Residential Real EstateWhat Is The Future Success Of Your Office?
Who are your future recruits? They"re sitting in their current miserable jobs, punching a time card, wondering if their watch will be gold or silver when they retire, and they are continually uninspired in the top-down environment of Corporate America. Many are not even fortunate enough to be concerned about the watch, their focus is on whether they’ll will even survive the next round of cutbacks. Then there are the more fortunate, these folks who have enrolled in real estate school with a great career ahead.
Why are they so critical to your future success? Here are a few examples.
Our industry has a natural attrition that you surely acknowledge. Maybe your office has little to no turnover, but look again - what is the average age of your agents today? Are they going to sell real estate forever? Do you have a steady stream of experienced agents joining your office? A huge part of your company growth is from the bottom up, so what kind of push are you generating into your environment with new agents?
Recruiting is a great opportunity to increase your retained company dollar through productive new agents. The fair and equitable financial relationship with a new agent is a lower split. This is the simplest solution to increasing company dollar if you have a productive training program that supports new agents.
Many brokers don’t want new agents because of the time and energy involved in support and training. But these same brokers were once new agents themselves. Did someone support them in the beginning? Isn’t it their responsibility to do the same for others, pay it forward? Real estate isn’t a job, it’s a lifestyle, that can enrich those who pass along their knowledge and experience to others.
New agents can drive conversion rates in mortgage, title/escrow and other services your company offers out to the consumer in ways that your old-timers don"t. Remember when your company rolled out mortgage, title/escrow and other services? Did your agents end their current affiliate relationships and start using the company services? Many didn"t and have no intention to.
You won"t pull agents from their existing business relationships just because you now have a similar service. When was the last time you told an agent they had to do something, and they did it? Growing capture rates doesn’t quite work that way. You have to make this part of the new expectation when interviewing new agents while educating them that this is what the consumer expects. Over time you will create a subculture that will take over the existing culture, driving capture rates through the roof.
Highly productive new agents will inspire the experienced agents. Have you ever seen the new agent who comes in and sets the world on fire? Of course you have. Let me tell you what this does for the rest of your office. Naturally there is jealousy from the nonproductive agents, but this is good. If you manage the nonproductive agents appropriately through this process and use this as a vehicle for inspiration you will have a more productive office because of one new successful agent. If managed inappropriately, you are going to end up with a “red ant” or a group of “red ants” because their “lack of productivity” has been “found out” by the new agent.
How about the productive agents? How will they feel? You’ll be their hero, top producers aren’t inspired by nonproductive agents that complain all of the time. Bring a couple of new agents into your office and get them productive now, notice the respect you will gain from your top producers and the productivity level your office will experience.