Appropriate # of Leads for an Agent

[Ryan Ward]

I'm sort of having trouble with how to many leads is appropriate for an agent to get on a regular basis.

At first, my thought was to inundate them with tons of leads (at first) to get some to stick, get the new agents ball rolling and then reel back the number of leads after they build a pipeline.

I'm now starting to feel that I may be handing to many for a new agent. I'm beginning to think that more than 5 a day has made it overwhelming.

Anyone with some experience on this either way.

Also, what do you think is realistic expectations to set for a new agent as far as how long it will take to get their first contract and with 5 leads/day followed up on properly? I know this is a gross approximation, but, I need to sort of have a good starting level of expectations. Obviousley, some of this is a luck of the draw and one lead could close in 30 days, but, that seems outside of the norm so I'm just sort of curious how others are handling this part of the lead coordination.

[Micheal Pannell Realtor]

3 a day anything more is to much. Of course my agents are required to do certain things with each lead. But from what i have read, you will get just as many closing with them getting 3 as you would 6 a day. I hand out 50 to 60 a month on average to each agent per month. I havge 10 agents right now so some of my agent get more then the 3 but that will change as i hire more.

[Ryan Ward]

How many closings a month are you getting on 3 leads/day - on average? Please PM me if you don't feel comfortable answering publicly...

[Micheal Pannell Realtor]

Also, what do you think is realistic expectations to set for a new agent as far as how long it will take to get their first contract and with 5 leads/day followed up on properly? I know this is a gross approximation, but, I need to sort of have a good starting level of expectations. Obviousley, some of this is a luck of the draw and one lead could close in 30 days, but, that seems outside of the norm so I'm just sort of curious how others are handling this part of the lead coordination.

A wise man name Mitch with Tropical Realty once told me that you should give them 90 days that is 150 leads. They should have atleast one contract if they are brand new. If after 90 days they dont have one contract or more you take them off leads for 30 days and you talk to them. If you have a good follow up system like i do you wont have this problem. If after 120 days and they dont have any it is time for you to find another agent or figure out what they are doing wrong.

[Micheal Pannell Realtor]

Well all my agents are newer right now, or at least new to working leads. They should in a slow market with me giving them 50 to 60 leads should have 1.5 on average a month. In a good market and a well trained staff they should be doing 3+

My mother is 65 years old and works for me, She calls me Hitler. But, she in her second year in real estate and will have 18 close this year if not 24.

My agents are still over worked with to many leads so it also lead to my lower number but we have 8 closing this month and it will grow next month. I am short about 8 agents right now for the amount of leads i get. When i fill these places, they will all do around 2 a month by spring time.

[Ryan Ward]

I'm WAAAAY over 3 a day. Sometimes I give them 10-15 and have given them over twenty on some days.

I'm thinking of another system where one person is "on call" for the whole day where they get everything for the day and it is an "office" day for them and that's it for the week.

[Micheal Pannell Realtor]

You need to hire more agents. You have a big company behind you that it will be easy for you to hire agents. Mine is a small start up and people dont think i get the number of leads i get. You have to contact your leads in under a hour by phone. If they cant they are getting to many leads.

[Ryan Ward]

I think you're right.

[tsteuwer]

Michael, that's some really good information. Would you mind if I PM'ed you with a couple of questions?

//edit - Wait, do you have a Team or an Office?

[Micheal Pannell Realtor]

I own the whole company. My wife is soon to be the broker, just waiting on the test. We have a 100% broker that is the company broker but my company has it own broker number. Basiclly, i employ a broker but he doesnt do anything, just collects a check. All my agents work from home there is no office. My overhead is only like 300 a month, We use www.gotvmail.com for our phone system. It makes us look bigger then we appear, and makes people think we have an office.

Yes go ahead and pm me, i am fixing to step out but will be back.