Recruiting and Retaining Younger Agents: 6 Tips for Success

Agents are on the hunt for greener pastures, according to the NAR. A full third of Realtors started at a new brokerage in 2015--up a whopping 67 percent from the previous year.

So why are agents moving? It may have something to do with changing Realtor demographics. Just a few years ago, much talk revolved around the dangers of agents "aging out" of the industry with few younger agents available to replace them. In fact, recruiting younger agents was brokers' top concern in 2013, according to that year's Thought Leader Survey from Imprev.

However, the average age of Realtors has decreased every year since 2013 as younger agents enter the industry. The amount of Millennials getting their real estate licenses has likewise increased. But this is a generation notoriously known for "job hopping." So what can brokers do to recruit and retain this group of agents? Here are a few tips that can help:

1. Use effective lead management systems - 'Closing more deals' or 'getting better leads' often tops the list of reasons that agents switch brokerages. When recruiting agents, talk about the lead generation systems you use and how you help agents nurture and convert those leads. What methods do you use--social media advertising, retargeting, search portal marketing, etc.--and how easy are they for agents to leverage? Be ready to offer hard numbers on how many leads can agents expect per month from your systems.

2. Talk lead quality - Quality of leads is arguably more important than quantity. No agent wants to waste time on leads that are unlikely to convert. So in addition to talking about what systems you use, talk about why. If you, say, advertise on realtor.com® instead zillow.com, tell potential recruits it's because realtor.com® leads are significantly more likely to convert than leads from other portals, according to PAA Research.

3. Make agents the focus of your marketing - If your firm provides marketing collateral to your agents, make sure that the agent's branding is the primary focus and that the brokerage's branding is secondary. Their name and contact info should be the focus of postcards, ads, drip emails. After all, consumers sign up to do business with a particular agent. Attract and retain agents by showing that your intent is to support them in growing their business. Their success is your success!

4. Help agents prepare for the transition - Any agent worth recruiting will have a lot of digital assets that needs to be transferred or rebranded. Help agents with the transition by offering a list of things they should do to ensure a smooth switch. This includes everything from exporting contact data to updating broker branding on their website, social media, business cards, and more.

5. Have an onboarding process in place - Once an agent has agreed to switch to your brokerage, the key to keeping them around is a strong onboarding process. Teach them how to work the systems you have in place and show them how success is possible with those tools. Regularly touch base with new agents during their first year to make sure they're taking advantage of all the systems you offer. Additionally, tools like Connection(SM) for Co-Brokerage and FiveStreet allow you to track how agents work their leads--so you can offer advice as needed.

6. Offer ongoing training - Agents need to know that you've invested in their success. Offer them regular opportunities to improve or develop skills via training sessions, webinars, one-on-one encounters, and beyond.

Brokers who are looking to build their recruitment and retention efforts should emphasize the value that their technologies and systems offer, particularly when recruiting Millennials. This is a generation that is not just comfortable with technology, but reliant on it. Show them how the tools you provide contribute to their success.