04 May Here's 5 Quick Ways Your Brokerage Can Increase Its Agent Recruitment/Retention Rate
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Turnover is a big problem for brokerages across all types of real estate. Losing agents is expensive and time-consuming, and it can prevent your brokerage from growing and fulfilling its potential.
The solution to this issue lies in better recruiting and retention practices to help brokerages find the best talent in their field, keep experienced agents who bring in more sales and get the best ROI on the training time and money they invest in new agents.
So how can you increase your brokerage’s agent recruitment and retention rate? You can implement these tips right away.
Focus on Recruiting Hungry Agents
A lot of brokerages recruit more agents than they need to each year. They do this because they expect high turnover, and they hope to make up for some of the cost of that turnover in higher sales numbers.
Instead of basing your hiring model on the assumption that you’re going to lose your new talent, why not focus more on hiring the right talent?
Not every agent you interview will have years of experience, and they won’t all have every single skill you need.
You can’t teach someone to have a winning personality and great work ethic, though, so pay attention to these things when interviewing new realtors.
Look for people who are adaptable and have the ability to take on new skills, who can use the latest tools, and who are goal-oriented and driven to keep improving themselves.
Why focus so much on the quality of your recruits? According to a study conducted by Career Builder, almost 70% of employers report that their companies have suffered from poor hiring decisions.
Hiring based on quantity instead of quality may seem like a good idea if you’re preparing for a high turnover rate, but if you’re trying to reduce your turnover, increase your retention, and grow your business, this isn’t the model you want to follow.
Also, hiring fewer realtors will free up resources so that you can give the agents you do hire more training and better support to build the foundations of their careers.
The more you offer your realtors to help them improve and succeed in this business, the more loyal they’ll be to your brokerage.
Define Your Company Culture
According to a report from Employee Benefit News, almost a quarter of young workers cites company culture as playing the largest role in their job satisfaction.
Not only that, but a full 35% of employees reported that company culture has the biggest impact on employee morale.
Defining your business culture and living up to it will help create an inviting work environment. Your realtors will enjoy their jobs more, and they’ll be more likely to stay with your company instead of migrating to another or going off on their own.
And remember, good company culture goes beyond the periodic bonuses and employee happy hours.
To have a great company culture, you need to define your brokerage’s core values and goals, and you need to stick to them. Through these goals and values, you’ll be able to support your agents and show that you care about their individual goals, as well.
Create and Maintain a List of Your Strengths
What sets your brokerage apart?
When you’re recruiting promising new agents, how do you sell your office?
Whether you use the latest technologies, you have the highest sales numbers, you’ve seen dramatic growth, or anything else, make sure you highlight the strengths that set you apart from the competition.
And don’t just make this list and forget about it, either.
Create the list and update it every quarter to reflect the advances you’ve made. You can then use it in recruiting presentations and/or your office value proposition.
Showing what your agents get when they come on board with you is invaluable to the recruiting process.
Focus on Branding and Inbound Marketing Strategies
To be completely honest, advertising to recruit new real estate agents is a gamble. Outbound marketing strategies – like taking out ads in newspapers, magazines, trade papers, and on television – were once the norm for getting more recruits.
The future of marketing, though, is inbound strategies. The more you focus on creating a successful brand with quality inbound marketing strategies, the more agents will want to work for you instead of another office.
Invest in Your Agents’ Education
Along the same lines, you can become the brokerage that every agent wants to work for if you offer incentives like ongoing training opportunities.
If you invest in your agents’ continued education through webinars, online classes, and onsite classes, you’ll quickly gain a reputation for caring about your agents and their success.
Not only that, but your agents will recognize that they have a unique opportunity with you to continue to hone and strengthen necessary skill sets and to stay updated and trained with the latest real estate industry tools and trends.
They’ll know that they’ll never fall behind as long as they work for you, which will significantly improve your retention rate.
When you follow these five tips to improve your recruitment and retention rates for your brokerage, you’ll notice some significant improvements:
- You’ll spend less on training as you won’t have to train new recruits over and over again as you lose veteran agents.
- You’ll also spend less money trying to recruit new agents, as you won’t constantly be in need of replacement agents.
- Your company culture will improve, and you’ll see higher morale in your office, as well.
So why not implement some of the best tips in the real estate industry today to see real results for your brokerage?
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