Many agents rely on their charisma and ability to connect with their networks to earn a good living, but by learning to outsource you could seriously accelerate your earnings.
Real estate is a contact sport, says well-known real estate coach and industry commentator, Tom Panos.
Mr Panos says agents need to concentrate on talking to buyers and sellers, and putting deals together. Everything else can be done by their office staff.
“The way that they can learn it is to study what other business units are doing,” he told REB at the Secrets of the Top 100 Agents event in Sydney.
Mr Panos said agents should delegate all low-dollar productive activity. Work your strengths and outsource your weaknesses.
“If you are a top-producing sales agent, your core activity should be the following – prospecting, doing listing presentations, having conversations with vendors, negotiating deals, talking to your connectors in your market place, and then the most important thing is being a team leader to your staff,” he said.
“Other duties, and let’s outline them – admin, doing the marketing, CRM system work – all this stuff needs to be outsourced, because it is not considered to be high-dollar productive activity but it still needs to get done.”
Mr Panos said he has created what he calls “position descriptions” that agents can give to staff members, outlining the tasks they need to do, as well as the tasks the agent is required to do.
“Essentially what you are seeing is a real estate business unit begins to follow the structures of a larger organisation, where people have got pre-defined roles of what they have got to be doing, by when.”
The REB Secrets of the Top 100 event visits Melbourne, Sydney and Brisbane annually. It is an occasion where the country’s top real estate agents and industry experts reveal their sales secrets.