By Jessie Trapp, Marketing Coordinator
The Times Square ball is still several weeks away from dropping, yet the year 2019 is already stacking up to be a massive one for the world of real estate. So, if you’ve been looking for a sign to up your technology game, consider this the bright flashing florescent sign that can’t be missed.
Curating an effective tech stack for your brokerage is a never-ending process that requires constant evaluation. Considering all of the massive shifts happening within our industry, it’s time to take a look at your current tech lineup and determine what changes need to be made in order to take things to the next level.
Here are a few key must-haves for your tech stack checklist to ensure that you remain on top throughout the coming year:
1. Open platform
At this point in the evolution of real estate tech, not having an open platform is like not being on Facebook – it does a lot more harm than good.
A few reasons why you absolutely need an open platform:
- It enables you to create a custom tech stack that fits the unique needs of your brokerage.
- It provides your agents with an end-to-end workflow solution.
- It gives you the ability to choose new integrations down the road, so you can always adapt to market changes.
- It allows you to integrate new tools at any time, meaning as your brokerage grows, so can your tech stack.
These are only a few of the many reasons why open platforms are the key to thriving and remaining competitive throughout changing markets and competitive landscapes.
If you already have an open platform (you rock), make sure that you’re leveraging it in every way possible. Again, one of the major advantages of this format is the ability it gives you to stretch your data throughout every aspect of your business, which is why it’s important that you have every single tool plugged into, and benefiting from, the database that can be.
This means that your agent’s CRM should be able to share data with their marketing programs, CMA tools, advertising programs, websites, and so on. The more of your tech that is integrated into your open platform, the more productive and efficient your agents will be.
The key here is connectivity, as the benefits that it brings to your agents’ workflows, and lives in general, are priceless. The single-sign-on tech will help them see value in staying with your team long-term, giving you yet another helpful tool for recruiting and retaining agents.
3. Innovative tools
Although sticking with your existing technology simply because it’s what you’ve always used may not necessarily feel like settling, failing to explore all of your options can have significant financial consequences. It’s important to always consider the latest and greatest tools out there.
Does your tech provider have any new releases coming out this year? If so, reach out to them and get the scoop on how the new tools and features can boost your business. Then, after you get the low-down, evaluate how your current programs are working for you and determine if adding the new tools to your tech stack would be beneficial for your brokerage.
If you aren’t happy with your tools, now is the time to switch to ones that will bring results and help you crush the massive goals you’re setting for yourself. Stay in a competitive mindset and never settle for “content” – it will take you far.
4. Recruiting tools
You want the best agents, but the old school methods of recruiting just won’t do the trick anymore. New threats are entering the market and being ahead of the game with your recruiting efforts is more important than ever, so be sure to have the right tricks (and tools) up your sleeves.
A truly innovative tech stack includes programs that go beyond just the daily workflow tasks of your recruiters and managers, and actually supports them in finding the best agents and winning them over.
If you don’t already have a recruiting tool in your technology stack, consider adding one as soon as possible to up your chances of crossing the t’s and dotting the i’s with the top producing agents out there.
The shiny penny.
These days, there’s a basic level of technology that a brokerage must offer to even have a shot at remaining competitive. That’s why the key to catching the eyes of prospects is going beyond the basics and offering something that no one else has – the shiny penny if you will.
Agents are looking to you for support, so look for tools that allow you to bring value that your competition isn’t. Our new brokerage subsidization tool within MoxiMarketing is a great example of this, as it serves as a unique offering that will make you look good in the eyes of your agents, and that will make everyone more money. Who wouldn’t love the sound of that?
Your tech stack is just that – it’s yours. It should include all the bells and whistles that your brokerage needs to succeed, plus all the ability to add the tools you’ll need to thrive in the future.
By Maddie Jostol, Senior Marketing Manager
When you think about how you’re going to grow your brokerage business in 2019, what are your key initiatives? Recruiting new agents? Gaining more market share? Making your existing agents more productive? Whatever it is, it comes back to building your brokerages’ value. It’s all about your brand. Why would someone work with your brokerage over another one? Why would they choose an agent because they’re associated with your brand?
