The American job market is growing stronger. Last month, the Labor Department reported a gain of 235,000 jobs along with wage growth. It seems there is an eager, new workforce, Millennials, who comprise 53 percent of the workplace, and an increased number of baby boomers who plan to continue working well past 65.
This is a powerful mix for the real estate industry where the median age of all realtors is 58. Agents span all age groups and levels of experience and expertise. Brokers, managers and executives need to leverage this diverse cross-section while recruiting in 2017.
Here are four insights to maximize your agent recruiting and retaining efforts.
Promote Your Unique Culture
Your real estate company has a unique brand, mission and vision. Ensure it is conveyed to new recruits just as it is marketed to homebuyers. A 2015 Inman article suggests using culture to “convey your value proposition.” This couldn’t be more true when hiring Milliennials.
A culture of belonging is highly valued among younger new hires who seek out shared leadership opportunities and healthy risk-taking, according to Forbes.com. Your company’s online community should help connections that support your unique culture. How are you THE company to help homeowner’s dreams come true? How are you THE company to propel agent career success?
Takeaway: Recruiting agents goes beyond a more attractive commission structure. Communicating your company's brand, mission and vision is critical.
Support Agents and Team Growth
You already celebrate a strong company culture, so how do you support individual and team success? Coaching and mentoring is integral to new and plateauing agents, as well as top producers. An Inman Special Report found that “the best thing a new agent can do is find an excellent and generous agent mentor or coach.” Inman also found there is far too little training and support for new agents. Mentoring between Millennials and seasoned agents is a win-win. Top producers can transfer industry knowledge and company best practices while Millennials can explain new technology and social media tips.
Takeaway: Clearly communicate your organizations culture of coaching when recruiting new agents. Commit to a more comprehensive development program beyond the typical training.
Onboard Agents in an Efficient, Effective and Engaging Way
Inman also explored whether some business models make bad real estate agents in an article last month. “The Fallout,” explains how a significant number of agents are not taught professional techniques to succeed. Nor are brokers and agents connecting and transferring success. New agents are not provided dedicated resources to grow professionally and are subsequently left with only knowing what they currently know. The article goes on to explain how professional development is an ongoing process. New agent onboarding extends well beyond the first few weeks. Teams and individuals need to be equipped with company best practices, on-going focused trainings, a goal-setting framework and an online environment for idea exchange and accountability.
Takeaway: When recruiting new agents, demonstrate how you will get your agents up to speed more quickly with your comprehensive and engaging onboarding platform.
Implementing Technology for Success
Your company needs to be tech savvy. A BoomTown! article calls for real estate to “embrace technology.” Not only does access to latest technology attract Millennials, it ensures entire teams, offices and regions leverage the same best practices in real time. Technology creates healthy competition. It can help track personal goals against annual sales goals, schedule regular check-ins with mentors and coaches and raise accountability and visibility across the entire organization.
Takeaway: Simply showing off your technology isn't enough to recruit and retain real estate agents. Clearly demonstrating how you integrate technology into the success habits of your top producing agents will differentiate you vs. your competition.
So how do determine how you are doing vs. your competition? Is your company recruiting the right way? Can you backup your claims during the agent onboarding process?
Coach Simple developed a free Real Estate Success Scorecard to help you assess and ultimately improve your:
- Agent Onboarding
- Business Planning
- Agent Productivity
- Coaching and Mentoring
- Leadership Development