents have the misconception that a career in real estate will bring fast money, Royal says.
“This is often fueled by aggressive marketing campaigns and social media platforms by third-party companies promoting ‘quick fix’ solutions and promising easy money,” she says. “Agents can become overwhelmed by these messages and lose sight of fundamental aspects of the business.”
As a result, some agents find themselves disgruntled when they don’t see results in their desired time frame. Like any other business, success in real estate requires time, dedication and consistency.
Royal points out some of the ways in which agents might spend a significant amount of time and money but not necessarily achieve success:
Paying for leads that don’t convert to business
Attending real estate events without a clear plan or purpose on how to maximize the use of the content provided
Relying on quick tips or professional advice from Google and social media platforms like TikTok without verifying the resources or taking the content into context
Subscribing to resources but failing to use them, or paying for them without first checking if they’re provided by the brokerage
Attending trainings, classes and conferences, but not following through with what they learned.
Brannan also sees agents looking for that magic nugget of information that will make the difference in their business rather than focusing on the long-term work it takes to build a business. They often jump from one strategy to the next without giving any plan time to work, or they jump into a practice like posting on social media without defining the process and the results.
Help them get unstuck
When agents’ efforts to generate leads are not yielding the desired results, it’s crucial for a leader to guide them toward more effective strategies, Royal stresses. Learning from a peer can often make a profound impact, helping agents to avoid unproductive activities and allowing them to focus on strategies that truly drive success, she says.
“I’ve found it beneficial to spotlight successful agents during sales meetings, mastermind groups and office learning sessions,” she adds. “These agents can share their best practices and personal experiences, including their failures and lessons learned.”
Agents should also consider seeking a mentor, participating in shadowing experiences, engaging in group coaching or thinking about becoming part of a team. These strategies allow them to learn from those who have been successful using specific strategies such as open houses, digital marketing and running workshops, and they obtain a realistic understanding of the time and effort needed.
After that step, Royal also suggests they ask peers specific questions about their successes. “I would inquire about the specific techniques or resources they are using, aiming to understand their origins and effectiveness,” she adds. “Subsequently, I would assess whether these efforts align with their own business objectives.”
Emphasizing the need to build out a road map and understanding the time and consistency required for success should also take priority. Leaders can encourage agents to set goals and formulate a business plan, crucial elements for success in an ever-changing industry, Brannan says.
“Together, they offer a clear road map that helps agents concentrate on their essential tasks and maintain integrity,” she adds. “These tools serve as a reference point to prevent agents from being driven solely by instinct or the temptation to take on additional tasks that may lead to unproductivity.”
And finally, if agents are spinning their wheels, a lack of confidence might be the culprit, Brannan says. Brokers are in a position to help point out their strengths and give them a boost to continue moving forward.
“A leader is to do everything in their power to help their agents believe in why they are essential and how they are unique,” she says.
© 2024 National Association of Realtors® (NAR)