As you plan for growth in 2019, consider how you are going to expand your reach in new ways, gaining further brand recognition and driving growth. Your marketing tactics must be strategic, but still manageable and sustainable.
Online advertising makes up for the vast majority of ad spend in the real estate industry, and it’s increasing every year (Statista). There’s a reason for it, but it can also be expensive and difficult to manage. What if you and your agents were able to work together to share cost and amplify the effectiveness of your digital ads? You have the ability to do that today. Consider subsidizing digital marketing costs for your agents. It’s like jump-starting their marketing efforts, ensuring their listing gains interest and your brand gets noticed.
You’re probably familiar with MoxiWorks’ marketing tool that enables agents to promote their business or their listings online quickly and easily from within their Moxi account. Well, now your brokerage has the option to fuel this for agents by subsidizing some of that ad spend.
Here’s what happens when you subsidize ads:
- You directly support your agents, which won’t go unnoticed.
- You encourage your agents to leverage digital marketing and remain competitive.
- You promote listings under your brand, gaining significant exposure.
- Your agents are more likely to continue promoting the listing, getting even more eyes on your brokerage’s brand.
Overwhelmed? Don’t be. It’s shockingly simple for the brokerage and requires almost no time or effort from your team. The brokerage-level settings are simple and easy to set. Your designated staff member can simply set your subsidization parameters and forget about it. Then, when it comes time to make changes, simply go in and adjust your parameters at any time.
Here are a few ideas for how you could get started:
Promote a certain percentage of all listings.
For example, pick up the tab for the first 20% spend of all listing ads. Every time one of your agents opts to promote their new listing, you cover 20% of the ad spend and they cover the other 80%. This will gain the broadest exposure and show that your brokerage is doing high volume in your market.
Promote a larger percentage, but only for luxury listings.
Subsidize ads based on the ad spend. For example, subsidize 25% of all ads with a $99 ad spend. This will encourage agents to get serious about their marketing and get more eyes on their listing as well as your brokerage brand.
Whatever it is you decide to do, make sure it supports your marketing strategy and business goals for 2019. Tailor your ad subsidization parameters to fit your brokerage’s objectives and budget and adjust accordingly as needed. Now is the time to decide how you’ll better support your agents, and ultimately, your business growth, in the new year.
Learn more about how your brokerage could subsidize agent ads here.
By Jessie Trapp, Marketing Coordinator
As a leader at a real estate brokerage, you consider your brand to be your bread and butter. It’s what gives you the power to successfully recruit and retain the agents you need, and establish the killer reputation required to thrive within this bustling industry.
Creating a powerful brand that makes agents want to work for you, and clients want to work with you, requires that you both give your agents what they need to succeed and market your brand in ways that can’t be overlooked.
There’s already a lot on your plate, so the more of this you can accomplish with the least amount of maintenance, the better.
Hint: We have you covered.
Competition for top producers is hot. Brokerages are pulling out all the stops, leveraging every trick in the book to build a powerful team of agents that has what it takes to survive any market condition that might come their way.
The point? Support agent listings.
You, too, need to be smart about how you’re bringing valuable support to your agents, including investing in paid advertising. And luckily, thanks to the feedback and requests from our clients, you now have the perfect tool to enable you to do just that – sitting, just waiting to be used – right inside of your MoxiMarketing suite.
It’s simple, doesn’t require heavy lifting from your brokerage team, boosts your brand recognition big-time, and results in a major win-win for both you and your agents.
How it works.
The latest update to MoxiMarketing gives brokerages the ability to sponsor agents’ ads, boosting the initial number of eyes on their listings and your brand, without the agents having to spend any of their own cash. It will jump-start their marketing efforts. And then, when that ad times out, the agent has the option to pay to continue the promotion if they so choose.
Why it’s important.
The level of support you offer your rock star agents plays a huge part in your ability to keep them on your team. Although the topic of recruiting new agents is a massive one among brokerages in today’s market, retention plays an equally important (if not more important) role in leading your brokerage to success.
Using this feature to take on the initial cost associated with advertising listings will benefit your brokerage in a variety of ways, including:
- Taking on the initial cost will encourage your agents to continue marketing that listing, increasing the engagement they have with the tools you provide them with.
