Training Cheat Sheet For Realtors

 Interest Generators

-I just completed a free estimate of value for a hotel owner up the street and was curious how you keep up with values.

-The reason for my call is my firm just listed a hotel on …. For … dollars.  Curious what you thought about that. 

-Almost half a million motel rooms are scheduled to come on the market in 2007 opposed to less than 100k in 2006 and 2005, how do you feel about this?

-I’ve got some ADR and occupancy reports conducted by myself and some reports from smith travel research I’d like to share with you.  How do you keep up on property values and market trends?

-I have a client who is getting ready to sell their hotel and expressed interest in your property…   what are your plans for the future?

 

Prior to Training,

Oakland Agents must have accomplished and/or have an understanding of the following: 

  1. Standards

-150-200 calls/week

-Pitch book

-700 verified phone #’s with photos

-3 first meetings per week

-1 second meeting per week

-30-40 new contacts per week

 

  1. Value of Representation

-This is all I do, it’s my job

-Marcus & Millichap provides a great legal buffer

-Being around the office and on the phone I hear about deals and market trends

-We have a network of over 1600 agents 

  1. Ratios:   # of calls to contacts; contacts to 1st’s; 1st’s to 2nd’s; and 2nd’s to listings

 

 

  1. Agenda of the cold call

-Introduction, Interest Generator, Open Ended Question, Windows of

Opportunity

 

  1. Agenda of the 1st Listing Appointment

-Preparation

-Rapport Stage

-Establish Credibility of company and self intro stage

-Establish value and overview of proposal process/assessing motivation/finding out about their current situation and future plans stage

-Gathering of info/Trial close

-Schedule second

 

  1. Agenda of the 2nd Listing Appointment
  2. The Objection cards
  3. The Representation Agreement

 

  1. The Purchase Agreement

 

 

  1. Comfortable in roll-playing the cold call; including several “reasons for the call”

 

  1. Comfortable in roll-playing the 1st

 

 

  1. The financial Analysis

 

  1. Their db 80% complete.  For Oakland agents, this means a minimum of 700 contacts (800-1000 is better); phone numbers; photos.

 

 

  1. An understanding of their product type and area

 

  1. Completion of the Simulation Exercise (Mock Deal)

 

 

16.The ability to easily differentiate Marcus & Millichap and other firms; with several examples

      -1200 agents and 60 offices across the company

      -Specialize in commercial investment real estate only

      -Co-operate with other brokers

 

17. Difference between exclusive and non-exclusive

      -exclusive lets people know the property is really for sale, or deliverable at a designated price

      -when a property is listed exclusively buyers will compete and bid against each other, this is the only       way to harness the competitiveness of the marketplace.

 

18. Mnet

 

19. Features & Benefits

 

20. The ability to hear and discern “Windows of Opportunity”

     

21. An understanding of and the ability to manage objections

 

22. Open-ended vs. Closed ended questions

 

  1. 90 day Business Plan with appropriate ratios for: calls; contacts, 1st’s; 2nd’s.

-150-200 calls a week

-25 Contacts (17%)

-3 1st’s (12%)

-1 2nd (33%)

 

  1. An understanding of how to input a deal into Impact

 

  1. Complete CIP (Client Information Package)-as a template and as a learning tool.

 

 

  1. Determine the $ value of your time.

 

When Mgt. believes that the Pre-class agent may be prepared for formal M&M Training, Mgt. will present a series of additional tests, geared to further determine the agent’s present abilities.  These tests include:

 

  1. Financial analysis
  2. Roll playing the cold call, 1st and 2nd outside of the Simulation Exercise.
  3. Succeed with a “surprise” cold-call from either senior agents outside of Oakland; or an RM not associated with

    Oakland    .

 

Although we both anticipate your skills improving when you are on the phones full time, the above criteria, must become part of your skill-set prior to attending training.  In addition to myself, there will be two other senior agents (and/or RM’s) who will be assessing your abilities in the subjective portion above.  I suggest you hold your seniors accountable to facilitate your becoming fluent in these areas.  I will also do whatever you ask of me to get you there.  As we have spoken about previously, I recommend that you also roll-play with as many seniors as possible. 

 

 

 

New Training Preparation Requirements 

1.  Bring a Client Information Package to training 

Trainees should bring a Client Information Package (CIP) that describes one of their submarkets. During training, they will present the CIP in conjunction with a presentation about the telephone interest generators that are useful in their submarket. We will look to the CIP for evidence that the interest generators are valid.  

2.  Bring five real interest generators to training 

Trainees should bring five telephone interest generators to training.  These interest generators should be based in an analysis of current submarket conditions and in actual reasons that a local owner might sell. The RM should also approve the interest generators, before training. 

 

During training, the coach will also review and if appropriate, revise, the interest generators.

 

3.  Create a list of your most probable 50 clients 

Applicants to our training class should email a list of their 50 most probable first-year clients to Sandra Mashihi, with a copy to their RM. The list should not include phone numbers.

We suggest that you use criteria such as the following to rank probability:  

 

1.      Out of state owners2.      Length of ownership: 10 + without refinance, with 3rd party management3.      Multiple owners4.      Accelerated local velocity in an area5.      Ownership type

6.      Size (not too big – less than 50 units or less than 100,000 square foot.)

 

4.  Report Local Activity Standards to your Coach 

Applicants to our training class should send an email to their coaches that lists their manager’s activity expectations. The agents’ emails should cc their managers, Group Managers, and Sandra Mashihi. This will help the Group Managers ensure that regional expectations are consistent with the company’s standards.

 

Your list should include the following information:

 

1.      Calls per week

2.      Contacts per week

3.      Ratio of calls to contacts

4.      Appointments per week

5.      Ratio of contacts to appointments

6.      Proposals per week

7.      Ratio of First Appointments to proposals

8.      Listings per month

9.      Ratio of Proposals to Listings

10.  Deals under contract per month

11.  Ratio of Listing to Deals under contract

12.  Closes per month

13.  Ratio of Deals under contract to closed deals

14.  Average commission per close

15.  Earning per year

 

This requirement replaces an earlier requirement to send a business plan.

 

 

New Recommendations from the Coaches 

1.  Send Mailers, Before Training 

Some name recognition and branding helps prepare a client for the business development call. We recommend that your licensed agents send a mailer or even Client Information Packages before they even attend training.  

A secondary benefit of sending mail is the resulting pressure on the new agent to clean his or her database.  

A cautionary note: you may want to limit this practice to your better recruits to avoid branding a failed agent.  

2. Collect email addresses, whenever possible 

As we prepare for the advent of the national “Do not call” registry, it has become more urgent to collect client email addresses, whenever possible. Please encourage your agents to do so.