Understanding the importance of business coaching for real estate brokerages

— Weichert Franchise

To create lasting business results, your brokerage needs to maintain consistency—especially with team development. Programs like business coaching help you and your agents improve efforts, which in turn, brings in more revenue. It also improves confidence, which leads to higher morale amongst agents. And most importantly, it adds to your value package as a brokerage and can retention.

In reality, brokers have the most time to dedicate to business coaching programs in the off-season. But we believe (and data shows) that there’s no time like the present—consistent training and coaching leads to stronger, sustainable business results. Reps with 30 minutes or less of business coaching per week receive win rates of 43%, compared to 56% for those who receive at least two hours of coaching per week.

The bottom line: business coaching is crucial even during your busiest time of year. At Weichert, we’ve seen the positive results of consistent business coaching for real estate agents and brokers firsthand. That’s why it’s one of the many benefits built into our system, which is designed to give brokers and their agents a strong advantage in the market.

What exactly is business coaching?

Real estate brokerages often hire business coaches to help them achieve—and exceed— their goals. The goal is to help continuously improve performance through feedback, practice, and repetition.

Together, the coach and client work to create initiatives that build confidence and identify the tools and skills they need to succeed. Business coaches also leverage data to monitor performance to identify areas of improvement and reinforce positive behaviors.

On average, business coaching can cost up to $2,000 a month per client, sometimes making it inaccessible to independents. Plus, some franchise models require franchisees to pay by the hour if they want coaching support. But at Weichert, access to coaching and training is included with affiliation.

We’ve spent more than 50 years developing and refining a real estate brokerage system that provides business owners the resources and support to attract talented agents, sell more efficiently, and grow the business of their dreams. And building comprehensive business coaching into that system has enabled the continuous evolution of some of the most successful brokerages in the industry.

The benefits for your brokerage

Gain insight and support rooted in real experience

The right business coach will have the perspective that only comes from having experience in the field. Their nuanced understanding of the industry and local markets will give you and your agents the support and guidance where you need it most. Plus, they can offer an unbiased perspective and can draw from a wider pool of experience than you can on your own.

Stand out from the crowd

Business coaches bring a variety of tools to the table—including business knowledge, marketing strategies, and lead generation tips. The more input you and your team get from your coach, the more you can focus on putting the practice into motion.

Get feedback that improves results

An effective coach is one that uses empathy and data. They’re constantly evaluating and re-evaluating based on current market and industry trends, so they can give you and your team realistic opportunities to play up your strengths and identify areas of improvement.

Is it time to work with a business coach?

At Weichert, we believe that success is achieved through consistency—including consistent business coaching.

There’s no time like now to get started (or pick back up). But if you’re still not convinced, here are some other circumstances in which a business coach could help your brokerage.

  • You’re new to the market
  • Your brokerage has hit a plateau
  • Your team is producing lower than average numbers month to month
  • You’re struggling with poor morale and negative internal culture
  • You’re experiencing high agent turnover

How do you find the right business coach?

Look at your network. Seek out someone in your community that you trust. Asking for referrals, checking with peers from your local real estate organizations or searching in industry trade publications or on LinkedIn are also great places to start.

Once you find someone, determine if they’re the right fit for your brokerage by checking off these boxes:

One easy way to access business coaching is to become part of a franchise system, though many might charge for this service. As a Weichert Affiliate, you get a dedicated business coach as part of your affiliation, who will be there to help you grow your business. Plus, your agents get access to our extensive training content and learning opportunities, such as Fast Track, Success Track, content from nationally recognized trainers like Brian Icenhower and David Knox, Wednesday Webinars, National Conferences, office training webinars and more. We are always looking for ways to help you and your agents get to the next level.

For many broker owners, finding and hiring the right business coach presents a tremendous challenge in terms of time and expertise. The most successful Weichert brokerages achieve better results because they’re armed with all of the necessary tools, systems, and training, together with the power of a national brand behind them. Which means you can be in business for yourself without being by yourself.

For more information about Weichert and our business coaching programs, contact our team today.

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