Trends 2024: The 4 types of agents, and why they matter
Identifying and understanding their agents’ strengths can help teams and firms align their business models accordingly, increasing success.
Editor's note: Since 2006, the Swanepoel Trends Report has provided in-depth research and analysis to help leaders understand the forces shaping residential real estate. This exclusive series of excerpts highlights each trend featured in the 2024 report, which was released in November 2023.
Leveraging Agent Archetypes To Win: Agents wear many different hats — but not all fit equally well. Some agents are skilled at finding leads, while others excel at converting them. Some thrive on networking or marketing. In a more competitive market, brokerages will benefit from analyzing their agent pool and adjusting their practices to align with agent skill sets.
This excerpt introduces the four agent archetypes; the full chapter provides an in-depth analysis of how brokerages can leverage them.
The practices, skills and technologies that real estate agents need to succeed differ, based on a mix of personality, proclivity, business approach and career stage. After consulting with hundreds of clients and deeply investigating agent practices and patterns, T3 Sixty has distilled agent personality types and business approaches into four primary real estate agent archetypes.
In 2024, brokerages, teams and their agents will compete for fewer deals, so sharpening business models and approach to match the intended and real archetypes of their agent salesforce will become increasingly important.
The four T3 Agent Archetypes are: Networker, Prospector, Converter and Marketer.
Many real estate agents fall into the Networker archetype. These are typically seasoned agents with over a decade of experience.
Networkers excel at creating and maintaining valuable connections within their communities. They have a natural talent for public-facing roles and community involvement, which helps them build trust and a strong, healthy reputation with their target audiences.
Their extensive network of contacts sustains a steady stream of business as they carefully nurture these relationships that drive repeat business and referrals.
Prospectors are treasure hunters, always looking for new business opportunities by scouring the landscape for potential clients. They thrive on active prospecting, seeking out individuals or entities in specific situations that could benefit from their services.
Prospectors are known for their exceptional ability to identify opportunities, whether through expired listings, For Sale by Owners (FSBOs), or other targeted approaches. They possess the skill to convert raw data and information into sales opportunities, often purchasing lists and utilizing direct mail marketing to reach their targets.
Prospecting is often a numbers game; it takes multiple contacts to build relationships and convert leads. Therefore, follow-up is critical to this archetype.
Converters focus on turning potential interest into solid business opportunities and rely on a data-driven approach to their business. They focus on generating high volumes of leads and have a refined system to convert as many of them as possible into clients.
Converters are skilled at using various advertising programs and are willing to invest heavily in attracting potential leads. They have honed their lead management skills, followed scripts closely, and used effective phone techniques to convert interest into actual sales.
The best Converters master the fundamentals and best practices of lead conversion. These practices often revolve around responsiveness and practical communication skills. Providing value to leads by understanding their needs, asking relevant questions and offering pertinent information can significantly enhance conversion rates.
Marketers focus on storytelling and branding, and tend to invest their time and resources accordingly. They use marketing to grow their businesses by creating a unique identity and positioning themselves as experts within a specific market niche or neighborhood.
This approach helps them establish credibility and attract clients. Marketers know their target audience's needs and desires, which enables them to create messaging and content that resonates with potential clients. Their strategic marketing approach allows them to keep advertising costs low while achieving higher conversion rates. The best agents of this archetype often use market stats and data that highlights their knowledge and insights to differentiate from competitors.
Note: T3 Sixty and Real Estate News share a founder, Stefan Swanepoel.