Recruiting and retention is the lifeline of your real estate company. My business partner and I continue to ask questions in order to further the growth of a successful real estate company. We believe awareness is the key to survival.
We’ve been fortunate to grow a healthy company, recruiting more than 100 members from a pool of approximately 1,500 real estate agents in a two-year period. We are by no means the largest independent real estate company out there, but pound for pound and compared to other markets, I believe we are strong based on our market size and recruiting and retention rates.
Much like our successful sales business and strategies, tracking and measuring results are a crucial aspect to our company business. It not only allows us to measure our improvements but it allows us to reverse engineer potential future growth and attach to a specific process. We wanted to determine the specific means by which we’ve found success and ensure we can help others to duplicate this in their respective markets.
We polled our current members and asked why they chose to work with our organization. Although we have a competitive compensation package, the fee structures or splits were not the dominant reason an agent chose to join our company. We discovered three main reasons why agents chose to work with us.
1. Training in an ever changing industry
The potential agent is no longer satisfied with programs to help them with paperwork. They can get that anywhere. They are looking to secure new business and be guided through proven systems and strategies that are relevant to today’s agent.
They also need to know various options to determine a path of least resistance when it comes to lead generation. A leader who is knowledgeable about how to find business will be far more attractive than one who only understands how to conduct business.
2. Leadership to last
The real estate brokerage model has continued to become complacent with an aging demographic. In order to recruit and retain new agents and help veteran producers adapt to today’s Internet empowered sales process, the successful broker will demonstrate leadership using technology that is relevant today. Demonstrations and training by the leader are ever so important.
Inside of this training, the delivery is just as important. No longer can a leader use packaged materials handed down to them from head offices thousands of miles away. Much of that material doesn’t apply to local markets and if the methods to success are not market proven, too often the agents will not embrace them.
3. Results must be demonstrated.
Your agents need to see results and they must attach to a vision and a dream. You cannot simply demonstrate your market share or number of agents, especially if it is known that your per agent production is low. To attract and retain quality agents, you must demonstrate proof of concept with market proven and market tested results.
A good friend and colleague of mine said it well:
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Results demonstrate proof.
Proof trumps hype.
Proof creates demand.
Demand dictates your value.
-Jon Cheplak
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What results will you create today?
Ryan Hodge is broker of record/owner of The Realty Firm in London, Ontario.
