I’m in my third year of coaching real estate agents. That’s conservatively 1500 hours of planned coaching sessions and at least another 1500 hours of advice-giving that happens spontaneously – when an agent runs into a sticky situation.
The sticking point might be contractual. Just as often it involves problem-solving a client objection, or a concern the agent has about improving the relationship with the client or prospect.
If you are in transaction-based real estate, these words resonate for you. Reading them triggers plenty of memories of meaningful bumps along the agent road.
For a coach, this stuff is the bread and butter of our important entry-level work . But there are other levels beyond this – coaching for “successful” or growing agents. That’s a broad arena of people, and it can be defined and segmented.
Quick background for you: It’s well-known in residential real estate that, historically, 2 of 3 new licensees do not renew their memberships in the national and their local Realtor’s associations after no more than 2 years. The specific number is always debated. The reality is not.
Most people fail or give up quite soon. They choose not to pay a membership fee of at least $1000 annually to continue. There are other fees too, but association membership including access to a Multiple Listing Service’s market data is the big one.
Why this happens is commonly understood in the business. New agents fail to commit to the hard work needed to build their business based on contacting a growing network of people — including delivering valuable real estate related information to those people.
But what about those who do continue? These are the agents who – through a combination of purposeful effort, some timely connecting – and good luck – have enough closings (sales) to motivate them to stay in business and keep working.
There’s coaching available for these folks too. It comes mainly from regionally or nationally known coaches. They charge fees ranging from hundreds to thousands of dollars a month for access to their wisdom and encouragement.
This is the arena I’ve been digging into lately. I’ll call it “getting way beyond your comfort zone”. That applies to both clients and coaches. I’ll share some discoveries in my next post. Yes, it will be here soon (for you doubters). I’m excited by what I’m learning!