In today’s competitive, technology-driven real estate business landscape, it’s not enough for brokerages to simply know how to identify and recruit their area’s top real estate agents; retention is just as important.
Understand what agents are looking for in a brokerage.
Every good real estate professional wants to work and be associated with a brokerage that bears the following qualities:
- Leadership and expertise in the field
- Prestige and presence
- Opportunities for growth
To be able to address these individual preferences, begin by actively listening to your job candidates as they voice out their requests. Probe deeper to learn the underlying motivations behind them. It will be a process that takes some time, but gathering these individual insights will provide you with a valuable database of perspectives that will help you create an adaptable company culture.
A brokerage that can accommodate or respond to every employee’s needs and interests will be irresistible to agents and will no doubt boost your company’s real estate agent retention as well.
Be proactive with your hiring.
Recruiting team members into your real estate firm should not be a periodic or occasional activity.
The real estate business banks on relationship-building, so make good use of this skill to connect with fellow real estate professionals whether or not you are actively recruiting. Lay the groundwork for agents to keep in touch with you well before they even think of changing employers.
Having open lines of communication between you and your peers will create convenient opportunities to work together when the right time comes.
Recruit talent at every experience level.
When you want to recruit top talent, cast a wide net. The most skillful and effective real estate professionals are not only those who have spent years in the business. There are always up-and-coming industry rock stars and game-changers just waiting to be discovered.
The challenge when taking this approach to real estate agent recruitment and retention is managing different sets of expectations. Like crafting and adjusting pitches to suit the varying needs and requirements of real estate clients, so should your recruitment efforts reflect your ability to zero in on a specific target audience.
Impress more experienced agents with a professional and technologically up-to-date working environment. Even better, provide them with private offices if you can.
For new real estate agents, make sure to include up-skilling, mentorship, and brand-building in your recruitment pitch. Brand recognition is something that has great value for those who are just starting out in the real estate business.
Establish and market a clear and defined company culture.
Recruitment builds the team. Culture keeps it running.
Culture is an often intangible but crucial element that determines whether or not a real estate brokerage can keep the top-level talent that it hires. Every outstanding real estate company should be more than the sum of its parts. It must not only be a group of real estate agents and brokers, but a complete and cohesive unit.
Defining and establishing a definitive culture for your real estate firm is an investment. It simply does not happen overnight. You need to be clear about your brand and mission before you can showcase and build on it with the right pieces – that is, the real estate agents that you’re aiming to recruit.
Once you do have a well-defined company culture though, be sure to promote it as part of your recruitment effort.
Use your company’s unique culture to attract the types of agents that you want to be part of your team. The prospects best suited to fit into your company’s culture will feel more welcome and more encouraged to approach you for employment opportunities.
Invest in Real Estate technology.
Technology is an essential component to facilitate any transaction. From property searches to home valuation, buying and selling properties has now been made easier by online tools and resources.
Internally, technology plays a crucial role in enabling real estate brokerages to build, maintain, and grow their agent teams. Before you can impress clients, you first have to impress your agents.
Investing in relevant technology-driven tools and solutions should be among your company’s top priorities to stay productive and competitive in the dynamic real estate industry. Target these essential, productivity-enhancing tech products to boost your company:
- Document management software – In a business where piles of paperwork and legal documents are the norm, automated electronic document storage, management, and cataloging are a lifesaver – especially for top-producing agents who deal with multiple clients simultaneously.
- Video marketing tools – These days, traditional marketing materials and photographs are not enough to catch attention. With the internet and social media having such a great impact and influence on people’s daily lives, rich content such as video clips and virtual tours can make real estate listings appear more sophisticated and appealing.
- Customer relationship management solutions – Like document management solutions, CRM software helps keep prolific agents stay on top of their every client’s needs and concerns. These products store client profiles, automate tasks, and provide a reliable time management solution that keeps agents sharp and efficient, even on their most hectic days.
- Accounting solutions – Dealing with hundreds of millions of dollars annually requires precision tools and systems that protect you and your company from dangerous mistakes and oversights involving money. Accounting software not only helps you streamline your bookkeeping needs, but also ensures accuracy, consistency, and scalability as your company continues to prosper.
Your current roster of employees will thank you for this essential investment. They will feel supported and empowered because these solutions are designed to make their jobs easier and more efficient. At the same time, you are making your company more attractive to young, technologically-savvy new talent.