- It will make your agents feel as though you’re a team, and that you support their success and have their backs when it comes to winning listings and remaining competitive.
- You will build brand recognition by encouraging the promotion of all listings associated with your brokerage.
Click here for more information on how to start boosting your agents’ ads (and your personal brand) today!
By Maddie Jostol, Senior Marketing Manager
Don’t get too comfortable. That’s right, if you want to be a winner in today’s real estate game, you have to start embracing change. We hear a lot about change, especially when it comes to technology. The rapid pace at which technology is developing is forcing businesses in all industries to adapt to new competition and changing consumer expectations. Rightfully so, many business leaders in our industry are resistant to change, hesitating to evolve their business into its next phase. However, getting stuck in your ways will only cause your business to be stagnant in a market full of growth.
Change is inevitable. In today’s world, you have to embrace change in order to stay ahead of the game. Competition is only getting hotter, and I think we’ll continue to find that those resistant to any change will fall behind.
Change is hard. Rather than running from it, leverage it and use it to your benefit. Use change as an opportunity for improvement. Gain a competitive advantage, improve efficiency, and expand your business.
A new generation
A generational shift is happening, affecting your brokerage from multiple angles.
First there’s a shift happening in brokerages across the US. For example, in 2015, the average Realtor was 57, now it’s 54 (NAR). Younger professionals are entering the real estate industry, both as agents and in brokerage leadership. Many brokerages are family-owned and are seeing their business passed down through the generations. Across the industry, as many Baby Boomers retire, space and opportunities open for younger leaders to take brokerages into the next phase in their evolution. This generational shift comes with a shift in leadership style and business strategy, causing many brokerages to undergo change in how they operate and how they compete.
Then, there’s a change in homebuyers. Millennials and Gen Yers (37 years and younger) are now the largest generational group of buyers at 36% (NAR). Your target audience is changing, so your brokerage’s marketing and customer service strategy must account for that in order to grow your business amongst this group of homebuyers.
Changing client expectations
Technology has changed the game – it has both heightened client expectations and enabled agents to deliver a better experience. Offering outstanding attention and service is what will set you apart in a sea of agents, and as we all know, properly leveraging technology can help you to achieve this.
Consumers are accustomed to having access to information at their fingertips. This means they want accurate information with the click of a button. Real estate is no exception here. The tools you use should always be fully integrated with your data source (the MLS, for example) so that your clients have access to up-to-date, reliable information at all times.
An evolving industry
The competitive landscape is changing. New players are entering the market, new brokerage models are forming, and the presence of technology is shifting how real estate professionals operate. Like any industry, ours is evolving, and with that comes natural change. Brokerages are challenged to find a balance, where they keep up with the evolution while still staying true to the core of their business and everything it was built on. Successful brokerages will continue to find that balance, adapting as necessary – not for the sake of being trendy, but for the sake of growing their business in an ever-changing market.
Adaptability is key
So, how do you keep up? There seems to be a ‘new hot thing’ hitting the market every day, and the noise can make it difficult to navigate. Some of the tools and technologies being developed are absolutely ground-breaking, but how do you know that there won’t be something better coming down the road shortly?
This is where adaptability is key. The new systems you put in place for your brokerage should have future change in mind. In other words, select tools and services that play well with others, so you can swap things out down the road as needed. You want to change your business purposefully, ensuring that the changes you make truly impact your agents’ lives and your brokerage’s bottom line.
Embracing change is step one, enabling change is step two. Use change to your advantage, taking it on as an opportunity to take your brokerage to the next level. Then, put the right systems in place to remain competitive in today’s market and give your agents an advantage, all while preparing for more inevitable changes to come. Be one of the brokerages that thrives through the ever-changing landscape.
By Maddie Jostol, Marketing Manager
Agents are being recruited constantly. The experience that you show an agent throughout the agent recruiting process must stand out. Not in a kitschy way, though… they already get bombarded with brokerages showing off their latest, shiny reasons to sign a contract. As we all know, recruiting a new agent is all about building a relationship with that person, gaining their trust, and illustrating what your brokerage has to offer them and their real estate career. The trick to winning over new talent is to take care in that process, using a tool that will support the efforts of recruiters and managers from the time they first contact a new recruit all the way through until they’re an active agent, and beyond.
