The argument came from both directions. There were those who said the real estate industry had too many agents; and others who said there were not enough specialized agents.
In either case, the changing real estate market has been a huge impact on employment in real estate companies. The downsizing and agents leaving the industry has caused real estate brokers to take a new look at their agent recruiting strategies.
Every real estate business has agents that assist with the buying and selling process. Whether you are just opening a brokerage or been around for a while, your business either contracts or employs real estate agents.
Today, the real estate environment has a number of real estate brokerages assessing profiles, skills, and communications among their would be real estate agents.
Our research team took a look and what brokers are doing today to recruit skilled and successful real estate agents. The research revealed that brokers are revamping their recruitment strategy, and they are asking, “how do we get more of the right agents for our brokerage”.
What was found is that real estate companies are using the following six-point strategy for getting the right agents.
Agent Recruiting Strategy
1. Set the Profile. List the characteristics for your ideal agent, and be specific. For example: 2 years sales experience; has current real estate license, communicates well when speaking and writing.
2. Set the Income. Show the real earnings potential for selling 5 houses a quarter. For example: average home prices are $300,000 with a 2.5% gross commission and an 80% agent commission split, the agent can earn $30,000 per quarter.
3. Set the Expenses. Be upfront about the costs the broker will cover and costs that will require pre-approval. For example: the broker will pay for office space, conference rooms, in-house printing, faxing, paper, etc.
4. Set the Marketing. Lists the different ways that your brokerage is already using to prospect, list and sell homes. Invite the agent to connect with the brokerage outlets (newsletter, twitter, facebook, linkedin,…) to see the marketing first hand for themselves.
5. Set the Technology. Provide a demo of the software technology used by your brokerage. Show each agent how the technology will help them with leads, clients, documents, appointments, to do items, closings, etc.
6. Send the Email. While it is common knowledge that brokers are looking for agents, do not wait for agents to contact you. Send a short email inviting the agent to lunch, coffee discussion, short office meeting, etc. As you talk with each agent, you’ll be checking for the fit with items 1 – 5.
Selecting agents that matches your market focus and business growth strategy, put you and the agents on target for increases in sales, revenue and profits.