If you are a real estate agent, then you know that having inside sales agents (SIAs) on your team can be extremely beneficial. SIAs can help you to increase your productivity and close more deals.
Inside sales agents work with clients remotely and often have a less stressful workload than those in other positions within the industry. That means they can often take on more clients than those in a traditional office setting.
In addition, SIAs are typically very knowledgeable about the real estate industry and can provide valuable insights to their clients. Transaction coordinators are one of the most important hires to make. They are an important part of any successful real estate agency.
They help keep track of all the paperwork and deadlines associated with a deal and make sure that everything is completed promptly. That frees the agents to focus on their clients and grow the business. If you are new to the industry or don’t know how to find and hire SIAs, this guide is for you.
1. What Does an Inside Sales Agent Do?
As an inside sales agent, you’ll be responsible for handling customer inquiries and working with clients to help them find properties that meet their needs. You’ll also be responsible for providing information about listings, negotiating prices, and assisting with the paperwork involved in a sale.
In addition, inside sales agents often work with buyers who are relocating to a new area and may need assistance with finding a suitable home.
2. Key Traits of an ISA in Real Estate
Incredible People Skills
While inside sales agents may not have to deal with clients face-to-face, they still need excellent people skills because they will be responsible for handling customer inquiries and working with clients to find the best possible property for their needs.
They’ll need to be able to build relationships and trust over the phone or through email, which can be challenging. In addition, inside sales agents need to be able to maintain those relationships over time.
Solid Ability to Follow-Up with Clients
As an inside sales agent, following up with clients is key to success. It’s important to stay in touch with clients after an initial conversation and nurture those relationships. You’ll need to be able to follow up with clients who have expressed interest in a property but haven’t decided yet.
It’s important to keep in touch with customers and keep them updated on new listings or changes in the market. In addition, you’ll need to follow up with buyers who are relocating to a new area to make sure they’re adjusting well and finding the right home for their needs.
Relevant Experience in Real Estate
While it’s not required, relevant experience in the real estate industry can be helpful when pursuing a career as an inside sales agent. That is because inside sales agents need to have a strong understanding of the market and the process of buying and selling property.
In addition, those with experience in real estate will have an existing network of contacts that they can tap into when looking for new clients. This experience can come from working as a real estate agent, working in a related field such as customer service or sales, or even owning your own home.
Having this experience will give you a better understanding of the industry and the process of buying and selling property.
Ability to Communicate Effectively
Communication is essential for any sales position, but it’s especially important for inside sales agents since they work with clients remotely. They will be responsible for communicating with clients over the phone or by email.
They’ll need to be able to explain complex concepts in a way that is easy for clients to understand. They’ll need to clearly explain information about listings, negotiate prices, and aid with the paperwork involved in a sale.
In addition, inside sales agents need to be able to build relationships and trust with clients over the phone or through email. This ability to communicate effectively is essential for success as an inside sales agent.
Inside sales agents must be able to build relationships and trust with clients, so excellent communication skills are a must. Those who cannot build strong relationships with clients will likely struggle in this role.
Understanding of Real Estate Laws and Regulations
Another important trait of successful inside sales agents is a strong understanding of real estate laws and regulations. They will be responsible for assisting clients with the paperwork involved in a sale.
They’ll also need to be able to explain the different types of contracts that are used in the real estate industry. Without a thorough understanding of these laws and regulations, inside sales agents will likely struggle to succeed in this role.
3. How to Compensate a Real Estate ISA
There are a few different ways to compensate a real estate ISA. No matter which compensation structure you choose, it’s important to make sure you offer a competitive salary. It will help to attract and retain the best inside sales agents.
Offer a Salary Plus Commission
Many real estate companies offer their inside sales agents a salary plus commission structure. The agent will receive a base salary and a commission on any deals they close. The amount of the commission will vary depending on the company, but it is typically a percentage of the total sale price.
Another common method is to offer a draw against commission. The ISA will receive a portion of the commission upfront before closing any deals. That can help cover expenses and help the ISA get started.
Another option is to pay an hourly wage. It can be a good option for those new to the role and still learning the ropes. It can also be a good option for those who don’t have experience working with clients.
Offer a Bonus Structure
Another way to compensate an inside sales agent is to offer a bonus structure. The ISA will receive a bonus for each deal that they close. It could include bonuses for generating new leads, setting appointments, or closing deals.
The bonus amount will vary depending on the company, but it is typically a percentage of the total sale price. This type of compensation can be beneficial in motivating the ISA to perform their best.
Offer a commission-only Structure
Another way to compensate an inside sales agent is to offer a commission-only structure. In this case, the ISA will only receive a commission on any deals they close. The amount of the commission will vary depending on the company, but it is typically a percentage of the total sale price.
Pay Per Lead
Some companies choose to pay their inside sales agents based on the number of leads they generate. In this case, the agent will receive a set amount of money for each lead that they generate. It can be a good option for those who are good at generating leads but may not be as good at closing deals.
Hiring an inside sales agent can help grow your business and free up your time to focus on other aspects of your business. When hiring an inside sales agent, ensure the SIA is licensed in your state and has experience working with clients in your area.