If you want to increase profits this year – and what brokerage owner doesn’t – the obvious solution is to recruit more agents. More agents = more sales = higher profits.
But brokers often tell us that they’re already maximizing recruiting efforts. They’d like to shift focus to internal development by helping their existing agents produce more. The issue is identifying which agents to target.
Identify Midlevel Producers
You are well aware of who your top producers are. They’re the ones you’re writing all the checks to. But it’s those mid-tier producers who may have untapped potential, just needing a little guidance to move into the top ranks. They’re the ones you want to target.
Depending on the size of your business or production volume, you may have brokerage software to deliver Agent Sales Ranking Reports. This is real time saver to help you easily identify those agents sitting in the middle tier. These are the agents who are doing all right. They’re selling a few homes, but they’re not really knocking it out of the park.
If your brokerage uses spreadsheets (e.g., Excel) or some other manual method for tracking sales, it will take more time for you to crunch the numbers and figure out how to rank your agents, but you’ll still be able to get a general idea.
Track Progress to Measure Success
After you identify midlevel producing agents and begin working with them (e.g., mentoring, incentive programs, refresher courses, etc.), there’s really only one way to measure success: frequent reporting.
Even If you have to crunch the numbers manually every month, it’s well worth it to monitor progress. It’s the best way to ensure your agent-development programs are working, and it gives you the data the need to make better business decisions.