Do you know what kind of agents you have in your brokerage or team?
If you don’t, you may be making poor decisions about your real estate business and not even know it.
Most agents are trying to be “a little bit of everything.” Not only is this a sure path to frustration and but it’s also a drain on precious resources like time and money. The reality is there is no “one size fits all” business solution for everyone. What works and brings success for one agent may not necessarily work as well for another.
The first crucial piece to understand is that there are four ways agents typically make money and operate their sales career –the four
- 1. The Networker
2. The Prospector
3. The Converter
4. The Marketer
These four Archetypes can be organized into quadrants (as seen below), to further illustrate what they are and the differences between them.
First, let’s define the four quadrants that make up the T3 Fellows Archetype model.
Direct Selling: Agents are proactively engaging with their market to produce business.
Indirect Selling: Agents who leverage other things, like leads or marketing, to attract business to them.
Cold Leads: Agents have no established relationship with this type of lead.
Warm Leads: Agents have either a relationship or affinity with the prospective leads.
Now let’s take a more in-depth look at what key skills and practices are needed for each of the four Archetypes, as well as what tools and systems needed for each to successfully generate and convert leads.
ARCHETYPE 1 – The Networker
Networkers sell through their relationships and their networks – thus their key strength is building and developing those relationships.
For a Networker to grow their business, they should be utilizing these key practices and skills:
• Networking (of course!)
• Relationship building
• Community involvement/leadership
• Staying in touch with their network
The tools and systems a Networker needs to successfully generate leads are as follows:
• Basic CRM
• Basic email marketing/touch system
• Business card website or basic brand website
• Social media presence (growth area)
• Time and friends!
Networkers don’t need a lot of technology to be successful, and should stay away from more complex systems and tools that keep them from doing what they do best – networking!
ARCHETYPE 2 – The Prospector
The prospector makes use of their skill and discipline at prospecting to make a living. They don’t need much more than a database of people to call in order to make a living – even if they have never talked to these people before.
A Prospector should–at the very minimum–implement these key practices and skills:
• A strong prospecting habit
• Phone skills for effective appointment setting
• Organization for follow up
In addition to the above key practices and skills, a Prospector also needs the following to consistently generate leads:
• Data system (Expireds, FSBOs, Neighborhood)
• CRM/Follow-up system
• Direct mail
• Conversion-oriented website
• Testimonials, reviews, proof of results
• A phone and maybe an auto dialer
A Prospector’s business is very portable, since they don’t rely on a network to make business happen. Their focus and sales skill is what they live on, and developing and building these practices are the key to success.
ARCHETYPE 3 – The Converter
Converters buy leads and convert them, and are reliant on an advertising budget and their skill at converting inquiries into relationships to make a living. They require capital to get started, and must have the discipline it takes to be highly responsive, follow up, and to convert these leads.
For a Converter have a thriving business, they should be utilizing these key practices and skills:
• Follow up/responsiveness
• Phone skills/appointment setting
• Organization for follow up
• Measuring quality of and cost-per-lead
The tools and systems a Converter needs to successfully generate leads are as follows:
• A budget
• Advertising programs
• Lead generation website system
• Follow up and lead management CRM system
• Religious commitment to follow up (3-4% conversion rate)
Converters can most easily scale their business if they are effective, as they can “buy more” when they have their system and follow up in place. They also don’t require a network of existing relationships in order to grow, and as such can grow their business very quickly when done right.
ARCHETYPE 4 – The Marketer
The marketer is an expert at something – a niche, a type of real estate, a neighborhood – and broadcasts this to the world. They attract people that value their expertise and skill in their particular area.
A Marketer should be utilizing these key practices and skills:
• Develop expert knowledge about something
• Build an identity or brand related to their expertise
• Messaging to their specific audience
• Develop or use campaigns to reach the audience
The tools and systems a Marketer needs to successfully generate leads are as follows:
• Niche- or brand-oriented website (neighborhood, specialty)
• CRM system with email marketing system/drip/incubation system
• Offers (free reports, blog articles, things to market)
• Lead capture tools
• Social/local presence
Marketers have very high conversion rates with their target audience, as they are “speaking their language” already. Marketers are often able to build relationships quickly with their intended audience due to their familiarity with their potential client’s situation.
To help your agents, and yourself achieve higher success, it’s important you know what kind of agents you have (or want to have) in your business. This significantly reduces the amount of time and money wasted on people, tools and systems that simply don’t produce the results you need.
This article is from a series of webinars that we’re running to help Broker/Owners and team leaders run more efficient and profitable organizations. These webinars are just a sampling of the material and support we provide to our clients through our T3 Fellows program ( www.T3Fellows.com ).
View the related webinars: