The Broker Owners Guide to Successful Recruiting
Real estate recruitment is crucial to your brokerage success as the type of real estate agents you hire decide the growth of your brokerage. When you are a broker-owner, you have the best chance of having a successful brokerage when you recruit real estate agents who are successful and stick with you. Overall, we believe you can achieve this by offering a supportive work environment and encouraging your agents to pursue professional development to help boost their confidence and expertise in the real estate profession. You should also be open minded about who you recruit because with the right education, even an unlicensed person can grow into a stellar agent.
Recruit the Unlicensed
As a broker-owner, you can scout out new talent from the unlicensed from people you may already know. Perhaps you have a friend who is very charismatic and great at connecting with people. Giving this person the option of coming on board your brokerage may result in a good agent after some grooming. Taking on these recruits involves guiding them carefully and making sure they get a solid real estate education before they get licensed. One great advantage to this kind of recruit is that these agents will have only worked with you which makes them more likely to be loyal to your brokerage.
Recruit Licensed Agents
Many broker-owners also recruit from licensed agents. These days, a simple Google search is more than enough to find your state’s organization that has a list of all licensed real estate professionals. You can also find agents and teams on popular home search sites like Zillow and Trulia. Recruiting can involve sending a friendly email notifying the agent about your brokerage and the incentives that you would over them. Also, since these agents usually have their phone number available, you can call them directly and give them your pitch personally.
Also, never miss an opportunity to recruit wherever you are. By having your business card on hand at all times, even something as simple as your child’s birthday party can become a situation where you encounter a person on the verge of a career change or an agent who is looking for a new brokerage that appreciates their talent. That’s your chance to recruit in-person!
Make Your Brokerage Great
As the broker-owner, you will need to provide agents with the best working environment with a positive culture. After all, bees like nectar just like agents love a professional and friendly brokerage. If you make a place where the atmosphere is tense and too formal, agents won’t feel like they can relax. On the other end, if there is no discipline, then there will be disorganization abound. Try to create the perfect balance between professionalism and fun by making a community based on camaraderie and strong interpersonal relationships. Managing brokers who are firm yet fair can also help propagate a positive culture in your brokerage as they keep agents in line.
Be Fair with Commission Splits and Fees
You need to calculate the right balance between office splits and fees you will take on your end. Try to take too much and your agents will be constantly fishing around for a place that won’t require as many fees and compensation from their agents. Ambition will always send the good agents to where they hear the broker-owner isn’t so much of a Scrooge.
It’s also a good idea to provide perks like better office splits after agents reach certain earning thresholds, so they feel motivated to work harder to earn more in the future. For example, perhaps one agent comes on board and starts with a 65% office split, but after she makes 25k in sales, her split becomes 75%. This boosts her morale and motivation because her hard work helps her take more money home the more she earns.
Provide Comprehensive Marketing and Administrative Support
Office assistants, full-time office managers, and receptionists are brilliant supports for agents. Managing brokers who can intervene and answer the hard questions are also invaluable parts of the well-oiled brokerage machine. Newer agents especially will like brokerages with a solid support network that helps with marketing, setting up websites, and offers administrative support. Busy top producers also appreciate having assistants around to help when the paperwork feels out of control. Overall, the more support you can provide without having to sacrifice your own profits, the better for your agents and yourself.
Encourage Everyone to Engage in Professional Development
Tell your agents to never stop learning. In fact, even the most experienced agents still have a thing or two to pick up on because the real estate field is always growing and changing. Regulations continue to evolve, required forms change, and procedures are always under modifications.
Real estate classes benefit everyone. They transform novice agents and recruits into experienced professionals. These courses can also help your manager brokers advise your agents in difficult transactions, making them a good diplomatic buffer between the agent and another party. Overall, being on top of all the ins and outs of this profession will create knowledgeable and confident agents who will make your brokerage successful and profitable.