In the competitive landscape of the real estate industry, the strength of a brokerage is contingent upon the quality of its team members. As such, an exceptional team is not only helpful, but essential to success. With the recruitment of dependable and motivated agents being a top priority for any reputable brokerage, it is imperative to stand out amongst competitors. In this regard, the following four steps can be taken to grow a real estate brokerage.
How to Expand Your Real Estate Brokerage
In the upcoming year, there are certain strategies that can be adopted to ensure success in the process of acquiring and retaining top talent.
In the pursuit of top talent, it is crucial to have a comprehensive and targeted plan in place, as expecting candidates to find you through happenstance is not a wise strategy.
For candidates who are in school or pre-licensed, it is essential to advertise on platforms such as ZipRecruiter and Indeed, in addition to social media channels. Targeted marketing is the key to success in attracting and acquiring top talent. Directing candidates towards a reputable licensing school and maintaining contact with them can ensure a future interview once they receive certification.
For younger candidates, it is advisable to approach local community colleges and seek permission to conduct a brief presentation on behalf of your brokerage to their classes. This approach can attract innovative and entrepreneurial minds who are often present in college audiences.
Attract Real Estate Agents by Speaking Their Language
The current employment environment is characterized by unprecedented shifts in patterns and preferences. As such, it is imperative to remain informed on current workplace and hiring expectations, particularly when targeting younger agents who seek a long-term career in real estate.
In order to be effective, it is necessary to be aware of the prevailing sentiments in the market. If a more flexible workday is of interest to potential candidates, it should be emphasized in your messaging. Similarly, if empowerment and ownership of one`s career are critical, highlighting the ability to leverage a candidate`s social media platform to carve their niche will be beneficial. In today`s digital era, the interests of our audience can be easily understood, quantified, and evident. Therefore, it is crucial to listen to what they are telling us in order to remain competitive.
Make Your Real Estate Brokerage Inclusive
Diversity is key in real estate. A supportive, inclusive environment starts from the top. Today`s buyer and seller pools and the pool of potential agents are diverse. When recruiting, be intentional, make candidates feel valued, and make "representation" a priority.
Provide Better Employee Incentives
The unfortunate reality of the real estate industry is that turnover is an unavoidable aspect, and attrition rates are high. Nevertheless, investing in your agents can lead to better retention rates. With the average length of time spent at a brokerage being just five years, it is imperative to find agents who are committed to longevity in their careers, thereby reducing the burden of searching for loyal talent.
To achieve this goal, incentivizing should be approached in two ways. Firstly, it is necessary to provide agents with incentives that encourage them to remain with the brokerage for an extended period. Secondly, it is essential to create a culture and work environment that promotes loyalty and a sense of belonging among the agents. By providing agents with the right incentives and cultivating an environment where they feel valued, supported, and appreciated, you can significantly improve retention rates and reduce the need for ongoing recruitment efforts.
Make sure to hold on to the quality folks you do have
It may be beneficial to consider offering alternative compensation structures to high-performing agents. Given that these agents may have negotiated their revenue sharing rates at the commencement of the relationship, prior to their ability to demonstrate their true worth, it is imperative that they do not become attracted to more alluring financial terms elsewhere. In order to mitigate this risk, a tiered goal structure or an initial signing bonus could be developed. Such measures would serve to counteract the potential loss of your most valuable agents.
Offer avenues to make licensing and brokerage placement more streamlined
Colibri Real Estate`s turnkey solution provides a wide range of resources to new recruits at a discounted rate. These resources include courses that are designed to equip agents with the knowledge and skills they need to succeed in the real estate industry. By investing in these intelligent candidates and providing them with the tools they need to thrive, Colibri Real Estate is able to build a solid roster of talented agents.
As you look ahead to 2023, it`s important to focus on management mindsets that can help you attract and retain the best agents. Consider ways to raise the bar and create a culture that values excellence. By implementing these simple yet effective steps, you can ensure that you are able to secure and retain the agents you need to succeed.
At Colibri Real Estate, we understand that recruiting high-quality real estate agents can be a challenge. That`s why we are here to help. Our team of experts is committed to supporting you in your recruitment efforts and providing you with the guidance and resources you need to build a team of exceptional professionals.