How to Attract Talented Real Estate Agents
"Great vision without great people is irrelevant."
Great agents are often hard to come by and you might spend more time recruiting than you really want. To minimize resources lost on recruiting, it’s best to take a strategic approach. First, you’ll need to be crystal clear about the type of agent you’re looking for. Then you’ll need to figure out how to attract that type of agent.
Let’s have a more in-depth look at these two aspects:
Define the type of agent
Firstly, you should ask yourself what kind of agents you’re looking for. Take some time to write down what you want in very precise terms. If you don’t you’re unlikely to find that specific agent who fits your brokerage perfectly.
For instance, are you looking for someone quite experienced, who might demand a higher commission, or someone junior, who is cheaper but needs a lot of training and help to get started,
Also think about how this person will fit in your company culture. What kind of person is more likely to implement your vision and to carry out your values?
Based on this thought exercise, you should write your job ad. Think about the job from their position. What is in it for them? How does your vision help them succeed and become a better real estate agent?
To read more about how to work on vision and values, check out this post: Creating the Vision and Values of your Real Estate Business.
Attract the agents you want to work with
Once you’ve determined who you want to work with, start thinking about how you’ll attract them. Here’s a few places to get started.
To make sure your commission structure is up to par, have a look around and see what the competition is offering. Don’t be afraid to experiment with different commission structures and always stay open to negotiating with new agents.
It’s also a good idea to have different commission structures in place for different types of agents. For instance, an experienced agent will have different requirements from you (e.g. they may need less training) and that can be reflected in the commission structure you offer them.
A good tracking system doesn’t only allow you to have a good overview of your business and run it according to your overall strategy. It also help you recruit the best agents.
Any agent who is looking for a place to hang their license will likely be looking for a brokerage that’s well organized and helps them improve.
To make the decision easier for them, it helps for you to have the back office systems that make the agent’s life easier. This way, their admin won’t cost them any more time than strictly necessary. This is a major perk, and will be something agents look at in any competitive job market.
Making your brokerage too hard to resist doesn’t have to be hugely expensive, but you will need to invest some time to make sure what you offer is attractive to potential high flyers.