do i stay or do i grow?
TRANSCRIPT
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DO I STAY OR DO I GROWRobynn Eccles, The Eccles Group, Coldwell Banker
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Meet our presenter
ROBYNN ECCLESPremier Agent
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My story
“I’m lost.”
“I’m ready.”
“I need support!”
Start career as an independent agent
“I will train you!”
Join a dynamic team as a buyer’s agent
Hire licensed agent
Full partnership for six years
Leave team
On my own again
“Do I shrink or grow?”
“This is great!”
Today: Managing a team of 5
“It’s not in my DNA to shrink”
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What does growthlook like for you?
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Growth as a…
BUYER’S AGENT
INDEPENDENT AGENT
TEAM LEADER
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Growth as a
BUYER’S AGENT
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A strong team offers:
Lead sources Admin services Systems Processes
Why become (or remain) a buyer’s agent?
Allowing you to…
Focus on clients
Sell more houses
Grow your business
Save time
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Reasons NOT to leave a team
1Your ego
Your name and picture on the door doesn’t pay the bills
$ in hand $ on paper>2Your splits
100% doesn’t account for the cost of running a business
Income Ego>
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Growth as an
INDEPENDENT AGENT
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Business planning for next year
1. Determine your growth goal
2. Identify your growth expense cost
3. Add together for your GCI goal
4. Identify your average commission
5. Calculate the number of houses you’ll need to sell to hit your goal
Current: $100,000 | Goal: $150,000
Growth goal: 50%Current: $30,000 (+ 50% growth)
Next year: $45,000
GCI goal: $195,000
Avg commission: $7,800
GCI goal ÷ Avg commission= 25 houses
If you sold 16 homes last year, evaluate how you’ll sell those 9 additional homes
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Need to evaluate…
Your bandwidth
Your lead generation platforms
Your conversion percentage
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Need to evaluate…
Your bandwidth
Your lead generation platforms
Your conversion percentage
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Consider adding an admin or transaction coordinator
Why? Take lower-cost activities off your plate and spend more time doing income-producing activities.
Why agents hesitate to hire support:
Get over it!
1
Hard to delegate
Scary to commit to their salary
2
A couple of options…
Unsure what to have them do
3
Define their role…
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Fixed schedule and salary
Work on a per-file basis
Determine how many hours they must alleviate to ensure a positive ROI
They only get paid when you get paid
For me:
• 1 hour prospecting
• 2 hours on appointments
• 12 hours showing houses
• 17 hours communicating, negotiating, etc.
= 32 hoursFrom converting to closing
A couple salary options to consider…
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Delegate to your assistant all the tasks that…
• You don’t like, that don’t have to be done by you
• Prevent you from being your most productive
• Aren’t being done because you don’t have time
Defining their role…
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Need to evaluate…
Your bandwidth
Your lead generation platforms
Your conversion percentage
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It’s time to diversify if….
1 lead sourceaccounts for
more than 50% of your business
You have
fewer than 3consistent
lead sources
or
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Need to evaluate…
Your bandwidth
Your lead generation platforms
Your conversion percentage
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Increasing your conversion rate
In the example we covered earlier…
You closed 16 houses at a 4% conversion rate
You could close nearly 25 houses at a 6% conversion rate
16nearly 25
4%6%
Leverage your Zillow Group business consultantTIP!
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Growth as a
TEAM LEADER
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Starting a team
Know your why: The right team model varies based on your goals
Develop and define: Build systems that duplicate previous success
Model: Learn from (and copy) other successful team leaders
Get coached: It’s time to shift your mindset to being a business owner
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Don’t let your business happen to you
Define your goals
Make a plan
Get to work!
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