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?
June 5, 2018 – Seattle, WA – MoxiWorks, the Seattle-based real estate technology startup, has recently launched a data-driven recruiting system for brokerages. Named Moxi Talent, it uniquely combines agent performance data, highly automated and intelligent CRM capability, and a proven recruiting process co-developed with some of the industry’s most successful brokerages. The combination allows any manager or recruiter to increase their effectiveness in recruiting and retaining agents.
Having done a soft launch at the beginning of 2018, they already had clients pining for Moxi Talent before the product was finished. With a total of eight brokerages on their beta version – representing the top regional brokerages in the nation – they now have released the full version of Moxi Talent, available to all brokerages.
When asked what inspired the company to create such a comprehensive system, York Baur, CEO of MoxiWorks said, “Brokers wake up every day thinking about how to attract and retain the most talented agents, and the competition out there is fierce, particularly with all the disruptors throwing cash around. Brokers told us that they need a better tool to help their managers find the agents that best fit their needs, the culture of the brokerage, and then give the manager a system for successfully recruiting them.” Moxi Talent differs from other recruiting tools because it not only focuses on attracting new agents, but agents already at the brokerage as well. “The brokers we talked to also said that they needed to help their managers re-recruit their existing agents every day, since turnover is one of the most expensive things in a brokerage,” said Baur.
Moxi Talent shows powerful data of an agent’s ability to perform. Once a candidate has been identified, they are then added to the recruiter or office manager’s pipeline as recommendations. From there, recruiters and managers can see the agent’s performance, and even compare them to the successful agents in their organization. Moxi Talent provides detailed action plans, making sense of complex performance data, helping the recruiting team take the right steps to connect and win in the recruiting game.
Georgia Perez, VP of Business Development and Product Evangelism at MoxiWorks said, “In my more than 10 years as a Real Estate Agent and Manager, I haven’t seen a system that takes the guesswork out of massive amounts of data on performance and productivity, and provides an easy-to-follow plan to recruit and retain the top talent.” Perez still holds her real estate license and played an active role in the development of the Moxi Talent system. “Before Moxi Talent, I would have been staring at a spreadsheet full of data and trying to figure out what to take actions on. Now, I simply tell Moxi Talent how I want to increase sides, sales volume, and geographic market coverage, and it does the heavy lifting to point me in the right direction.”
Moxi Talent provides daily to-do’s, allowing recruiters and managers to efficiently and effectively reach the agents they need to and quickly narrows search criteria for highly-valued recruits. All of this saves time and energy, keeping them on task, and guiding them through the pipeline, resulting in more hires. Which, in turn maintains focus on business goals for the brokerage and provides better productivity, resulting in better ROI.
Baur added, “When it comes to profitability, three things matter to brokerages: agent recruiting, retention and productivity. We’ve always had great product for retention and productivity, and now we have a great answer for brokers’ recruiting needs too.”
MoxiWorks is a comprehensive open platform system for large residential real estate brokerages that serves over 110,00 agents and 55 brokerages nationwide. MoxiWorks’ integrated tools are centered on sphere methodology that drastically increases agents’ repeat and referral business by 40%, while lowering overall technology, training, and support costs for the brokerage. Named one of the 10 Best Cloud Solution Providers of 2018 by Industry Era, the open platform known as the Moxi Cloud has tools from more than 40 partners that plug and play to create unique brokerage solutions. More information at moxiworks.com.
For more information on this topic and other press inquiries, please contact Tiana Baur at firstname.lastname@example.org.
It’s that time of year again – time for us to renew our gym memberships, swear off holiday desserts forever (or at least until next December), and set lofty, life-changing goals for ourselves. You may love or hate New Year’s resolutions, but no one can deny the importance of setting goals. Ask any brokerage owner what their goals are and sitting comfortably in the top five, year after year, is recruiting and retention. Setting the goal is half the battle. The rest is execution.
According to NAR, 84% of brokerages with four or more offices are actively recruiting. Large brokerages are under pressure to continue their growth, and everyone else must keep up. Therein lies the greatest challenge: execution under that pressure. How can an office manager recruit new agents while they’re juggling everything from helping close a million-dollar sale or unjamming a printer or negotiating to keep top talent? At the end of the day, an office manager may only have the time and energy to hit the button on a blast of traditional mass mailers to an Excel spreadsheet of candidates and pray something hits.
Introducing Moxi Talent
With that, MoxiWorks is excited to present the newest member to the platform: Moxi Talent. Moxi Talent is designed to help office managers and recruiters execute on this year’s resolutions through goal-setting, automation, and a consistent methodology to attract and hire agents. It is built on the core of Moxi Engage, the CRM and productivity tool that increases agent production by an average of 38%. Using Moxi Engage’s focus on goals and its integration with email contacts and calendar events, Moxi Talent is in a unique position to bring the same change in productivity to office managers’ recruiting pipeline and, eventually, retention efforts.
Moxi Talent requires managers and recruiters to set their goals before taking any other action. The goals are used by the system to keep managers focused on a disciplined methodology, despite the noise of daily office life. Best practices in the form of tasks help managers take the right action at the right time, such as posting to the agent’s LinkedIn profile, swinging by the agent’s broker open, or using Moxi Present as a vehicle for marketing materials, a strategy many of our clients are already using today.
Let Technology be Your Wingman
It doesn’t stop there. We’ll continue to expand the feature throughout this year, enabling managers to tell Moxi Talent the profile of their ideal recruit based on volume and the geography of the agent’s listings, which the tool will use to suggest the best candidate for the manager. Say goodbye to mind-numbing spreadsheets of data and hello to intelligent, automated recruiting leads.
Nothing makes us at Moxi happier than to grow with our brokerage clients, and we’re thrilled to take the next step in that continual growth with Moxi Talent, so brokerage owners and managers can make good on this year’s resolutions, unlike my unused gym membership.
Moxi Talent is currently in Beta. Find out more by clicking here.