How a Real Estate Coach Helps Real Estate Agents Grow Their Business
Back in 1997, I was a student at UCLA, a newly licensed real estate agent, and broke. I was told that if I wanted to be successful I had to attend a 3 day seminar in Palm Springs. I didn’t have money for a hotel so I drove 2 hours each way every day of the seminar on gas money I scrounged from the couch, I wore the one black polyester suit I had every day with a different tie, and I ate gas station tuna sandwiches. This was how I was introduced to Real Estate Coach Mike Ferry, the man NAR dubbed the most influential real estate coach, and it changed the way I did business forever.
Hiring a coach who offers accountability, observation, inspiration, and encouragement (to take a risk or push through a rut) will efficiently and effectively fire up your success. Pro athletes consistently implement advice from coaches to achieve major career goals — owning a business is no different.
Let’s walk through what specifically a coach can do for your real estate business.
What a Real Estate Coach Offers You
Real estate coaches are generally veterans of the industry: long-time agents and brokers who understand the needs and wants of novice real estate professionals. When you hire a real estate coach, you get personal consultancy and guidance from someone who knows what it takes to market a real estate business, generate qualified leads, begin and nurture relationships, and close deals.
Some coaches specialize in helping with real estate marketing needs, like how to develop a paid advertising campaign and set up social media accounts. Others help with more general business structure needs, such as finding the right office space and how to save for retirement.
While some real estate coaches are retired former agents and brokers, plenty of coaches still work and find time in their busy schedules to help agents. Whether you choose to work with a recent retiree or someone who’s still on the job, there are certain qualifications to look for to ensure you hire the right a real estate coach for you.
Qualifications of a Great Real Estate Coach
1) They have a background of helping other agents achieve their goals.
When first researching potential real estate coaches to hire, examine their background as a real estate agent to gauge their experience. Have they closed many deals in your market? If so, they may have a deep understanding of the area you work in and can provide insights on how to close deals in certain neighborhoods or communities.
Also, ask candidates about their sales history and certifications to determine if they have the real estate business acumen to help you become a top-selling agent. You can even get a glimpse of their work history and other qualifications by checking out their websites — specifically, their “About me” page. Those who have worked as agents for several years and have proven track records in sales and helping other agents get their careers off the ground are ideal qualities of a great real estate coach.
2) They understand the marketing needs of modern real estate agents.
Modern real estate marketing means setting up a real estate website, blogging regular and relevant content, posting and monitoring on social media, and setting up paid advertising campaigns. The top real estate coaches understand this and have seen success with inbound marketing. It’s candidates who haven’t used online marketing to grow their businesses you may want to avoid hiring. Yes, offline marketing methods still work for agents in promoting themselves in specific local areas. But to spread your brand’s reach as far as possible and truly grow your company, inbound marketing offers you the chance to accrue far more leads than any bench sign or billboard ever could.
Find a real estate coach who knows the ins and outs of online marketing. Working with a coach who has optimized their real estate website for search and set up a customer relationship management system (CRM) is someone who has the potential to not only get you plenty of leads, but the right ones.
3) They spot agents’ strengths and weaknesses and know how to help improve both.
The best real estate coaches have a knack for finding out what’s working well for an agent, what isn’t, and how to develop a game plan to help them improve. Practically every worker in every industry needs guidance at one point or another. Having a coach examine every aspect of your real estate business to find your strengths and weaknesses will only make you a better agent in the long run.
During interviews with coaches, ask them to evaluate your business. Provide them with your recent sales history. Tell them what kinds of real estate marketing tactics you use. Give them insight into how you secure leads. A coach who can pinpoint areas in which you can improve and offer specific tips and advice may be the right hire. Search for a coach who can help you create a plan of action with specific goals for each month, quarter, and year so you can grow your business even more.
4) They are able to meet or speak regularly and at length with agents.
One of the major advantages of having a real estate coach is you have someone who can help you at nearly every hour of the day. Some agents remain on call for their clients so they can assist them with issues from anywhere. For instance, if you or your coach is out of town, set up a Google Hangout or Skype session with them to go over your problems.
Great coaches are able to provide aid to agents from anywhere at nearly any time, within reason (3 a.m. calls may not be ideal). Find someone you can trust — a coach who is very much accessible, can respond to your matters quickly, and can provide in-depth thoughts and action items to help you.
Where to Find a Real Estate Coach
Now that you know what to look for in a real estate coach, you need to figure out where exactly you can find one. The good news is you have plenty of options.
For starters, you can find the best of the best coaches below. Each has helped agents become some of the best-selling real estate pros worldwide and provided unique insights into how to become a successful real estate agent.
For beginner agents, it’s ideal to keep price in mind when hiring your first coach. Many of the most respected and highly sought-after coaches and consultants charge hefty fees (some of them upwards of $600 per month). If cost is an issue, your best bet is to hire an affordable coach from your local community who is highly respected, has all of the pertinent experience and certifications, knows the modern sales and marketing landscape, and is ready and willing to help you grow your business.
If you have a few more years under your belt at an agency or brokerage, ask a senior agent or broker if they have any recommendations for potential coaches. There may be candidates working in your office that can provide guidance to you in some form and consult on big deals you have in the works.
If you work solo as an agent, try reaching out to local real estate groups or Realtor organizations to ask about coaches who may be affiliated with them.
You can also find coaches online. For example, the National Association of Realtors offers its Realtor University Coaching Center to agents. The program involves several levels of training and price ranges so you can select the most appropriate courses to take based on your needs and budget.
Our Top 10 List of Best Real Estate Coaches
No. 1 - Mike Ferry
No. 2 - Tom Ferry
No. 3 - Brian Buffini
No. 4 - Bob Borcoran
No. 5 - Craig Proctor
No. 6 - Tom Hopkins
No. 7 - Tim & Julie Harris
No. 8 - Michael Hellickson
No. 9 - Joshua Smith
No. 10 - Ryan Fletcher