Looking for ways to bring in more real estate business? You’ll find them in April’s top real estate podcasts! Listen below and learn what’s working right now in today’s competitive real estate markets. Discover how to convert cold leads via text, a system for closing 30 additional deals per year by referral, and more.Continue Reading …
When running a small real estate business, you can see to it that all clients receive high-quality service. But how can you ensure new agents continue to deliver the same level of service when scaling?
According to the CEO of TM5 Properties, Terrence Murphy, it all comes down to systems.
On a recent podcast, Murphy and I discussed what it takes to create an in-depth system for training agents to handle clients’ transactions exactly how you want. Murphy did this for his business, and it helped protect his brand while giving new agents everything needed to succeed.
With TM5 Properties’ average of 39 annual deals per agent, the systems set in place by Murphy are obviously working. Read on to discover how Murphy developed his team’s systems and get recommendations on tools you can use to do the same.
For additional insight on team training, tips for boosting agents’ production, and more, listen to my podcast interview with Terrence Murphy below.
Why every real estate team needs systems
Murphy has always seen value in systems, but he didn’t truly understand how important they are until TM5 Properties started to grow.
In his company’s early years, it was enough for Murphy to know and follow these systems himself. Since he had a more direct role in most deals, he could see to it that each client received five-star service.
But micromanaging each part of every transaction wouldn’t just be a bad use of his time these days; it’d be impossible.
To protect his brand, Murphy had to ensure his agents would deliver the high-quality service that consumers in his market had come to expect of TM5 Properties. He had to find a way to get agents to follow the exact same procedures he would when servicing real estate transactions.
For ideas on how to do this effectively, Murphy drew inspiration from an unlikely source – McDonalds.
What can team leaders learn from McDonald’s?
Why would a real estate professional turn to a fast-food chain like McDonald’s for ideas on systems?
While it does sound somewhat strange, it actually makes sense when you think about what Murphy wanted: a detailed system that outlines all of the procedures to follow during each part of the transaction.
Murphy studied McDonald’s training manual and found that it covered all employees’ duties in extreme detail; it even described the proper placement of pickles on a burger.
Because McDonald’s has guidelines in place for basically everything, they’re able to deliver the same product with consistency despite the fact that there are nearly 40,000 stores operating worldwide. Think about it: there’s virtually no difference between a Big Mac ordered in Murphy’s home state of Texas and a Big Mac ordered in New York or anywhere else in the world.
By taking a similar approach to his own team’s systems, Murphy can be certain that all TM5 Properties’ clients get the same great service, regardless of which agent they work with.
Tools for building your team’s systems
If you’re interested in creating comprehensive systems of training and procedures for your agents, here are the tools Murphy uses and recommends to other brokers:
Google Docs – When TM5 Properties first started growing, Murphy used Google Docs to get a training system together. With the ability to access and collaborate on documents from anywhere, you can use it to create and revamp training materials as needed. While it’s not the most feature-rich training option, it is free.
Trainual – As you scale your business, you might find that your training needs outgrow what Google Docs is able to provide. Trainual is an excellent option in this case as it offers everything needed to create top-notch training, assign it to members of your organization, and monitor their progress.
Loom – Writing out each and every procedure for agents to follow would be incredibly time consuming, and it wouldn’t be very effective. Certain types of training are better suited for video recordings, which is exactly what Loom offers. Using Loom, you can capture your screen and your voice to show your agents exactly how you want tasks done.
Listen to Terrence Murphy’s podcast interview
For more information on the systems that helped make TM5 Properties one of the most successful brokerages in College Station, Texas, listen to Pat’s podcast interview with Terrence Murphy.
In addition to advice on systems, Murphy shares strategies for investing in real estate, building up an exclusive list of off-market properties, and more.
Like many veteran agents, James Festini has seen a drastic drop in the quality of online leads in recent years. Sick of spending thousands monthly on low-converting leads, James decided to stop buying leads in 2019 entirely.
Now, instead of buying online leads, he generates his own and has had much more success converting them into clients.
In the podcast below, James details why buying leads in 2019 from Zillow and Realtor.com is a bad idea. For an overview of the episode’s top takeaways and a rundown on James’ prospecting process, read on.Continue Reading …
If you’re not actively (and strategically) asking for real estate referrals, you’re likely missing out on dozens of deals per year.
According to industry veteran Dean Jackson, most agents should be able to close at least 30 referral-based deals annually assuming they have a strong sphere of influence (SOI) and leverage it effectively.
On a recent podcast, I interviewed Jackson to find out more. In addition to breaking down essential parts of the referral process, he shared what he does to ensure close contacts always think to recommend him to those in need of an agent.Continue Reading …
Are you wondering if it’s time to upgrade your existing CRM – if those fancy new features are really worth the added expense?
It very well could be time to make a change, but before you do, get real estate expert Michael Hellickson’s take on today’s CRM solutions.
Hellickson knows that selecting the right CRM isn’t easy for most agents. A lot of what they should use depends on the other technology they rely on. But more importantly, it has to do with where they’re at with their business.
Read on and discover which CRM solution is best suited to meet your current production numbers. For additional advice on real estate CRM software and tips on boosting your business’ profitability, listen to the podcast with Michael Hellickson below.Continue Reading …
How are top real estate agents like Ryan Serhant outselling the competition? Catch March 2019’s most popular real estate podcasts and find out! Guests share strategies for winning new clients, cutting unnecessary expenses, and more. Listen below and learn what you can do right now to raise your real estate business’ profitability.Continue Reading …
Sick of spending thousands on real estate leads that rarely convert? If you could, wouldn’t you rather focus your conversion efforts on prospects who already want to work with you?
Good news – you can!
Mike Cuevas, aka The Real Estate Marketing Dude, is an industry veteran who decided to transition away from sales to help agents build authentic brands that generate business more naturally.
In the podcast below, Mike shares his expert advice on rebranding a real estate business. He also offers tips on video ads, direct mail, and more, so be sure to give it a listen if you’re looking to overhaul your marketing efforts.
For an overview of Mike’s three top tips on real estate marketing, read on.Continue Reading …
Ryan Serhant, the star of Million Dollar Listing New York, isn’t just a likeable television personality; he’s a true real estate professional. While viewers get a glimpse of how he closes high-dollar deals in Bravo’s hit series, it’s impossible to see all of the work he puts in over the course of a 45-minute episode.
Serhant was kind enough to join me on the Real Estate Rockstars podcast to shed some light on what happens behind the scenes – what he does to win and sell some of the most expensive listings in the nation.Continue Reading …
Blockchain technology and the digital currencies surrounding it have been getting quite a bit of attention in recent years. Some suggest that this technology has the potential to change the way we do business in real estate.
Joseph Snyder joined me on a recent podcast to discuss the blockchain and its place in our industry. His company, Lannister Holdings, is one of the first to facilitate mortgage loans via blockchain technology.
According to Snyder, blockchain-based transactions could replace the traditional pen-and-paper approach to facilitating property purchases. Listen to my interview with him below to find out why. For a rundown on how blockchain-based transactions can benefit both agents and consumers, read on.Continue Reading …
February 2019’s top real estate podcasts highlight cutting-edge strategies that guests have used to maximize their sales and their profits. Listen and learn how these Real Estate Rockstars built businesses that generate hundreds of thousands annually. After that, implement these same strategies for more leads, more clients, and more commissions!Continue Reading …