Recruit great agents, offer them the training and tools they need to be successful, retain those agents, grow your business, rinse and repeat.
We’ve compiled a list of ways to get the most out of Moxi Talent, our new recruiting tool (haven’t heard about it? Check it out here). The tool was designed with recruiters and office managers in mind, enabling them to successfully meet business growth goals with a simple, easy-to-use system.
1. Let the technology do the heavy lifting, then add a personal touch.
Like with any tech tool, allow it to relieve you of the tedious tasks so you can develop your business in the important ways. Rely on the technology to keep track of your notes, notify you of tasks, and hold the information for all of your recruits. Meanwhile, you’ve opened up time to focus on building those relationships. It gives you the ability to get out of the weeds, relieving you of the day-to-day, tedious tasks, and focus on the important stuff: the people.
For example, the system will remind you of important dates. When you see that reminder pop up, you can make a personal phone call to the candidate, showing them a little extra care. Similarly, the system might remind you to send a ‘thank you’ note or welcome gift. Use the system to process this, but add a personal note, adding a human touch.
2. Use the data to drive your business forward.
Brokerages don’t always realize how much valuable data they already have. Moxi Talent enables your managers to leverage that data to gain valuable insights and progress your business. The more you know about an agent, the more successful you’ll be at winning that agent over. You have the data – use it internally to help guide the recruiting process.
First, when you hit a lull, with few new prospects in your recruiting pipeline, Moxi Talent will use data to help you identify agents to recruit. Lean on this information to help build a healthy pipeline. Second, when using Moxi Talent, you’ll have visibility into the sales volume history of your recruits. This gives you the opportunity to understand an agent’s sales style and how they might fit into your business.
3. Look for agents who are a strong culture fit.
Think about it in terms of longevity – building an organization with a strong culture creates loyalty. When people share values with their company and love working with their peers, it makes it that much harder to leave. It’s in every brokerage’s best interest to hire individuals who not only contribute to the bottom line, but fit their organization culturally as well.
Moxi Talent will identify agents in your brokerage who have a similar sales pattern as a recruit. Send the two of them out to coffee or lunch. It will give your recruit an opportunity to connect with a like-minded agent. Plus, you’ll be able to get a second opinion from the agent regarding if they think the person would be a good cultural fit. If hired, that new agent already has a familiar peer to lean on, making their transition into your brokerage an easy one.
4. Nurture your relationships for better agent recruiting.
People aren’t going to switch firms overnight. Change takes time. Switching brokerages likely means lifestyle change, change in compensation, and adjusting to an entire organization of new people. It’s your job to nurture your relationship with candidates through the recruiting process, building trust and respect along the way.
Move recruits all the way through the flow. In reality, recruiting is a multi-step process. We’ve broken it down for you into phases, so you can move recruits through your pipeline as you nurture those relationships, suggesting actions along the way.
5. Always know where you left off with a recruit.
Managers and recruiters typically have a lot of balls in the air. Keeping track of every new recruit and every growing relationship can be tough when you’re entrenched in the day-to-day. A tool like Moxi Talent serves as a CRM in a way, so you always know where you left off with a recruit.
Use it as a digital to-do list. Moxi Talent will tell you what to do every day in order to crush your recruiting goals. Use that to your advantage and save yourself some time and frustration. All of your tasks will be clear prioritized, ensuring you don’t miss a beat.
These are just a handful of ways you can rely on your agent recruiting tool to guide your rockstar recruiters to meet their goals. When they’re armed with the right data and the right system, they’re able to blow agents away, winning them over and ensuring they stay.
By Tiana Baur, Content Marketing Manager
At MoxiWorks, we’re pretty vocal about data and how important it is for all aspects of business. So vocal in fact, we called out Compass on their recent embellishments with plenty of data to set the record straight for our industry. But that’s a story for a different day. My point is, data is everything. Without data, we’d all be wandering around the office all day with no real direction.
When it comes to real estate recruiting, data can make or break your recruiting game. It’s so much more than what people give it credit for, and once you see how powerful it is, you’ll never want to go back. Here’s how data helps you recruit, retain, and grow:
Data makes your business goals easier to define.
