Michael Wyckoff directly addresses camera: Whether you're hiring experienced agents or new-to-the-business-ones boosting per agent productivity is something every broker should focus on. I'm Michael Wyckoff, broker and owner of Two Engel & Völkers offices, one in Madeira Beach and one in South Tampa.
Let's take 5 minutes to talk about how you can be a business coach to your agents and increase per agent productivity. We focus on attracting agents with a level of production already, but our specialty is helping them each to do more.
But helping agents do more, or in some cases raise their price points requires good direction and some coaching. It means becoming a business coach to agents to help them understand how to run their real estate business as a business.
Not only that, but with coaching and a plan, your agents become more efficient. So not only will their production go up, their leisure time will as well. And that's a big win. The first key to improving production is being available to your agents to help handle any hiccup that comes their way.
Both myself and my partner Sherry are available 24 seven to get their questions answered quickly. We follow through on that promise to them and one of us will always be there to answer the phone. Next, it's important to meet with each agent individually and help them to identify their strengths and their weaknesses.
A good coach helps them play on their strengths and bolster up their weaknesses to help them become a more well-rounded agent. Coaching doesn't have to be individual. Your weekly or monthly sales meeting is a prime opportunity to provide agents with market intelligence to pass on to their clients.
We often use Florida Realtor SunStats as well as some other data sources such as the MLS and CoreLogic, to help agents understand the inventory situation, the absorption rates, trends in the market, interest rates and more. But we take that a step further, and we then teach them how these things affect their buyers and sellers.
So agents have the knowledge and dialog to go out to their sphere and to educate them. We also work individually with agents to help them set their goals. Then we back into the plan so that each agent knows what actions they need to take on a quarterly, monthly, and right down to a weekly basis.
This informs them on what they need to do daily. Then we meet on a quarterly basis with each of them and hold them accountable for their goals. We adjust for the actions that they're taking. For example, if the agent isn't making phone calls, we figure they don't like doing that and we come up with other ways to

help them reach their prospects. We also celebrate their successes at our sales meetings. We've learned a lot from Tom Ferry and Mike Ferry coaching. Although we no longer subscribe directly to any outside coaching programs, these can be very useful.
But we built a process over time using elements from each coach. We've created templates and tools for our agents to track their marketing, their phone calls and their transactions. In addition, we work with agents on increasing their price points as we work with many luxury home buyers and sellers.
Many agents are intimidated, so they stay at a lower price point. And while it's not for everyone, however, every agent can increase their price point a little bit. We train them and give them tools to help them step up their marketing materials.
So they walk in with confidence. Then we analyze a market, and together we decide on what they should focus on. We help them expand their farming and their marketing efforts. The key to being a business coach to your agents is in the relationships that you build with them.
Availability, training, and the data that they need to inform home buyers and sellers will boost the confidence in you and in your brokerage. Ultimately, that confidence and their trust in you as the brokerage leader will encourage them to boost production.
It's a win win.