One of the biggest challenges brokerages face today is attracting and retaining top talent. Good agents are the key to scaling your business. The first step in gaining the best talent in the game is to learn what they are looking for and want from their brokers.
Not every agent will come in with a wealth of knowledge or a strong real estate background. Make it your goal to set these newer agents up for success in their career by starting them off with a mentorship program. Mentoring creates a high-quality experience for both new and seasoned agents and the value they get in return is worth it for both the agent and your brokerage.
A mentorship program can offer agents critical information and a firsthand experience they can use to thrive. As a broker, you can feel at ease knowing your agents will run their business the right way in order to keep your brokerage’s success moving in the right direction.
Agents do not have the time to learn several platforms and the fear of having to do so can encourage agents to switch brokerage firms. Too many tools that don’t tie together can be time-consuming, frustrating and cumbersome causing the agent to become inefficient and stressed. Agents want to utilize technology that is user-friendly and will help them nurture their leads and clients resulting in more deals.
You need to provide experiential and hands-on training for any new technology as well so that agents feel comfortable and not overwhelmed. According to the National Association of Realtors, 27% of agents spent up to $2,000 on technology in the last 12 months.
Solid Commission Model
Keep in mind that agents are entrepreneurs and work hard to build successful businesses. Every entrepreneur needs capital to run their business. By offering commission splits commensurate with the level of platform services and resources, agents can invest in their business in ways that are important to them individually. The best models find a balance that allows the agents to prosper while also driving profitability of the brokerage
Reliable and Responsive Support
If you want to outshine the competition, offer exceptional service and support to your agents. The real estate industry is built on relationships, yet surprisingly few companies make fostering relationships and top priority. Brokers who are committed to their agents’ well-being and success will offer a knowledgeable, reputable, approachable and transparent staff who serve the agents as a top priority. Agents want a team of experts who put them first, so they can offer their very best to clients.
Agents want to work with positive and like-minded professionals who offer plenty of mentor programs, networking events and community activities for both professional and personal development. Brokerages should offer white-glove services, comprehensive training and quality technology that boasts a credible brand with a solid commission model. All of this results in a positive work culture that makes agents want to stay loyal to their firm.