Weathering the Storm in Today’s Turbulent Market
Judy LaDeurDear Friends,
This is truly a troubling time for our economy, our nation and the real estate market. But most of us are not really that surprised by the collapse of the banking industry. Many bank have had poor and risky lending practices for too many years. But this market has also brought many opportunities for the recruiters and brokers who have adjusted their sails for the storm that we find ourselves in. This newsletter is dedicated to those recruiters and brokers who are staying focused, maintaining a great attitude, and doing what needs to be done in today’s market. Recruit, Retain and Re-Train! Each month we will feature stories about two outstanding brokers who are enrolled in our coaching program. Now is the time to recruit and we are here to help if you are not experiencing the results that you want and need.
Your Recruiting Coach,
Judy LaDeur
Weathering the Storm in Today’s Turbulent Market
In a “sink or swim” market, many agents throughout the country are going under! As more and more agents are getting caught in the undertow of a weak economy, combined with a failing economy, lending restrictions and excess inventory, some are just not equipped to break out of the strong currents on their own. As more and more agents give up, the effect has been disastrous on our brokers. Real estate offices are failing at the same rate as banks! Bottom line, agents are looking for a ship to weather the storm, and that creates opportunities to recruit!
Brokers need a fun way to get the right message out to agents who are floundering in this market. Use phrases that get their attention such as “What is your company doing to weather the storm ahead? What are you doing differently to stay afloat in today’s turbulent real estate market?” use fun props such as life preservers with your company tools and systems written on the side, and toss them to the agent in the interview while saying, “Here’s another career preserver that we have put into place to keep our agents productive in this market.”
Recruiting is the #1 thing that you should be doing on a daily basis and there has never been a more important time for brokers to recruit! In addition to the opportunities that you have to recruit agents right now, there are many opportunities to invite failing real estate offices to join your firm. Many of the real estate offices in this country were not prepared for a downturn of this magnitude, and now that the lending industry has collapsed as well, many brokers are ready to throw in the towel. Many of these brokers are good agents, who just do not want to recruit, retain and train in today’s market, so pick up the phone and call the ones that you admire and respect in your marketplace.
Ed Sutton, a broker in our coaching program, has brought three companies into his organization over the summer! There has never been, and there will never be another market where you can pick up offices for free! Will you weather the storm in 2009? The brokers/ recruiters that we are coaching are not only weathering the storm but they are riding high on the waves and will not just survive, but will come out of this market as the market leader in their area. For the remaining months in 2008, we will feature two brokers in our coaching program who are weathering the storm and increasing their profits in today’s market. I am committed to supporting you during these crazy times, so we have Real Estate Office Preservers designed to keep your business afloat. If you are not consistently recruiting in this market, grab onto one and let us help you.
- Purchase our newest product The Profitable Recruiting System; Your Green Light to Success! It is designed as a home study program for anyone who wants to improve their recruiting.
- Join the Master Recruiters Club for monthly networking.
- Join the Master Recruiters one on one Coaching Program.
- Attend the One on One Master Recruiter Training Session December 2-4. 2008.
Now, more than ever, you need to invest in your skills and be held accountable! Are you talking to five agents each day about your company? Are you face to face with three agents per week in interviews? If not, the storm ahead could be a dangerous one.
Let’s hear from two of the brokers in our coaching program. They are not weathering the storm, they are simply out for a sail, and enjoying every minute of it!
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Ed Sutton RE/MAX Flagship, East Hartford , CT |
When Ed contacted our office in March 2008 he had been a broker in the RE/MAX system for 10 months. He said, “I know the value of coaching and systems and have been working with a professional business coach for 8 yrs since my days in corporate America . I considered it my most important fringe benefit. As I have settled down and put my spin on this existing business I am ready to hit the ground running in my recruiting efforts. I did not buy this business to list and sell properties. I truly believe in the RE/MAX philosophy of the broker's job is to RECRUIT, RETAIN and MANAGE. I know absolutely nothing about recruiting. I am looking to get some info on working with your coaches to make my recruiting efforts more effective and in alignment with my personal style. I am not a cold caller and my real estate business has been very successful by following the idea of building it on referral - kind of attracting rather than pursuing. I am anxious to put a plan and system in place to make this happen as soon as possible.”
