In the fast-paced world of the real estate industry, accountability can sometimes feel like a buzzword, rather than a practice. In this week’s episode, James and Keith have a conversation with Greg Geilman, the CEO of Domo Real Estate, about an innovative approach that could reshape how we think about accountability in our real estate broker and real estate brokerage models.
The 50-Call Minimum: A New Standard
Greg introduced a simple yet powerful concept: requiring agents to make 50 calls a week to qualify for leads. This straightforward requirement holds agents accountable while also encouraging them to engage with their networks. It’s a practice that has worked wonders for his team and could easily be adapted to fit any real estate agent or brokerage.
Why 50 Calls?
- Encourages Engagement: Making 50 calls doesn’t necessarily mean reaching out only to potential clients. Agents can call anyone in their sphere, whether it’s past clients, friends, or even family. This opens up the opportunity for referrals and strengthens relationships.
- Builds Discipline: Committing to a set number of calls each week instills discipline. It forces agents to carve out time in their busy schedules for outreach, ensuring they remain active in their business.
- Reduces “Commission Breath”: As Greg pointed out, agents who are desperate for leads often come off as pushy, and potential clients can sense that. By focusing on consistent outreach, agents can create a more genuine connection with their audience.
Creating a Culture of Accountability
Implementing a 50-call minimum is just one piece of the puzzle. The culture within the real estate brokerage is crucial for fostering accountability.
Here are some key takeaways from Greg’s approach:
- Team Support: Greg emphasizes the importance of a supportive team culture. Agents should feel encouraged and motivated to make those calls rather than fearful of repercussions. A collaborative environment can lead to shared successes.
- Regular Check-ins: Greg makes it a point to check in with his agents, reminding them of their personal goals, both professional and personal. This not only builds rapport but also shows agents that their leaders genuinely care about their success.
- Mentorship Programs: Domo Real Estate has also developed a structured mentorship program designed to help new agents navigate their careers while ensuring they understand the importance of accountability.
The Bigger Picture: Investing in Relationships
In the real estate market, success is often about building and maintaining relationships. By implementing a system that encourages regular communication, agents can create a more extensive network of potential clients.
Investing time in outreach can yield significant dividends:
- Increased Referrals: A simple call to a past client can open the door to new opportunities. People remember their experiences, and if they feel valued, they’re more likely to refer friends and family.
- Market Insight: Regular conversations with clients and prospects can provide invaluable insights into real estate trends and real estate prices. This can enhance an agent’s ability to serve their clients better.
- Reputation Building: Consistent communication helps agents build a reputation for being reliable and trustworthy, which can differentiate them in a crowded market.
Final Thoughts: Embrace the Challenge
As Greg Geilman beautifully articulated, accountability doesn’t have to be a heavy-handed approach. It can be integrated into the fabric of a real estate brokerage through supportive practices and consistent outreach. If you’re a real estate agent looking to take your business to the next level, consider implementing a 50-call minimum. Not only will it help you stay accountable, but it will also pave the way for stronger relationships and a more robust business model. Remember, in the competitive world of real estate investing, the key to success often lies in the simplest of practices. So, pick up that phone, start dialing, and unlock the potential that accountability can bring to your business.
