Hiring exceptional agents is merely the first step in assuring the success of your brokerage. Keeping those agents on the payroll? That is where the true power is. Unfortunately, this is more difficult than it appears. Most agents will look elsewhere as their skills develop and their firms flourish. Other brokers may even come after them. That doesn't mean that losing exceptional agents is inevitable, and there are plenty of preventative measures you can take.
Do you want to keep your finest agents (and those who will come after them) for the long haul? These seven tactics can be beneficial.
#1: Invest On Their Growth
At the end of the day, your agents simply want to succeed. So what is the finest thing you can do? Assist them in honing their talents. This could include providing professional development in-house through speakers and local experts, as well as online resources such as webinars or virtual coaching. Continuing education is also essential.
#2: Provide Them With The Technology They Require To Succeed
Today's agents — and their bottom lines — rely heavily on technology. To manage their paperwork and contracts, they require a good CRM, video conferencing capabilities, accounting systems, and technology. Social media and marketing techniques are also essential, particularly in a post-pandemic society. Make sure they have access to 3D walkthrough solutions, interactive floor plan mapping, and other technology to virtually improve their listings.
#3: Provide Assistance
Being there for your agents can be quite beneficial. Implement an open-door policy and make it clear to your agents that they can ask questions or seek advice at any moment. You may even consider establishing a mentorship program, matching up your more experienced agents with new agents for one-on-one guidance.
#4: Keep Them Up To Date On Trends And Changes
An agent who is out of step with current trends is at a significant disadvantage, especially in today's fast-paced profession. Make sure your agents are continually up to date on the newest market developments and trends to ensure their success. This could include subscribing to a data solution for the most up-to-date statistics in their sector or providing complimentary memberships to various industry and trade periodicals.
#5: Establish A Positive Work Environment
Real estate transactions are mostly done online these days, but most brokers still need a location to call home. They want a dedicated workstation, a pleasant and well-appointed meeting space for partners and clients, and communal areas where they can network, build rapport with their colleagues, or simply sit back and enjoy a hot cup of coffee — all of which they can't do as easily from their car or home office.
#6: Concentrate On Culture
Culture fit is critical for any employee, even agents, so create a team culture you can be proud of. Recognize accomplishments with an award or honor system, participate in team-building events and social gatherings, and request feedback on a regular basis with surveys and other methods to verify you're on the right route. It is far more difficult for an agent to depart and move elsewhere once he or she feels like a true member of the team.
#7: Develop Their Brand
Finally, be certain that your efforts are directed toward the agent rather than the brokerage as a whole. Assist them in making a reputation for themselves in the industry by investing in their personal marketing and branding. Finally, if their business expands, so will yours, so consider it money well spent.
Investing in agent retention is an investment in the long-term profitability of your firm. If you need more ideas for retaining exceptional agents, consider conducting a survey among your current workforce. Why have they stayed so long? What are their preferred and least preferred aspects of the brokerage? What other perks and incentives would they value as an employee? As long as it's anonymous, it should provide some useful input that you can put into action right away.