23 Jun Broker Guidelines (Part 2 of 2)
The following broker guidelines come from the second half of a memo Bill Martin recently emailed to the 22 agents that work at American Business Masters, Inc (ABMI), a Kansas City business brokerage firm. Due to the length of the memo, we posted the first five yesterday and the remaining five below.
Each Main Street agent should work to make the following a reality:
(1) through (5) listed in yesterday’s posting.
(6) Listing pricings/evaluations are generated by (a) your working the telemarketing seller leads ABMI provides ample quantities of (generated by ABMI’s on staff telemarketing opeators), and your contacting 100% of those, setting appointments to do pricings/evaluations, or to “get acquainted”, and/or (b) by your contacting the ample quantities of “reassigned” seller leads ABMI provides you (aged leads that are still suspects), and your contacting 100% of those, and/or (c) your developing your own seller leads through personal production, and/or (d) you canvassing business owners, either in person, or by phone, and/or (e) you sending direct mail or emails to business owners.
(7) Each Main Street agent should be spending at least 20 hours per week, contacting, or attempting to contact, sellers, making appointments to do pricings/evaluations. Perhaps, until you achieve 10 personal qualified listings, you should spend more hours than that on building your listing bank.
(8) If you are above average (as a pricer, and/or as a packager, and/or as a convincer), you will list more than 30% of your business owner appointments/pricings/evaluations, and you will likely sell higher than 60% of your qualified listings, making it easier for you to reach your personal income goals, and/or making it possible for you to earn your “dream come true” income.
(9) And, each agent who is “Serious About Success” will also contact 100% of the buyer leads ABMI provides you, and, out of those, if you’re average, you will likely get about 1/3 of those to meet with you in person fairly quickly (within 30 days), and even more of those buyers to meet with you over time, whether the buyer prospect is local or from a distant place. You can make that happen, even with distant buyers, if you follow the buyer training you’ve received, which includes (a) ABMI sending “keep warm” letters to all internet generated buyers, and (b) your contacting by phone 100% of the buyers assigned you, including your contacting 100% of the “reassigned” buyer leads (aged buyer leads that are still suspects), and (c) your sending promotional emails, with attached motivating articles (which you save from the new ABMI web site, to use as e-mail-able promo’s), to 100% of your buyer leads, and your sending at least 4 of those promo’s per year to each buyer lead, and your re-phoning all your buyer leads on a regular basis, promoting them meeting with you to look at ABMI’s current listings. With distant buyers (internet generated buyers that live more than driving distance away) , you should be sending “blinds” to them, (promo’s/financial analysis/literature that does not have the listing’s address nor name on it, as a “teaser” to get the buyer to process a confidentiality form back to you, so you can then email the buyer the “real thing” on that listing), if that buyer hasn’t yet returned to you the confidentiality form. And, with distant buyers that have sent to you the confidentiality form, you should have sent them lit on the listing they first inquired about. And, you should be quizzing every buyer to find out their “ideal deal”, and, if you have a confidentiality form from them, you should send them listing lit on every listing ABMI has “in stock” that (a) has SDE that meets the buyer’s income expectations, and/or (b) that can be purchased with the down payment the buyer tells you they have to invest. Every buyer you meet with should be given lit on every possible listing, and, at that in person meeting, you should be selling the buyer on next going on an appointment to meet with one or more active ABMI listing business owners. At that meeting between the buyer and a seller, you should be trying to write an offer.
(10) For agents who follow the guidelines shown in (9), you will, on average, sell a business to every 15th buyer you meet with (according to Tom West’s survey, year after year, decade after decade, industry wide). So, in order to earn 6 to 12 buyer commissions per year, of $10,000 each or so (on average), you need to meet in person with 90 to 180 buyers per year, or 1.7 to 3.4 buyers per week. Any agent who does not see at least that many buyers per week (in person) is unlikely to achieve the income goals you need and want.
So, for agents who want to earn a terrific income, the numbers are in your favor. ABMI provides every agent with more than enough leads to achieve these average, not spectacular, guidelines. ABMI provides an attractive facility, ample administrative support, and the best sales tools in the business brokerage industry. We are experts at achieving high closing ratio’s. All you have to do is to be “Serious About Success”, do the work, and operate professionally, diligently, and honorably. The income then becomes automatic, for those agents.
I’m excited for you, and for ABMI. For Team Players, you will achieve great things, good times, or not so good times….boom times or weak times…recovery or non-recoveries.