There are tons of blog posts and articles on the internet about how brokers can best recruit and retain real estate agents. It’s almost overwhelming. We did the heavy lifting for you by reading everything out there and highlighting the best advice and most important facts. This post is intended to provide an inclusive overview of how to attract top-talent while holding on to your best agents.
The big question…
What gets an agent to join a real estate brokerage? Furthermore, what gets them to stick around? If your first thought is money, you aren’t wrong. According to a survey conducted by Inman, 80% of respondents agree that commission splits were among the most important factors when selecting a brokerage. Followed closely by work culture and technology, by the way. Agents who understand the competitive nature of the industry and know their worth, know they have options when choosing a brokerage. For the same reasons people choose a bank, a credit card, or even a cell phone service, real estate agents are weighing the value and service they get for the price tag. So, for the sake of this post, we’re going to put fee structures aside and focus on brokerage value to better recruit and retain agents.
As a broker, it’s up to you to convey your value proposition so agents know why your brokerage stands out from the rest. The hip, start-up atmosphere and a work culture full of supportive benefits and perks have permeated the professional world so thoroughly that it has become an expectation. If there isn’t La Croix sparkling water in your fridge, do you even stand a chance? Now more than ever, agents are looking for brokerages that provide a work-life worthy of bragging about. Having an attractive office space, providing cutting edge technologies, supporting and celebrating your agents are just a few ways you can stand out from the competition. We’re no stranger to doing top 5 lists, so here’s another. The following breakdown is a solid list of five ways you can boost your agent recruitment and retention of the agents you have.
Provide technology agents need
Modern agents need great technology to do their job right. According to Inman’s Special Report, 91% of agents and associate brokers use tech provided by their brokerage daily or a few times per week. However, that doesn’t mean you have to eat the entire expense; that same report found 62% of agents at a franchised brokerage expect to pay a fee to their broker to receive a bundle of tech tools and products. So get yourself a corporate account, a bundle of licenses, and charge a fee to share those resources with your agents. The cost you charge will certainly be less than what an agent would pay out of pocket. You can even create a cost breakdown for them — what they would have to pay out of pocket verse the deal that you are able to negotiate for them because you are a savvy broker.
Utilize recruitment technologies
And that doesn’t just mean LinkedIn. A survey by Capterra Talent Management discovered that about 94% of recruiters were active on LinkedIn, but only about 36% of candidates are using it regularly. There is recruitment software you can invest in which will let you run your recruitment efforts like a marketing campaign. And just like a marketing campaign, these platforms will provide the ability to build relationships and track your efforts across multiple channels. It’s one thing to look for talent, it’s another to use software automation to nurture and grow relationships so when the time comes, agents are knocking at your door.
Promote your business
Be an advocate of your brokerage and share it with the world. Write blog posts about what differentiates your brokerage — your awesome agents, your innovative tech, your community involvement, etc. This content not only shows your investment in your business but it’s great content for your agents to share with their sphere of influence. If writing isn’t your thing, there are tons of other ways to publicize your brokerage (sponsorships, community involvement, etc.). Regardless of what you chose, don’t overlook promoting your brokerage. It shows you are engaged with your business, the industry, and your community and it elicits a sense of pride from your agents.
Celebrate your successes
Social media is a great channel for acknowledging successes and milestones. Whether it’s an agent work anniversary or a client closing, these little celebrations add up and go a long way. Plus, the internet could use more good news. Don’t have time for Facebook? Designate someone to handle your social media. They can share new listings, closed deals, and announce events. Your brand and your agents should be on constant display, from Instagram to YouTube. Be the broker that brags about your agents. After all, their wins are your wins.
Your office should be awesome
These days, professionals expect a certain level of “cool” at their workplace (assuming your brokerage is not completely remote). It started with companies like Google offering relaxation pods, then smart businesses started catching on. With the sharp increase in agents working remotely, creating an upscale workplace makes coming to the office a bit more alluring. Investing in your office can be as simple as providing good coffee, comfortable seating, and hanging meaningful art on the walls. Make your office a place where agents want to be and as a bonus, you’ll likely notice an upswing in company culture as a result.
So if you haven’t gotten the picture yet, if you want to recruit and retain great agents, the name of the game is “investment” — in your office, in your agents, and in your marketing. When you provide value, you get value in return. You have to spend a little to make a lot, but you’re in real estate so you already knew that!