The amazing thing about data is that it tells you what your goal should be in order to get to where you want to go. Want to be pulling in $1 million more next year? Data will tell you exactly how many agents you need to recruit to get there.
Data shows you what you need to be doing when.
Data calculates everything, including what your daily tasks should be to get you moving towards your goal. It guides you through the entire recruiting pipeline, resulting in more hires than you would have otherwise – saving time and precious energy.
Data tells you which agents are most appropriate for your office.
Data helps you find agents that fit your business and your goals. Okay, okay we don’t mean in terms of personality or culture, data can’t fully tell you that, but it can tell you who fits the bill when it comes to their sales volume. Data allows you to quickly and effectively narrow search criteria, spitting out the high-valued recruits you want sitting in your office. Powerful data can show you an agent’s ability to perform, and at the end of the day, that’s what recruiters need.
And don’t forget, recruiting doesn’t just mean new agents. Data can help you stay focused on recruiting your current highly-valued agents as well, raising your retention numbers within your office and taking a little pressure off finding newbies.
Data will get you past the finish line.
Data, specifically from the MLS, helps identify agents who match whatever criteria your recruiter stipulates. Once specific recruits have been identified, they are added to your pipeline as recommendations. With built-in goal-setting and tracking for recruiting, it’s easy to ensure recruiters keep their eyes on the prize, crossing that finish line and reaching that goal they set for themselves.
Data keeps you from making silly mistakes.
Without reporting and insights, it can be hard to know where time is best spent. Let’s say you knew an agent’s sales volume over the past year, but not previous years. They talked a big game and you trusted their references, so you signed them anyways. Turns out this past year was more luck than work ethic, and now you have an agent not contributing to the office’s goals. That means you might’ve wasted countless hours you could’ve been spending on high-valued recruits, whether that’s recruiting new ones or focusing your efforts to agents in-house that you really don’t want to lose.
Data is knowledge. Knowledge is power.
Data makes things more efficient. It puts tangible facts behind a solid recruiting foundation that enables recruiters and office managers to do their jobs better, faster, and with more conviction. It’s what our new recruiting system, Moxi Talent, was built for. It helps you by providing you with all this data, direction, and so much more.
By Tiana Baur, Content Marketing Manager
In their latest round of funding, OpenDoor scored $325 million in funding. Late last year, SoftBank invested $450 million into Compass. VC money is alive and well, and it’s found a home in real estate tech, pouring into the industry. And as we all saw at Inman Connect last week, the competition is as hot as five-star Thai food. It literally hurts to digest.
In a sea of change…
As all of us in the real estate world are saying, the industry is evolving quicker than most can keep up. It’s a treadmill that only seems to be getting faster and faster with no pause button in sight. What was super cool last quarter is the status quo today. There’s no room for lags and fear. What do these higher monetary stakes and complex competition mean for traditional brokerages? The value prop of your brokerage and its brand is key.
Question: Why should your agents stay at your brokerage?
Staying relevant and valuable to agents will continue to gain in difficulty. Without the money to offer six figure signing bonuses, your brokerage value proposition has to be hard as rock. If I were sitting across from you and asked, “Why do you think your agents should stay at your brokerage versus going somewhere else?” What would your answer be? Do you have a sophisticated tech stack? Do you train your agents on it or just hand it off and hope for the best? Do you continuously stay in contact with your agents or do you forget about them until they tell you they’re going to a different brokerage?
The magic of an open-door policy
There’s a top brokerage in Virginia – that will go unnamed – that is taking a very logical approach: They have an open-door policy. They’ll answer any and all questions – even about Compass. If an agent has concerns, they feel empowered enough to walk into the Managing Broker’s office and ask them, knowing they’ll get an honest answer. Because of that, their retention numbers are insane. They’ve invested in tech, and they’re investing time into their most precious asset: their people, their real estate agents.
- Don’t lose your current agents because you’re only focused on recruiting new ones.
- Don’t let any agent feel like they’re being left in the dark (including on the topic of Compass).
- Build on your existing relationships.
- Let your agents know you care and want them there.
- Implement an open-door policy if you haven’t already. It’ll be the best decision you’ve made all year.
- You can even try hanging a sign on the wall by your office, letting your agents know that they’re always welcome to come in.
