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.
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.
By Tiana Baur, Content Marketing Manager
Recruiting new agents is the main thing every broker and real estate manager thinks of every hour of the day. It’s the constant, never ending job that is only getting more challenging. I like to think of it as a treadmill that gets progressively faster and faster, forcing some people to step off and others to find the will to keep going within. It’s intense. It’s why we created an entire recruiting system to make it easier on managers and recruiters alike. But while the technology drastically helps, there’s still the interviews and the interactions that are human-based and can still be butchered if one forgets to be on their best behavior.
So, with that in mind, we put together a short list of things you should never, EVER do when recruiting new agents. If you do, it’ll surely come back to bite you.
1. Never bad mouth your existing or past agents.
You’re recruiting new agents for a reason. You have numbers to hit and you’re trying to grow your office. It goes without saying that you need to pump some steroids in to get things done because what is currently going on at your brokerage isn’t cutting it. It’s implied. You don’t need to trash talk your current agents or even past agents.
Putting down your existing and/or past agents not only makes you look bad as the hiring manager, chances are, the top talent you’re trying to recruit will sense an unhealthy work culture and the possibility of being one of those agents you’re currently belittling.
Your agents and the relationships with them are your most valuable source not only for your existing business, but for recruiting new talent as well. Whether it’s talent from their personal connections or them having represented your brand in a great light in the community, they are your golden ticket to finding solid agents. Don’t make enemies out of them.
2. Never promise what you don’t have.
Every agent is looking for the brokerage that will provide them with the tools and technology they need to succeed. With companies like Compass and new initiatives like the Keller Cloud floating around, everyone else needs a solid technology offering, not just some shiny objects to throw about. However, don’t let the pressure of technology offerings cause you to lie and over-promise what you have to give them.
Doing this might get them signed and through the door, but you can bet they won’t last long and your retention stats will take a nosedive. Getting agents to join your brokerage is one thing, keeping them there is another. Help them help you by giving them reasons to trust your business. No one likes having a revolving door.
3. Never bring up politics, controversial topics, flirt, or otherwise cross the PC boundary.
The eighties might as well be a century ago because the times we’re living in are drastically different. For better or worse, we all have to be on our best behavior. People get offended. Others cross the line by a mile. What was once flattering, is now uncomfortable and sometimes even a CLM (a career limiting move). Some topics are also very much illegal, but that’s another issue.
When you’ve only just met someone, you have no way to know their background, things that have happened in their life, how they feel about certain issues, etc. Typically, all you know is who they are on paper. What their sales volume is, when they got their license, their real estate accomplishments and history, and what they put publicly on their websites and social media. Stick to the task at hand and focus on the real estate subjects.
Real estate is a weird industry that sometimes feels like it’s stuck in a time capsule and everything else going on in other industries barely touches it. Behaving yourself is not one of those things. Don’t say something you think is witty about the way someone looks or call someone “sweetie” that you’ve only just met. For the love of everything sacred about real estate, just don’t do it!