How to Recruit Successful Agents
They say that the successful broker is most concerned with the two R’s, and those are Recruiting and Retention. Searching, hiring and maintaining successful real estate agents are the key factors in determining the success of a brokerage. With all of the competing brokerages out there it’s important to keep agents happy, so they don’t leave your office to go make sales (and money) for the competition.
While there are many key points in attracting agents to your brokerage it will vary from one market to the next. Depending upon the competition, a few elements commonly stand out to help you better attract the top producers to join your brokerage firm. First off is technology. This can mean different things to different agents, but the consensus is that an agent is looking for transactions to be more computer based as opposed to mounds of paperwork. Additionally, more and more realtors are turning towards a virtual office through the use of mobile technology.
Marketing is another big one that can draw in agents. From powerful listing promotion to social media management. Training and education are other features to attract top talent. Although realtors have mandated continuing education requirements by the state, it’s also nice for a realtor to enjoy other opportunities in the realm of training and education that can further their business. Support is also a major component of a successful real estate business. From the top producer all the way down to the newly licensed agent, they all demand a certain level of support. This can be done through management of the office, secretarial services, transaction coordination, mentoring and training. A supply of leads is also a perk for any agent looking to hang a license at a brokerage. A company’s brand and reputation is also a key factor for many realtors in determining where they will be successful at.
As a broker, it’s important to determine what your company’s value proposition is. What do you offer over your competition? The differentiating factors are what set you apart. Sure, there are some general things that all brokers think that they can offer: office location, leads, a great team, management, etc. But these factors are what every broker thinks that they have over the competing brokerages. Think about what your company’s unique value proposition is and use it to your advantage.
Online and offline recruiting efforts should be made in order to increase visibility. From lead generation tools, a company’s social media pages, to coaching and marketing support. It’s important to recognize what agents in your market want and need. Do they want affordable marketing tools? Office personnel support? Or perhaps a supply of qualified leads? Define what realtors want so you can market to those specific wants and needs. Successful recruiting doesn’t just happen once a year, it is something that should remain consistent all year long. A broker should spend time on recruiting activities daily in order to realize the best long-term results. From the rookie to a veteran realtor… they will all have their various must have’s in a brokerage.
Now that you have your agent team in place it is important that you can retain them. Did you know that many brokers believe that agents leave their brokerage primarily because of better compensation elsewhere? Be as transparent as possible in all of your business dealings so that agents understand all of the nuts and bolts of how their commission is broken down. The real estate marketplace is highly competitive, and it does take a lot to recruit and retain agents. Reliable and successful agents can’t be found on every street corner. You will have to deal with some agents holding another career and utilizing real estate as just a side job. Whereas other agents will rely solely on their earnings as a realtor and those agents are the ones who primarily know what they are looking for in a brokerage.