In April he hired Judy LaDeur as his personal coach then attended the Recruiters Retreat in May 2008. Ed started 2008 with 11 agents, of which 10 needed to be replaced with stronger more productive agents. Since attending the retreat in May, Ed has hired 20 highly productive agents, and hired 6 experienced agents in September, which included the #1 agent in New Hartford. Ed currently has a strong pipeline of over 10 additional experienced agents who have committed to join within 30 days and he already has signatures from several of them!
Ed Sutton has been recognized as the Top RE/MAX office for recruiting in the RE/MAX New England region for last two months. One of the things that Ed has really enjoyed doing in this market is contacting struggling brokers in his area. He completed three mergers & acquisitions this summer which brought several independent brokers in his area into his company.
What is he doing to keep his agents on track in a challenging market?
- Ed facilitated the hiring of a business coach to help his agents set goals.
- He has implemented monthly accountability for each of his agents to hit goals.
- He also has power hour sessions with his agents to keep them focused and working together as a team, and for the newer agents he has a jump start training class.
Here’s what Ed has to say about today’s market:
“There has never been a greater opportunity for growth and profitability than the current market! We are embracing this market and it’s full steam ahead for us!”
When I asked Ed what agents and brokers should be doing right now, he said “Turn off the TV and quit listening to all the negative press!” I could not agree more.
Ed Sutton truly is the flagship office in his marketplace! Congratulations Ed for making the investments in yourself and your business to insure smooth sailing in today’s market.
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Greg Fox Realty World Alliance, Wichita , KS |
When Greg contacted our office in April of this year, we were his last hope. He was the only Realty World broker in Kansas and had been struggling for three years. Even though he was known as the tech king in his market, it was not enough to hire the agents that he needed to be profitable. Three years ago he started with three agents and had grown to 12, which was not enough. Greg was committed to do whatever it took to double the size of his office, so he hired Judy LaDeur as his personal coach in May. The rest of the story is best told by Greg:
“Last April I returned from a Realty World Convention. I decided I needed recruiting help. 6 months after moving into a new building, my growth was still very slow. I had 15 Realtors on my roster. I looked into broker coaching with Dirk Zeller. While I think his company had things to teach me, I’d been through 18 months of Richard Robbins coaching. Good stuff, but I had one BIG need -- recruiting!
Three years ago, I heard Judy LaDeur speak. I was fascinated, loved all I heard. Never thought I could have her as a coach, but I was wrong. Judy was available and coached (and charges less than the other two by the way…).
Judy took me on as a client, and I was dangerous. A little knowledge, but not enough. She had to walk me through some issues, re-teach to break through some bad habits and a poor attitude, and get me on a more consistent path. My 3rd month into coaching, Judy and Kathy hosted a one on one three-day training event in Chicago . I attended, practiced with five other students (what a ratio, two teachers, six students), gained confidence and walked away with a customized ad campaign.
Where am I after five months? I have a recruiting plan for consistent contact with prospects. I have a print campaign, calling scripts, and contact with my coaches/recruiting professionals across the US . I’ve recruited 12 experienced agents, and let two agents go who weren’t producing. My office has 26 agents, I hit my goal of doubling my office and I’m looking to expand to a second office!!!!
HINDSIGHT: I wish I had attended the one on one training sooner. If I were giving advice, I would tell recruiter clients to attend the one on one, and then enroll into coaching. I think the attention to marketing materials, the coaching calls, and the monthly conference calls help keep me focused on what my job is.
Philosophy: I have two ways to increase income:
- I can sell a house and realize one time income
- I can hire an agent that produces long term income
I’ll concentrate on the agent. Let the other brokers go sell while I take their neglected agents…”
I think Greg is a true success story and one that many brokers can relate to. When I first talked to Greg, he was truly discouraged. He had already struggled for several years, and even though he was a great person with some great opportunities at his company, he had failed to find a way to effectively get his message out. We meet brokers like Greg everyday who need help, but are too discouraged to make the investment. The difference between those brokers and Greg, is that Greg made the decision and commitment and in just five months, hired more agents and better agents that he had in the past three years!