How many of your real estate agents are thinking about leaving?
Doing Stay Interviews can give you a perspective on how things are going inside your real estate company.
Why Use Stay Interviews
Stay Interviews offer retention and engagement solutions that cannot be achieved with agent surveys or exit surveys, because stay interviews are conducted one-on-one, and put managers in the solution seat and provide focus on top performers.
Every broker’s greatest challenge is managing, coaching and grooming “talent”, and it costs dearly when agents decide to leave.
It is therefore utmost important for brokers to understand what makes agents leave and what brokers can do to get agents to stay.
How to Conduct a Stay Interview
The goal of the interview is to understand what may keep your most talented agents engaged and motivated for a long-term career with your real estate company.
Plus you want to learn which are the critical reasons that causes your agents to want to leave your company.
A. Starting the Interview
You can start the stay interview by using the following statements:
- I would like to talk with you about the reasons you stay with [your company name] , so I understand what I might be able to do to make this a great place to work for you.
- I would like to chat with you to find out how things are going, so I can do my best to support you.
B. Questions to Ask
Make sure you have several open-ended questions ready. Be prepared to listen, listen, listen. You also want to get ideas from your agent on how your brokerage can retain him or her.
Here are some question you may ask during the interview.
- What do you look forward to when you come to the office?
- What do you like most or least about working with this company?
- What keeps you working here?
- If you could change something about your job, what would that be?
- What would make your job more satisfying?
- How do you like to be recognized?
- What would you like to learn from the broker or others at this office?
- What motivates (or demotivates) you?
- What can I do to best support you?
- What can I do more of or less of as your broker / manager?
- What might tempt you to leave?
C. Ending the Interview
When ending the stay interview, summarize the key reasons the agent gave for staying or potentially leaving your real estate company, and work with the agent to develop a stay plan. Be sure to end on a positive note.
Examples of Ending statements include:
- Let me summarize what I heard you say about the reasons you stay at [your company name] as well as reasons you might leave. Then, let’s develop a plan to make this a great place for you to work.
- I appreciate you sharing your thoughts with me today. I am committed to doing what I can to make this a great place for you to work.
Statistics shows that a high percentage of real estate agents routinely look to change real estate companies. You can reduce your turn over by starting a conversation with your agents before they look for opportunities elsewhere.