Training & Leading Real Estate Licensees

Instructor: Tara Schofield

Tara has a PhD in Marketing & Management

Getting ready to step into real estate can be overwhelming and scary. Considering training options and the type of leadership available at a potential brokerage should be a key factor when selecting a broker to work with.

Leading Agents

A requirement of real estate agents is to work with a broker in a real estate company. The broker is meant to be a mentor to the agents in his or her company and oversee the activities that happen within the firm.

Let's imagine you have just completed the requirements and received your real estate license. Before your license is issued, you must select a brokerage to work with. While the broker is important, you must also consider what the company has to offer. You've talked to several brokers and have decided to work with Patty's firm. You and Patty hit it off well and you feel she can be a great help to you as you develop in your career.

You also like Patty's company, as she has a great support team to help manage details of each transaction, support for agents, and a system to generate more leads. You feel that these aspects will help you get started on the right foot. Training and mentoring were an important quality you looked for when picking a broker, as some brokers do not offer much assistance to new agents.

New Licensee Training

Patty has created a thorough training course for new agents. You learn that you will have weekly classes to enhance your skills and cover topics in more detail than you may have experienced during your initial training. Each Monday you meet with other new agents and an experienced agent for a two-hour class. Not only are you watching videos and reading books, you have open conversations with the other agents to discuss problems, questions, and situations you encountered during the previous week.

You have also been assigned an agent to work with on a regular basis. Mark is your training agent and is very helpful in answering questions and giving suggestions. He and Patty both helped you fill out the contracts with your new sellers and the closing documents for your first sale.

By offering new licensee training, Patty is helping the new agents to learn more about how to work with clients, process paperwork, and increase sales. This has proven to be very helpful while you are still new at real estate.

Licensee Business Plans

You are in business for yourself, as you are an independent contractor. You are in control of how your business does and how fast your brand grows. Patty encourages you to create a business plan. She suggests you visit topics like marketing, brand development, customer service, taxes and accounting, and long-term growth plans. Creating a business plan will help you have a direction and plans for where your business is going and how it will get there.

Licensee Coaching

Brokers are responsible for coaching their agents and helping their agents handle problems or improve their skills. While a broker may not have time to personally coach each agent, brokers may choose to assign a skilled agent to coach and support a new agent in the brokerage. In your case, Mark is responsible for walking you through the steps of your first few transactions. You go to him with questions about working with your clients, negotiating sales, and getting your sales closed.

As your coach, Mark may encourage you to shadow him and go to appointments or training with him. By watching him work with clients, handle vendors, and complete sales, you learn how to streamline your work while taking care of your clients' needs.

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