The Successful Broker’s 2 Rs: Recruiting and Retention

Finding, hiring and keeping successful real estate agents are critical factors in every top brokerage’s success. Recruiting was the “number one business worry for the nation’s top real estate brokerage executives,” according to a survey highlighted in a RISMedia article. Retaining talent is as crucial as attracting it. Can anything hurt worse than watching your number one agent defect to a competing brokerage?

Recruiting Top Talent

When asked, three quarters of real estate brokers identified “better technology” as a reason for agents’ joining their firms, along with “brand and reputation,” “culture fit,” and “training and education.” Your real estate recruiting strategy, then, must be a many-pronged endeavor, and the technology your brokerage offers is a major determining factor in the minds of potential agents (especially pesky whipper-snappers, but more on that in a future article). Technology bolsters your ability to deliver good training and education, too.

When you ask agents, “training” and “support” (in the form of leads) seem to be cited most often. The bottom line is that new agents are usually a little nervous about getting into the business, so training is high on their list. They’re probably not thinking specifically about training to use the software, but it needs to be part of your total training package.

In terms of “support,” new agents know that they’re hiring you to provide brokerage services, so they expect to receive leads. You need to show agents how your brokerage receives and distributes. Show them your brokerage website, and show them the websites they can get for themselves, too. Assuming you run enterprise brokerage software, you can show agents the automated way in which the software captures, distributes and manages leads.

Retaining Top Producers

The survey mentioned above also asked brokers why they thought agents left for other brokerages. “Better compensation” was the top reason cited. In many cases, are the agents who leave your brokerage really getting better compensation? Or is the “better compensation” merely perceived?

You can combat this with transparent, readily available reporting, so agents see how much they’re making. When your brokerage offers agents a portal where they can easily see their income, your top producers will always be aware of the financial benefits they receive by affiliating themselves with your brokerage and your brand.

Your Technology Strategy Matters

The bottom line is that your technology strategy matters when it comes to recruiting agents and retaining them. An integrated enterprise software suite will provide the tools you need to help you attract and keep top producers.

One Comment

  1. April 14, 2015 at 10:12 am

    We have free trade agreements, why not have ths same rules for such properties in our real estate, as they have for us to buy their property?

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