Real estate companies that are surviving in today’s housing market have shifted their agent recruiting methods.
Brokers are implementing more strategies that provide incentives for their existing agents to recruit on their behalf.
Research shows that if your agents are happy working for you, they will gladly tell other agents; especially when there is something in it for them.
Our research into “Recruiting Agents in Today’s Market” revealed that in addition to prospecting for buyers and seller, agents are also looking for potential recruits.
A number of agents are finding new recruits in the same location where they are closing deals.
“I realized that I was talking, working and closing deals with at least 5 producing agents a month. So, why not discuss joining the same brokerage.”
Getting Agents to Recruit Other Agents
So how do you get your existing agents to bring other agents to your brokerage? Research shows that addressing these four key areas have been successful for top brokerages.
Along with each area, we have also listed the top three things brokers have done that worked.
1. Growth. Every agent wants their brokerage to grow. This shows that the company is managing things properly and can continue to assist the agent with growing their business.
a. discuss your plans for growing your brokerage
b. say how many agents you plan to recruit
c. talk about your projected sales size and volume
2. Incentive. Address upfront what is in it for your agents. Your agents are also looking for ways to grow their business and find additional sources of revenue.
a. discuss commission and payment given for each new recruit
b. put the incentives in writing
c. give recognition to each agent that brings in a new recruit
3. Script. Give your agents helpful talking points, so that when they are talking with other agents, they will know what key words and phrases to use.
a. discuss ways to starting talking about changing brokerages
b. let agents know to not over sell
c. remind agents to discuss why they like your brokerage
4. Tracking. Make sure you have a system in place to track your existing agents, and any agents they recruit for your brokerage.
a. discuss how you plan to track each agent’s new recruits
b. discuss how commissions will be calculated and paid
c. provide updates on business growth for recruits and sales
Before getting your agents involved in the recruiting process, it is important that you explain to each agent your recruiting plan and how each of them will benefit. Plus, make it clear that this is strictly up to the agent if they want to earn extra money.