Hiring a Real Estate ISA can be a great business decision for you. However, in the 11 years that we have been operating, not all of the stories we’ve heard have been successful. One reason is that some Real Estate business owners fail to set clear and realistic expectations. Setting your expectations and providing the avenues for your Real Estate ISA to be successful is a crucial step in ensuring that you are all hitting your goals. Missing this step can lead to failure and frustration for both you and your team.
So how do you set yourself up to win with your Real Estate ISA?
Figure out your Key Performance Indicators (KPI) or Lead Indicators.
These are metrics that you can use to track performance vs. your goals. You need to figure out what is relevant to your goals within the context of the Real Estate industry. By figuring these out, you will be able to set up your paradigms for your business’ success. Your KPIs should be clear, perceptible and tangible.
For example, if you wanted to lose weight, your KPI for each week would be: What is your daily calorie intake, how many times did you work out, what exercises did you complete, how long did you exercise.
When you track these metrics at a daily, weekly, monthly and yearly cadence, you will be able to measure your results and figure out your big wins and areas for improvement.
So, how many leads do you have, how many dials is your Real Estate ISA making in an hour? How about in a day? What is the quality of their conversations (scripts, objections handling)? What are the results?
Know your market
Whether you are in the market for FSBO, expireds, buyer/seller, make sure that you have a finger on the pulse of your target market and understand what is a realistic and reasonable goal to set based on that. You cannot demand off the cuff that your Real Estate ISA sets 30 appointments a week for you. Find a number that is reasonable and relevant to your market.
Incentives for hitting goals can be a great launch pad for motivation. Let your Real Estate ISA feel that everyone wins when they hit their targets. Establishing the incentive will depend on your business, and what you are willing to give, it can be a percentage, a set bonus amount or even gift cards or gadgets.
Whatever you decide on, remember that to reward a job well done is never a bad thing.
Track activities and results
Whether you choose a simple spreadsheet or a more advanced system, physically tracking your Real Estate ISA’s activities and results are fundamental and crucial. Some dialer software have built-in programs to monitor dials made, conversations had, conversation lengths and even the conversations themselves. Listen to call recordings so you can discuss areas for improvement and underline working strategies, be involved in the activities of your ISA so you can help shift and be flexible where needed.
Never stop teaching/learning.
The process of learning and in turn imparting knowledge is infinite. So should it be for your business. Whether it is preparing an arsenal of various scripts, making practice calls, talking about experiences while making calls, you and your Real Estate ISA will always benefit from obtaining knowledge.
Simply hiring a Real Estate ISA may be enough to keep your pipeline flowing. But, in order to ensure success, consistency and flexibility are essential. Finding the perfect balance to both is crucial. There is no absolute formula to having success with your Real Estate ISA. However, laying the foundation with the items mentioned above can be substantial building blocks to getting there.