It's time to face the truth. The majority of real estate companies struggle with agent onboarding. I'll go out on a limb and suggest that as many as 93% of all firms fail to get it right.
It's now estimated that 80 to 90% of all new agents fail — usually before their one-year anniversary and often in the first six months. And, those who last a year earn less than $30,000, closing three deals or fewer.
Regardless of averaging into the 93 or 7 percent, Coach Simple finds that even the best real estate onboarding organizations still ask for help.
Underperforming agents result from poor recruiting and onboarding practices. A recent Inman report says, "New agents are still a long way from receiving the support and training they need to thrive in real estate."
Inman highlights the top reasons for agent failure:
- Not being prepared to become an independent contractor (77%)
- Unrealistic expectations about work required (73%)
- Insufficient brokerage training (58%)
- Insufficient brokerage supervision (48%)
These key outcomes stem from inadequate communication and a lack of clear procedures and learning during the new hire process. But, this can easily be avoided by implementing the right systems and platform.
Be the exception
Join the 7% who dominate onboarding:
- Create a seamless process.
- Consistently onboard every agent in each office.
- Avoid igniting the onboarding fire drill with your staff and managers.
- Document and distribute your knowledge and best practices.
- Ensure your new agents perform better than industry peers.
- Be more than satisfied with results produced by your agents.
If you currently achieve these success habits, congratulations! You've scored in the top 7% of real estate onboarding effectiveness.
And don't worry if your new hire process doesn't trend into the top 10 percent. Coach Simple is here to help. Our software and sales teams help real estate companies around the nation improve onboarding through industry expertise:
- Extract your company’s best practices and combine them with our customizable platform to deliver the most comprehensive and engaging onboarding program tailored to your market and needs.
- Provide a seamless process for staff, turning chaos into a strategic, simple program.
- Empower executives, managers and staff with easy-to-read reports, highlighting agent success and roadblocks.
- Bring static onboarding and learning content to life, engaging agents through interactive experiences.
- Ditch the spreadsheets and share online. Instant access to cloud-based technology enables agents to learn from home, at the office or on the go via tablets and smartphones.
How do you rate?
Consider your current onboarding process and the results you achieve with new agents? Do your agents exceed industry averages and rivals in the local market? Is your onboarding process simple and seamless across the company? Do you know and promote your company's best practices and unique brand differentiation?
Get started by downloading our free, comprehensive agent onboarding ebook here: