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Lab Coat Agents Podcast

Nov 3, 2020

During this episode of the Lab Coat Agents Podcast, host Jeff Pfitzer interviews a billion-dollar agent and million-dollar agent maker, Keri Shull. Keri’s team is on pace to do over 800 units worth over $500M in volume, and next year is projected to do over $1.2B!

Episode Highlights: 

  • Keri’s team is projected to do over $1.2B in volume in 2021.
  • Entering the workforce out of Penn State in 2003, Keri chose real estate over being the Oscar-Meyer Weiner girl.
  • Marketing was not a strong suit of Keri’s back in the beginning and she had to learn fast when she moved from Oregon to Arlington, a place where she knew no one.
  • While Keri was able to close 19 contracts her first year, her husband Dan was able to do over $21M in his first year.
  • Keri is aiming for 100% growth every year, even at the massive volume level that they move right now.
  • Being a team leader allowed Keri to hold herself accountable for the environment that she created and the people that she surrounded herself with.
  • Keri focused on who, not how, when building her team which led to massive growth.
  • Realtors have trouble building teams and letting go of the day-to-day because they do not trust others enough to delegate those tasks.
  • If you have trouble delegating tasks, put yourself in a room with people that have already done it successfully.
  • Offering minimum wage to your team will bring in minimum wage talent.
  • There is no one-size-fits-all method to grow a real estate business, so don’t listen to any coach that tells you so.
  • Make a list of all your weekly tasks and circle the things that you aren’t good at or don’t like; create the job responsibilities off of those tasks.
  • When you’re small, you’re forced to blend jobs together as opposed to hiring for one specific job.
  • Comp plans being set up wrong from the beginning for the buyer’s agent or seller’s agent is one of the most common problems.
  • In order to hit her goal of $1.2B, Keri needs to close 1,751 contracts.
  • Use your average and history with 1st-year agent success, and hire based on those numbers.
  • A large part of being successful hinges on answering the phone the first time that a prospect calls.
  • Make sure to account for all the time it takes for your ISAs to both call new prospects and perform follow-ups.
  • Keri is already hiring to reach her goals for next year, sitting at 60 agents now and looking to be at 75 by next year.
  • Adjust your language to treat agents as partners or no one will take them seriously and they will never grow into what you need them to be.
  • Keri has set up her lead agent to NET over $1M this year and that motivates people to join her team for the long-run.
  • People are shocked to hear how large the marketing department is for Keri’s team.
  • Recruiting and training are huge areas of emphasis to make sure their agents are problem-solvers instantly.
  • Keri’s reality check approach trains agents to prepare clients for the market using real numbers.
  • Many successful agents have a poor work-life balance.

3 Key Points:

  1. Everything changed for Keri when she attended a junk-email event and began to network with top performers.
  2. The reality of the market is this: you can either delegate tasks to partners or you can have no time outside of your job for your family.
  3. In the real estate industry, it’s safe to have a hiring plan with a projected 50/50 success rate.

Resources Mentioned: