Leading Your Team Through a Market Shift
Are you seeing a shift in your area yet?
Here in Greater Detroit, we most definitely are and, in fact, have been for a little while. In 2018, our team of 30 agents closed just under 1,000 transactions, and in 2019, we’re shooting for more than 1,200.
In a shifting market, some agents get caught up in limiting beliefs and shrink their goals accordingly.
We’re aiming bigger.
Why? Because we’ve done the hard work of getting ready. And because we know a shifting market can be an opportunity for your team.
Through personal experience, I have put together a battle-tested, pro-active approach to navigating a shift. This strategy has allowed my team to take territory when other agents were closing up shop.
First off, I may be leading a team, but I’m also an agent who was and is right in the thick of things.
My goal is to continue to learn and give those principles back to the other agents on my team so they can go out and get business. I want to lead by example via production and that means selling more than 100 homes in 2019.
So what’s the first thing that’s going to get me there? Getting back to basics.
Focus on Sales, Prospecting
In a shift, it’s critical that you maintain a focus on your sales skills and prospecting. In a hot market, business falls right into your lap, but when things get a little more challenging, the need for good sales skills increases. On a day-to-day level, that means getting more aggressive with scripts and dialogues. In our office, you’ll see agents writing out their scripts over and over, chanting them aloud, role-playing with other agents, or videoing their listing presentations.
Even for a top team, an overall greater focus on sales skills can keep you afloat and thriving in a shifting market. Top teams are probably already great at selling, but all that practice will keep you there.
Get Serious About Culture
Next, focus on creating an environment where agents are able to create more business on their own rather than relying on the team to provide them with leads, because in a shifting market, lead flow is very unstable. In our team structure, typically 50 percent of closings are self-generated and 50 percent are company-generated. This year, this number will probably tilt to 60 percent self-generated and 40 percent company-generated.
So, as leaders, what can we do to create an environment for our agents that’s more conducive to lead generation?
Focus on culture.
Now is the time to put on events for our team to motivate them and arm them with new skills and trainings. Now is the time to lean into the dialers. It’s time to take administrative tasks off their plate so they can focus on getting those leads.
Another way to help agents generate more business is to encourage them to work their databases. In a hot market, databases can produce a steady flow of listings and buyers, but when the market slows down, you have to put a lot of work into that database to do the same level of business.
Finally, as I said before, I make sure that, as a leader, I’m in the thick of it right there with my associates. I’ve been in the business for 16 years, and I joined Keller Williams in January of 2009 – right in the middle of the last shift. One of the reasons I joined KW is because I wanted to take advantage of the mega agent office model and have the opportunity to learn from Gary Keller. I chose that office model because I could control the environment and expose agents to all the things they needed to hear and do.
I’m a big believer in walking around and being physically present as much as possible.
This is even more critical during a shifting market because people need someone to look up to. I structure my day so I can be present for my team, starting with the 7:30 a.m. accountability call every single day.
The thing I love most about Keller Williams is that we have the same thing in our leader, because Gary Keller is still on the ground with his top agents every day.