1. Focus on Quality, Not Quantity
Some brokerages focus on numbers; the more agents that hang their license with them, the better—or so the thought goes. But simply focusing on quantity can leave you with a lot of undertrained and unmotivated agents. The ease of online courses and low entry requirements has led to an influx of non-committed individuals using real estate as nothing more than a side gig, closing one or two deals per year. These less knowledgeable agents can do some serious damage to your brand. As representatives of your brokerage, if they botch transactions, miss deadlines, appear disinterested, or just provide an overall bad experience, customers are left with a negative impression of not only of the agent but of your brokerage as a whole. And in real estate, where word of mouth is king, this can be especially damaging.
2. Provide Educational Opportunities
Offering continuous education is crucial to attracting top talent. The agents that are motivated to make money are also the ones motivated to learn how—and they want a brokerage that encourages this. It doesn’t always mean dropping money on a famed real estate coach (though a yearly seminar featuring one would be awesome!). It may just require investing in lower-cost webinars that agents can access from anywhere, or reimbursing agents for online courses they opt to take in order to improve their real estate prowess. While Realtors are required to take courses to maintain their license, these courses are often based on legalities. Investing in educational opportunities to keep agents up to speed on trends, technologies, and marketing tactics can go a long way toward attracting and retaining top talent.
3. Embrace New Technology
Today, homebuyers are able to find property, do comparison pricing, and check neighborhood statistics online. Drones are giving them birds-eye views of properties and virtual reality tours are letting them explore listings from the comfort of their couch. So, expecting your agents to market with old-school direct mail and traditional open houses is setting them up for failure.
One way brokerages are giving their agents an advantage is through Digital Transaction Management (DTM). DTM offers a mobile solution to managing transactions. With digital form initiation, e-signatures, and reminders, agents are more efficient and accurate (and you and your admin team can review files faster). A comprehensive DTM gives agents back valuable time so they can focus on nurturing leads in more creative and personal ways. Plus, with Millennials and now even Generation Z entering the fray, brokerages utilizing the most current technologies are sure to appeal more to these tech-savvy generations.
4. Create a Company Culture
With much of today’s real estate work happening outside office walls, agents can often feel disconnected from their peers and their company. While some enjoy the freedom, others miss the camaraderie that comes with office attachments. Research reveals that only 14% of Realtors claim real estate as their first career, meaning many have held regular office jobs prior to being an agent and likely experienced the social aspect of an office atmosphere). This can be especially important for younger generations that highly value the support of others. So hold those company picnics, plan a day at the ballpark, and book the suite at the driving range. Getting your team together is not only good for morale, it gives less experienced agents the chance to learn from your best.
Leaders in the industry are bound to attract the attention of less-than-qualified agents based on name-recognition. And smaller brokerages may resort to accepting agents regardless of talent in order to build market presence. But to truly further your success, no matter the size of your brokerage, you want to get attention from the right agents. By properly vetting candidates, offering educational incentives, investing in technology, and creating a strong company culture you can recruit motivated and productive agents and in turn… boost your bottom line!