Rookie mistakes that new Agents make & what agents most often get wrong in training!
When training Trust accounting, there have been numerous times when agents were unaware of the big picture and workflow. They think of just their input into the process and forget that there are other parties involved, such as conveyancers at settlement. I am often asked, If the agent has 10% in Trust, what do we do with the remaining 90%? Does that come to us too?
The Answer is NO; Conveyancers and Solicitors handle it; agents need to receive Order On Agent to tell them that the 90% has been dealt with; hence it is okay to disperse the 10%.
Another thing agents seem to have trouble getting their heads around is calculating what fees they are entitled to; while they all know they are paid a percentage, they forget what that percentage is based on!
Sales – Often, new agents think the fees are based on the 10% in Trust – I would love to take the Difference!
Property Management- that the calculation of the fee is based on an Average Rental over 12 months! When in reality, it is calculated on what rent has been received during the month as per the agreement. Suppose No rent collected, then no fees.
In my training, I make sure that the new agents are given opportunities to calculate what they would receive to make these mistakes in the real world.
That’s what training at Leverage is all about- providing Real work examples for new agents, so they get it right the first time.