HomeSmart Consulting Broker, Jennifer Ridenour, discusses the steep learning curve of a new agent and how important it is for a brokerage to train them.
By: Jennifer Ridenour
I regularly see new licensed agents come out of real estate school and ask the “Now what?”s and “How do I?”s that naturally follow. While licensing courses teach them many things, they do not teach them everything that they need to know; therefore, every new agent is going to be challenged with these types of questions:
- How do I represent myself as a professional?
- How do I represent a buyer?
- How do I service listings?
- What are the steps to submit an offer?
- How do I fill out a contract?
- What are the title, escrow and finance processes?
- How do I manage all of these parts in a transaction?
As a broker, I understand and see the value of arming new agents with the tools they need to properly support their clients. By providing a comprehensive orientation and training program, new agents can jumpstart their careers with the knowledge and know-how they need to succeed, and seasoned agents can brush up on the latest trends in the industry.
Here are seven training sessions that brokers need to be offering, which are essential for an agent who is just starting out:
1. Professional Conduct and Code of Ethics
Offer a course that teaches agents how to conduct themselves as professionals by avoiding conflict with other agents, complaints from members of the public and potential lawsuits.
2. Finance, Title and Escrow
It’s essential for a real estate professional to be able to understand the process involved with finance, title and escrow. Providing classes designed to educate new agents on how to navigate through this process will help build the confidence needed when starting a real estate career.
3. My First Buyer Training
New agents aren’t sure what it expected of them as buyers’ agents. Provide training to teach them what to expect and what is expected of them. Walk them through the basic skills of obtaining a client lead, negotiating the contract and closing the deal.
4. My First Seller Training
Just as agents should be trained to work with a buyer, they should know what is expected of them as a new listing agent. Provide a training that teaches all steps involved, from obtaining their first listing appointment to evaluating offers to closing the deal.
5. Following the Rules
Make available a course that is geared toward preparing new licensees for their first year in real estate. Review compliance with their broker’s policies, association rules and regulations, state and federal law, and the Code of Ethics so agents not only understand the rules, but also the reasons and rationale behind them.
6. Real Estate Technology Essentials
Offer classes that teach agents how to use the MLS, digital signatures and all other commonly utilized technology in their local market.
7. My First Landlord, My First Tenant
Not all agents are going to work with buyers and sellers only. Agents should understand what is expected of them as a tenant’s agent and a leasing agent. They should be trained on working with tenants and landlords, as well as handling leases.
New agents require continued support and education when starting out in the real estate business. These seven critical training sessions will get your agents on the path to success.
Now, if you’re reading this list and seeing dollar signs—a way to make money off of your agents—you’re thinking about training the wrong way. By providing free training, you’re investing in your new agents’ success, so they can eventually become your top producers.
Jennifer Ridenour is the consulting broker and Agent Development manager at HomeSmart International. In her role on the HomeSmart brokerage team, she spearheads agent development and education.