- Have a proper recruiting system in place. This will focus your time on top talent inside and outside of your brokerage, making sure you’re getting the full picture and avoiding agents slipping through the cracks.
Brokerages today are worried about losing top producers, concerning themselves over the revenue and sales volume that those top producers take with them if they leave. It makes perfect sense. Losing one agent isn’t going to have a dramatic shift on market share, but it will impact a brokerage’s sales volume. This whole storm is why we created our Moxi Talent recruiting system in the first place. Too often, Managing Brokers don’t pay attention to agents until they threaten to walk. Moxi Talent helps you build relationships with the right people at the right time.
If the grass is greener on the other side, what side are you on?
By Nick Van Valkenberg, Director of Business Development
Growing your brokerage is an ambitious endeavor, especially in the ever-competitive real estate landscape. Two lingering questions are: how do you find the right talent for your brokerage and how can you make the process easier for your recruiting team? I plan to answer both of these questions but first you need to define what you are looking for: is it the “fresh to the industry” agent, an agent early in their career, or a more senior agent?
As the busy season winds down the “low hanging fruit” would be the agent that, well didn’t have a busy season and is looking for help or better yet, a place where they can thrive. If this is who you focus on recruiting, then do you have the systems in place that are statistically proven to increase an agent’s number of sides? Have you made it easy for them to run their business? How about an open platform? Single sign-on doesn’t sound like a whole lot but to the new agent that doesn’t know all of the technologies offered in your brokerage it could mean the world. Open platforms and single sign-on is a whole other conversation but if you don’t have the technology in place for today’s agent you may want to look around because your competitor down the street has this in place creating a very compelling recruiting and retention tool.
The harder agent to recruit is the successful agent. They say the grass is greener on the other side but what happens when their grass looks like the a fútbol field during the World Cup? Do you know your elevator pitch, differentiator, your WHY statement? If you answered NO to any of these three mission critical pieces to the puzzle, then step one is to clarify your message. May I suggest you take a look at the book Story Brand? The premise of Building a StoryBrand by Donald Miller is how to clarify your message, your WHY statement. The idea of a WHY statement sounds easy but really you need to have a smooth couple sentences that clearly state why an agent at any level in their career would benefit from joining your brokerage especially a successful agent. Let that sink in and think about this for a minute. Sure, you can offer a more competitive split but how does that help you the broker out? REAL Trends recently published that the average brokerages margin has been compressed to 14.8%. Talk to us about how you can recruit a top performing agent not because you will take less money but because you have what they need to become even more successful.
Through conversations with your fellow brokers I have found that the structure of a recruiter tends to be the broker themselves or the manager of an individual office. Time is of the essence, with an already full plate how do you add the time to recruit? In a perfect world a “recruiter” should be spending an hour a day dedicated to finding new talent. At this point you may have guessed that I am going to talk about technology, and you guessed right. Honestly to achieve the desired outcome you need to have a solid system in place. Does your recruiting technology incorporate your goals? Is it easy to ingest MLS data so you have insights on your prospects? Does your technology offer next steps and coach you for each individual recruit? Does your technology offer public records data on your prospects? Could you imagine hosting an annual golf tournament and knowing the subset of your pipeline that has golf as an interest? I’m not a gambling man but I would venture to say that you could easily win over some new agents on the links, remember that greener grass metaphor from earlier? Do your “recruiters” have the ability to easily boast about what your brokerage can offer, maybe in the form of a dynamic presentation imbedded with video testimonials, live links, and your WHY statement?
Your Agent Recruiting System
You may have been seeing the recent industry hype around Moxi Talent. The hype is because we have answered all the above questions. Take the time and let us show you not only how Moxi Talent can increase your productivity recruiting the correct agents but how you can actively recruit your current agent. We can even show you statistics on how the Moxi Suite of products can increase the business for your agents, but don’t take it from us, ask around. To quote the legendary football coach and now inspirational speaker Lou Holtz “In this world you’re either growing or you’re dying so get in motion and grow.” Now more than ever things are changing at a rapid pace, there is a time to sit and watch and there is a time to act, now is the time to act. Take a moment this week and reach out to our team, learn why top brokerages are leveraging our platform to outperform their competition.
