The goal of this leadership check-up is to help identify areas where you can be more productive this next 12 months than you were in the last 12.
We want to help you take a good look at yourself, how you manage, and what you are good at. Tell the truth, always, no matter how you think it makes you look or what you think the right answer is. With the truth we can work on things, get things accomplished. As we go through this exercise I want you to be 100% candid in your answers. Without the truth you cannot learn how to become a more productive office.
Leadership check-up – What are your goals?
What are your goals professionally in the next 12 months?
How much money do you want to make?
Does money matter to you? If not, what does?
What other professional goals do you desire to attain?
What about personal goals?
If you reached your financial goal, what would it mean in your life?
Do you want to work less, have more time to spend with family or on personal interests?
What else would having this money mean to you?
Leadership check-up – Based on your financial goals, what is your time actually worth?
Divide your yearly financial goal by 2500 = hourly rate (50 hours per week, 50 weeks per year figuring in 2 weeks of vacation time). How much are you looking to make per hour?
The goal is to focus your time on those activities that are worth this dollar amount per hour and build a system to delegate other tasks to allow you to reach your goal faster.
There are two levers in management which make the biggest difference: Population and Production.
What is the total number of closed units needed for your team, to meet your goal?
What is your current number of closed units in the last 12 months?
What is your Per-Person-Productivity (PPP)?
How many additional transactions will you need if your average commission rate remains the same? Additional units needed?
Can you raise your average commission rate?
How many additional units would be needed if you raise the average commission rate?
Are you assuming your average sales price will remain the same? What is it currently?
Can you raise your average sales price?
Yes? To what?
What is the size of the agent pool in your market (live or currently work within a 20 min commute from your office)?
- Agents producing $1 to $2.5 million in volume.
- Agents producing $2.5 to $5 million in volume.
- Agents producing $5 to $10 million in volume.
- Agents producing $10+ million in volume.
Leadership check-up – How many agents do you need to add to meet your income goals?
Divide the total number of units needed by your average per agent productivity to arrive at the net agent count needed in your office to reach your goal.
(a) Combined, total net agent count needed:
(b) According to your plans and preferences, what percent of agents in your office are/will be new agents? % times net agent count (a) equals the desired new agent count in your office. New agent goal:
(c) According to your plan and preferences, what percent of agents in your office are/ will be seasoned agents? % times net agent count (a) equals the seasoned agent count goal for your office. Seasoned agent goal:
Now calculate the effect of attrition on agent count (do separately for new and seasoned agents)
What is your average agent attrition rate percentage for new agents? (use 50% as a default)
What is your average agent attrition rate for seasoned agents? (7-8% is natural attrition, over that and you are losing people to other offices. Use 10% as a default unless yours is higher)
(d) Total number of new agents times new agent attrition rate:
(e) Total number of producing seasoned agents needed times agent attrition rate:
Add current net agent count, e (seasoned agents loss) and d (new agents lost) equals gross agent count needed before attrition:
Gross agent count minus current agent counts equals number of new hires needed to reach your goal.
Apply percentages above and figure out, how many new agent hires are needed?
Apply percentages above and figure out, how many seasoned agent hires are needed?
An important note:
You will not have a full year’s production from the total number of agents you are going to hire, as they will be coming into the office at various times in the year. You will not get to your income goal until the next calendar year. Multiply 33% to average the first year production from new recruits. This allows 50% for agents coming in across the year and 17% for the inherent business off-set between contract to close.
Leadership check-up – Do you feel your office has momentum?
Rate your office momentum from 1 to 10 and answer the following:
Momentum is defined as an active performance based culture where everyone is working as a team, building their business, and all can see their goals within reach.
Do you feel your momentum is eroding?
If yes, what do you feel is the cause?
What was different when your team had momentum?
Look at all components in your office, diagnose what is faltering in creating momentum.
How much hyping and internal branding am I doing?
How are my mentors doing exciting/building the agents? (if applicable)
Who is meeting with the agents to track what they are doing, is it done on a regular basis for coaching and accountability?
Are your promoting success stories of your agents?
Are you recognizing agents publicly?
Can you visualize what your office will look like when you meet your goals?
Outline your plan to increase momentum in your office
What do you feel are your challenges?
Is time a challenge?
- Have you completed your Broker/Manager Time Assessment Sheet to see exactly where you are spending your time, recruiting, training, risk management, etc?
- Do you have 10 hours White Space to brainstorm, be creative?
- Go through and break down who is doing what in your office to help free up your time to focus on production and population.
- Are they skilled enough to do the job at the quality you want and in the timeframe you expect?
- Do you feel you have the right support group established in your office?
Is recruiting a challenge?
- You want to free you up for population and production.
- How much time do you need to recruit one agent?
- How much time does it take you to interview a candidate?
- What are the total number of hours needed to recruit and onboard the number of agents you need to hire?
Is retention a challenge?
- How many agents have you lost in the last 12 months?
- How many agents do you currently have that are trending downward?
- How can you turn this around?
A culture of performance is one where you have minimum standards and expectations, the agents know what they are, and you, the leader hold them accountable.
Leadership check-up – Other important questions
What do you think your five strengths are as a manager?
What is your job?
What are five areas you believe you must know to be a great manager?
What are your top 5 priorities in managing?
What are 5 things you wish you could do better as a manager?
What are the top five things you dislike most about managing your team?
How much time do you spend in your private office during the day as a percentage of your overall workday?
What were the topics of your last five sales meetings?
- What time did you start?
- What time did you end?
What percentage of your agents attended these meetings?
What is one word best describes your office culture?
What are your top three team goals?
What are your top three personal goals as they relate to your team?
How would those on your team describe you?
How do you see yourself as it relates to running your team?
What three things can others do to help you become a better leader and a more productive, happy person?