Learn how implementing the matching standard in your real estate agent training program will significantly increase the production generated by your agents. Far too frequently brokers and team leaders find themselves complaining about the lack of effort and production from real estate agents in their care.
As a result, these agents become increasingly dependent on leads provided by the team and fail to put forth any consistent effort towards activities to generate business themselves. However, successful leaders that implement a lead matching standard are able to:
1. Set proper expectations about agent business generation
2. Hold agents accountable to lead generation activities
3. Distribute leads appropriately to agents who put forth
4. Create good agent work ethics & attitudes
5. Motivate agents to independently look for new business
Watch Icenhower Coaching & Consulting’s founder Brian Icenhower discusses the matching standard as a part of a real estate agent training program with Noah Bailey, whose team closes over 165 transactions per year.
Video: Real Estate Agent Training Program
The Matching Standard as a Real Estate Agent Training Program
In summary, a matching standard requires agents to individually generate and close as many new clients as the team provides to them. For example, if an agent closes 40 transactions in a year, with 25 coming from the team and 15 having been generated by the agent’s own activities and relationships, the agent would have failed to meet the team’s standard by 10 transactions.
The “But For” Test
Application of the “But For” test clearly differentiates team generated closings from agents generated closings. For example, to determine the source of any particular client or transaction, just ask:
“But for the existence of the team, would the lead
have been generated in the first place?”
For instance, leads that are converted from sign calls, online listings or referrals from the team leader would not have been generated but for the team’s listings, so these leads should
Applying the Standard
In summary, each transaction and closing must be sourced & tracked on a year-to-date basis. Then, the results should be shown regularly to agents on the team’s dashboard so that they always know the score. Not only will this hold them accountable, but it will also serve as a clear basis of lead distribution going forward. In other words, the team leader will always need to distribute team generated leads to the agents that are bringing the most business to the team
Once you hire your Transaction Coordinator, you’ll need a trusty checklist that details every single task that needs to be accomplished from contract to close. Here is our Transaction Coordinator Checklist PDF that you can use to create your own.