By Tiana Baur, Content Marketing Manager
Recruit, recruit, recruit. Getting new agents through the door is the number one thing on every brokerage owner and manager’s mind, but does it deserve that top spot?
While it’s a major pillar of every brokerage’s survival plan, we argue there’s another aspect of recruiting that deserves the number one slot and that’s existing agents.
An agent only spends four years at a brokerage on average. How many of your agents are coming up on that four-year mark?
When agents threaten to leave, only then do people’s ears perk up and start to put emphasis on retention efforts. For some agents, it might be too little too late. If they’ve been largely ignored or feel like they’re under-valued at your brokerage for the past four years, it’s easy to see why the grass would look greener to them.
Don’t play into the four-year statistic. Start recruiting your existing agents before they threaten to leave.
Implement an open-door policy.
When your agents feel comfortable coming to you for anything and everything (like when Compass calls them up) it allows for an open dialogue and a foundation built on trust to exist.
Less is not more.
Don’t be afraid to talk about what’s going on out there. Talking about Compass should be as easy as asking someone to pass the salt – not like walking on eggshells. Bring the hard topics up.
Losing your existing agents only puts more pressure on the efforts to recruit new agents and shocker – it puts pressure on the brokerage wallet as well. Our CEO, York Baur, did a presentation at LeadingRE a couple years ago, sharing local data and insights about the cost of recruiting. The cost per recruit based off data that year in the Pacific Northwest was $20,000 dollars. After the presentation, other industry leaders commented that it was “more like $40,000.” Another way to slice it is by salary (or in this case, commission). According to Forbes, the loss of an employee costs 33% of their salary. Whether it’s 20k, 40k, or somewhere in the middle, that is a LOT of money.
Losing a top producer to let’s say Compass, might not hurt your market share or revenue much, but it will hurt your sales volume numbers. Be better than the other managers out there. Pay attention to your existing agents that are priceless to your business. Think about your agents walking into your office and saying, “I’m leaving and going to Compass.” Which ones would make your heart start pounding?
By Maddie Jostol, Marketing Manager
The industry is buzzing about recruiting strategies due to the competitive market. Equally important, however, is a brokerages’ retention strategy. You not only need to win agents over, but you have to keep them happy as well. According to NAR, a real estate agent’s median tenure at their current firm is only four years. That gives you a fairly tight window to make them want to stay for the long-run.
With competitors entering the market with loads of cash and aggressive recruiting tactics, it’s imperative that brokerages focus on how they’re going to retain their existing agents. This is particularly important for new agents as their first year in the business can be discouraging, causing a large portion of new agents to leave the industry. Focus on your people and your people will remain loyal to you.
Here are four tips for continuing to win over and retain those superstar agents:
Celebrate the wins
Don’t forget to celebrate the wins. Find a way to celebrate an agent’s success every time they close a sale. This could be done with office-wide recognition, an office celebration of some sort, or a gift (flowers or lunch are always appreciated). It’s important for agents to know that you’re invested in their success and that you appreciate all of the hard work that goes into each sale.
Provide ongoing training and support
We understand this is likely already a focus, but do your agents really know what’s available to them? Make sure they’re continually reminded of the outstanding training and support your brokerages is offering. Weekly sales meetings are the perfect platform for this. They’re already in the routine of looking forward to and attending these meetings. It’s where they go for insights and resources to help them run their real estate business. Work with your Office Managers to ensure this time is used to offer agents the tools and support that will make them want to stay.
Celebrate their success at your brokerage with a work-aversary gift on the anniversary of them joining your team. It will remind them of why they joined the team, how appreciated they are in your community, and what they’ve achieved since they started with your brokerage. Don’t just do this on year one, though, do this every year to create a culture of long-term recognition and encourage retention in the long run.
Pair them up
Set them up for success by putting them in contact with agents like them. What’s that mean? Leverage data to identify which agents have similar selling history and patterns and pair them up. This will create an encouraging community, where agents working at similar speeds can support each other’s success. If another brokerage comes along, having a close network of colleagues will make it that much more difficult for them to leave their current gig.
Thinking about taking your recruiting and retention strategy to the next level? Be sure to check out Moxi Talent.