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What does a brokerage need to inject into their systems and structures to be able to manage 50 agents and have $100 million in volume? This week, we talk to Eric Pearson about the work his brokerage does and the secrets to his success.
Lead generation is the hardest part for agents to learn. After mastering this, they can start working on giving a great experience and creating a referral database. -Eric Pearson
3 Takeaways
When an agent messes up on a lead, it’s an opportunity for them to learn and get better.
It’s best to have ISAs in house.
Providing attractive incentives like a brokerage run team and favorable commission splits promotes staff retention.
Eric Pearson gave us a background of his career and told us about his company, and how they were able to achieve $100 million in volume. He attributes his success to watching podcasts and continuous learning. The system he has in place relies on online leads, referrals and a strong follow up process. Consistency, responsiveness and excellent scripts have served his team well.
With an incredible feat like 50 agents working in the brokerage, we asked Eric about his team’s recruiting methods and their incredible 99% staff retention rate. He believes the resources he offers, which include an admin team to help with everything needed from contract to close, is a huge draw. We went onto ask Eric why he chose to start his own brokerage and not become part of a franchise. His main aim was to develop a company culture and business model that would suit the needs of the type of agent he wanted to attract.
The brokerage provides value by teaching agents how to properly follow up on leads, which is a big struggle for most. Eric’s brokerage uses a Boomtown generation model based on a 21-day process with clear guidelines for when to call, text and email. Agents are brought into the company and led with strong knowledge geared towards 2 transactions per month. Leading with learning and knowledge means that agents use their mistakes to improve their service.
We went onto discuss:
The point of diminishing returns for lead generation
Tackling recycled leads
Getting a 15% conversion rate by using two lead sources
To get the best out of your team, you have to lead with strong knowledge. To master recruitment and retention, a brokerage has to be able to provide value and attractive incentives. Online leads, referrals, scripting and follow-up are important and it gets even better when the team prioritizes consistency and responsiveness.
Guest Bio
Eric is the President and Founder of Pearson Smith Realty. He was born in Ashburn, Virginia, and graduated from The University of Mary Washington in Fredericksburg, Virginia where he was the captain of the varsity Basketball team. Currently, he’s a member of the Loudoun County Special Olympics Council. Get in touch with Eric here eric@e4realty.com
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