How Do Brokers Attract More Agents?
We know that the real estate industry isn’t for the faint of heart. It’s competitive, it’s fast and it’s easy to become discouraged — it all makes sense why the agent turnover rate is so incredibly high. One anecdotal report states that the agent turnover rate is a whopping 88%. If there is one thing that brokers can do to attract more agents, it’s to recruit better and actually retain talented agents… Okay, so maybe two things.
These two areas seem to be on two very different playing fields, but recruiting and retention actually go hand-in-hand. In previous years, the initial strategy for how to recruit agents was simple: it’s all about the money. The higher the commission split, the higher the attraction, right? Well, not so much anymore. Today’s agents are looking for an overall good fit — yes, the paycheck, but also the culture, the available tools and technology, the team, the reputation, and more.
Essentially, the company culture that you created to retain your agents is also what attracts them. Below, our team offers a comprehensive review on how your brokerage should look at everything from your company culture to how you set your brokerage apart.
Create a culture that agents want to join
Step one to attracting top agents: be known for a positive culture that they actually want to be a part of. What makes your brokerage unique or different? Maybe your brokerage offers incredible agent support like countless tools to simplify their job. Or maybe you’re known for the incredible video capabilities or drone footage in order to showcase online listings. Either way, your brokerage needs to capitalize on your uniqueness to attract the wandering eyes of other agents.
One cultural aspect to consider is whether your brokerage offers a team approach. Many agents are attracted to a team atmosphere since it might lessen the workload, and a single agent gets to focus more on what exactly they like to do or are individually good at. For an agent who excels in the marketing or social media realm, but doesn’t naturally enjoy the pitch to sellers, he or she might prefer working in a team atmosphere. Think more than just offering a team atmosphere though — how will you ensure that your teams do well? Be well-known for how you support your teams with resources like tools and trainings.
Maintain a positive reputation as a broker
Reputation goes a long way as a broker. At the bare minimum, consider — how does your community view you? Are you a large enough presence in your local community and among homebuyers and sellers to even attract more agents? More specifically, your reputation should be stellar when it comes to supporting your real estate agents.
Lead with technology
Here’s what you need to know — agents want a broker that will help make their job easier (don’t we all?). As the industry continues to evolve, agents will gravitate towards brokerages that are tech-friendly. Ensure that your brokerage has a reputation for being forward-thinking and open to new technology and opportunities. Tech like Zipi offers streamlined workflows and a central hub for you as the broker but also the My Business Agent Portal that equips agents with access to their very own Zipi OS (operating system). Agents will also be able to integrate their go-to CRM in Zipi’s open API. You want your reputation to be in the future, not dying in the past.
Mentoring and career development opportunities
Agents, especially those who are younger, want guidance and support in their real estate endeavors. What reputation does your brokerage have here: one that develops your employees or one that doesn’t take the time to coach up agents? Employees, we’re talking beyond just real estate agents, want opportunities for career development. In fact, one-third of North American workers say they are stuck in just a job and not a career path.
The highest quality agents want more than just a slot as an agent within your brokerage. They want a career where they can grow. Invest in your agents — teach them and provide the tools they need to run a business, track and understand financials, how to replicate their lead gen processes, etc. Essentially, your agents need to know how to stay in business. Not only will you attract agents to your brokerage, but you keep the best ones around as well.
Keep Millennials in Mind
Millennials are the up-and-coming real estate giant. They’re currently the largest demographic of homeowners and are joining the industry with new skills. They grew up with technology all around them, are social media savvy, and familiar with the latest technology making them quite an upcoming force of real estate agents. Knowing how powerful the Internet is at helping homebuyers to find properties, you need this generation of agents in your brokerage. So, how do you attract them? Here are a few tips to keep the millennial generation in mind.
- You need a modern website that has to showcase your understanding of current technology and Internet expectations. Without an SEO (search engine optimization) strategy, your website is missing out on all the potential organic leads from Google or other search engines. If the agent can’t find your website easily, well, now they know a potential client can’t either.
- A solid social media presence on platforms including networking giant, LinkedIn. Likely, a millennial realtor has a strong hold on social media and uses its reach for promoting properties and securing clients. Can your social media skills and reach help them in their job, or is your brokerage not even on their radar?
- Great video technology tools attract any agent, let alone millennials. However, investing in high quality video footage easily sets your brokerage apart as having a bright future. The most forward-looking brokerages are investing in drones and videographers to help put together the greatest property overview possible. We can tell you this — if your videos of listings are catching the attention of potential buyers, they are catching the attention of great agents.
Zipi is the Real Estate Operating System (OS) that aims to make real estate simple from agents and deals to commissions and billings. Request a demo to get in contact with one of our expert team members.