The Locker Room University

Made For Coaches By Coaches

Group Coaching Session #: 1

CONCEPT: “Knowing Your Numbers Using The Locker Room Tools”

TIME FRAME: 1 hour

LEARNING OBJECTIVES:

  • To enable each agent to fully understand how to extract the story that the numbers are telling us and to be better students of the real estate game.
  • Increased knowledge and awareness around tools such as the Agent Snapshot will further their ability to run their business like a business. This will allow higher level coaching conversations and a deep understanding of how to leverage numbers in order to help them in the future.

STANDARDS:

  • Agents understand the importance and value of submitting weekly numbers and connecting the significance to being better business owners and the benefit it can have on how to spend their time on the most productive activities.

MATERIALS:

  • Outline
  • Talking Points with Math Pre-Calculated
  • Example Agent Business Snapshot for each student and example Agent View - Month/Lifetime tab screenshot for each student.
  • (Use The Bigger Team examples if necessary).
  • Encourage agents to print and bring THEIR agent snapshot and month/lifetime to discuss with a partner after group exercise.

STRATEGY:

  • Demonstrating a successful agent and breaking down the numbers to illustrate the importance of having awareness.
  • If we focus our efforts on the right activities and allow ourselves to measure them, the outcome can be significant by their evidence.
  • This should allow agents to see themselves in this example and connect the dots as to why we are so passionate about having them report numbers each week.

COACHING SEQUENCE:

ANTICIPATORY SET:

  • Introduction and Cover Today’s Topic and Expectations of Participation.
  • Remind agents of the importance and VALUE of reporting numbers on time each week. It is not to appease the coach, it is to create powerful tools to help run their business and stay accountable to the things THEY said they wanted to achieve.
  • There’s a difference between T-Ball and the Major Leagues. You have to keep score – they don’t hand out participation trophies in real estate.

HOOK:

  • Provide Ryan & Heather Bigger examples of Agent Snapshot and Agent View -Month/Lifetime Tab.
  • “I am going to show you an example today of Ryan and Heather Bigger. A first year team out of Fort Mill, SC who did 41 dealsand nearly $10M in volume.”

PROCEDURES TO FOLLOW:

  • PART 1:
  • Take example of The Bigger Team and illustrate total # of contacts made over time.
  • Add up total # of appts (buy & sell) and divide by contacts. That gives them a contact:appt ratio.
  • Do the same for total # of pieces of business (buyer contracts & listings taken). That gives them a contact:biz ratio.
  • Use an average GCI in your market and divide the contact:biz ratio by that number which gives you the VALUE of each contact. Regardless of hearing “no” all day – they still made money!
  • The issue for most is they’re impatient and the bank account just hasn’t caught up yet. This is how you develop your “salary” when being self-employed.
  • Did you work and earn money today whether or not it shows up on paper yet? Change the way you look at things and the things you look at change.
  • PART 2:
  • Show the correlation between their Agent View - Month/Lifetime tab to their Agent Business Snapshot.
  • Take # of appts needed per month multiplied by the contact:appt ratio. That provides a baseline # of contacts per month needed.
  • Do the same for contact:biz ratio number multiplied by the total # of new pieces of biz they need every month as identified through their CGI goals.

This will give a range of X to X contacts per month so they can structure their lead gen and days around this.

  • If the number is high then we may need to focus more on skillset training to improve conversions vs just saying they need to “do more” contacts.
  • Show example of The Bigger Team how it breaks down to be about 200 contacts per month which = 10 per day. Just like Ignite says! Follow the model!
  • Share story of agent in Fort Mill who took $1000 out cash in form of $100 bills and slides himself a $100 bill each time he makes a contact to enforce that he IS making money.

TRANSITION:

  • Agents pair up and do exercise with a partner based on THEIR own numbers. (Provide attached worksheet for step by step).
  • Ask for agents to share what they came up with. What aha moments did they have?

KNOWING YOUR NUMBERS – EXERCISE WORKSHEET

PART ONE: Using the Month/Lifetime Tab

A)Calculate Total Number of Contacts Made: ______

B)Calculate Total Number of Appts Held (Buy + Sell): ______

C)Calculate Total Number of Business (Buyer Contracts + Listings): ______

PART TWO: Using the Month/Lifetime Tab

D)Divide # of Contacts Made by # of Appts Held (A/B): ______= Contact to Appt Ratio

E)Divide # of Contacts Made by # of Business (A/C): ______= Contact to Business Ratio

PART THREE: Using the Agent Business Snapshot

F)Multiply Total # of Appts Needed for Goal Each Month by (D – Contact to Appt Ratio): ______= Baseline Number of Contacts Needed Per Month to Hit Appointment Goal

G)Multiply Total # of New Business Needed for Goal Each Month by (E – Contact to Business Ratio): ______= Baseline Number of Contacts Needed Per Month to Hit New Business Goal

PART FOUR: Calculating Your $ Value $ of a Contact

H)Your Average Sales Price: ______

I)Divide Avg Sales Price by (E – Contact to Business Ratio): ______= Average Value of a Contact

PART FIVE: Just For Fun

J)Your GCI Income Goal: ______

K)Divide GCI Income Goal by (I – Avg Value of a Contact): ______= Number of Unique Contacts Needed to Earn GCI Goal
Example: Goal is to Gross $100,000. Avg Value of a Contact is $120. $100,000divided by $120 = 833 Contacts. In theory I need to make 833 quality contacts asking for a real estate referral to Gross $100,000. How fast can you do it?!

SAMPLE AGENT BUSINESS SNAPSHOT – THE BIGGER TEAM: FORT MILL, SC

SAMPLE AGENT VIEW – MONTH/LIFETIME TAB – THE BIGGER TEAM: FORT MILL, SC