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5 Don'ts to Help You Recruit Agents This Selling Season
Recruiting is a constantly changing field, especially in the highly competitive real estate market. How do you stand out? Attract the right agents? Convince them to join you? This selling season, let's take a look at five don'ts when it comes to recruiting agents for your real estate brokerage.
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Hiring a Gen-Z Intern May Be the Best Thing You Ever Do for Your Business
There comes a point when your company is bringing in more business than you can manage on your own. That's when most people start hiring help or looking for a business partner. Another option is hiring an intern. A large portion of Generation Z are graduating high school and working their way through college. As they do, they'll be looking for job experience and career opportunities. They'll likely make up the bulk of your intern candidates. Members of Generation Z were born from the mid-1990s to the mid-2000s and make up approximately 25% of the U.S. population. They grew up surrounded by advanced technology and are the most social media and tech-savvy generation yet. If there's a technological aspect of your business that could use some help, a Gen Z intern can probably help.
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Lone Wolf's New CEO Jack Blaha
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Brokers: Does your real estate tech stack really help recruit and retain agents?
If you ask real estate brokers to list their primary pain points, their answers will converge around three things: recruiting agents, retaining them, and keeping them productive. These broker challenges are, of course, fundamentally linked. If you can't attract top agent talent and keep them productive, they'll leave, and you will never grow a thriving business. In fact, the average stay for agents at their current brokerage is just four years, according to NAR. You read that right: as a broker, you have just a few years (if you're lucky) to keep agents around before they jump ship.
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7 Real Estate Job Descriptions to Hire an All-Star Team
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Why the Idea of Recruiting Isn't What It Used to Be
"There used to be a time when you could smoke in the office. There used to be a time when you could work nine to five. And there used to be a time when if your organization had a job that it wanted to fill, it would put up a posting, and people would line up, wanting to take that job." -Jacob Morgan A few weeks ago, I was watching a quick clip from a TED talk when the speaker said this. It really resonated with me; especially when he continued to explain that these people, lined up, waiting for their nine-to-five job, would wait their turns to show off why they should work for that company. It's true that our industry used to be like this. But we shouldn't expect that it's like that today.
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The Importance of Quality Agent Onboarding for a Successful Team
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5 Key Recruiting Insights for Real Estate Brokerages
Not too long ago, Engel & Volkers released its State of Real Estate Recruiting Insight Report with a plethora of interesting information for broker/owners across the continent. The goal of the report? To survey residential real estate agents to see just how satisfied they are with their brokerages, as well as what would make them move. So what did those agents say? Let's have a look at some of the key insights and what they mean for you.
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Why You Should Hire a Social Media Manager
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Success Breeds Success: How One Leader Builds Up His Agents
Dan Lee is a team leader and broker unlike others. "I don't consider myself a savvy businessman," he says. "I consider myself as someone who took the responsibility to provide for everybody else's livelihood." Lee's focus on cultivating his agents' success has led to his own success in retaining and recruiting top salespeople. In this interview, Lee shares his approach to keeping agents happy, why he doesn't hire until he has leads for a new agent, and why he's never had to fire an agent. Read on to learn more!
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Retention Expert Offers 13 Ways to Keep Top Agents
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Is eXp Realty Taking Your Agents?
eXp Realty is an agent-owned cloud brokerage. It is quoted as one of the "most innovative real estate companies in the world" by Inman News. At eXp, there are no desk fees, no royalty fees, and agents get to keep somewhere around 80-100 percent of their commissions. What's more is they offer every single agent the opportunity to buy into the business and become a shareholder. A "we're in it together" mentality, surely leaning towards trying to make traditional brokerages look bad. Never heard of them? They're kind of a big deal. They're listing agents for properties like these, so you can bet their agents know what they're doing.
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How Data Can Change Your Real Estate Recruiting Game
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Why You Should Always Be Recruiting Your Existing Agents
Recruit, recruit, recruit. Getting new agents through the door is the number one thing on every brokerage owner and manager's mind, but does it deserve that top spot? While it's a major pillar of every brokerage's survival plan, we argue there's another aspect of recruiting that deserves the number one slot, and that's existing agents. An agent only spends four years at a brokerage on average. How many of your agents are coming up on that four-year mark?
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Recruiting Trauma: Ghosting at Work
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Why You Need an Open-Door Policy Right Now
In their latest round of funding, OpenDoor scored $325 million in funding. Late last year, SoftBank invested $450 million into Compass. VC money is alive and well, and it's found a home in real estate tech, pouring into the industry. And as we all saw at Inman Connect this month, the competition is as hot as five-star Thai food. It literally hurts to digest.
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3 Things You Should Never Do When Recruiting New Agents
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Defend Your Brokerage Fortress: The Solution to Margin Compression
As we all know too well, there's a feeling of impending doom when it comes to the future of dollars retained by the brokerage. Brokerage margin compression has been accelerating in the past few years especially, but no one seems to be discussing legit ways to battle it. And last I checked, hope is not a strategy. Here's what the retained company dollar average for brokerages across the nation looks like over the past several years, according to the Gathering of Eagles event:
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Friday Freebie: Broker's Guide to Recruiting and Retaining Top Agents
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Recruiting 101: What Agents Really Want
With new brokerages entering the market with aggressive recruiting strategies, brokerages are universally placing a lot more weight on the importance of recruiting. It's easy to spend a lot of cash winning over agents, but we believe the key is to focus on what really matters. What do agents actually want? As you review this list, you'll notice we don't talk about commission splits. You already know commission splits are important to agents and we're sure you're doing what you can to offer competitive compensation. Here are some other things that agents are looking for when comparing brokerages.
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Friday Freebie: The 27 Words that Will Revolutionize Your Recruiting Strategy
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3 People Who Should Absolutely Consider a Career in Real Estate
Do you know someone who wants to break free of the nine-to-five, set their own hours, and be their own boss? A career in real estate may be just what they're looking for! To become a real estate agent, you just have to be 18 years old (19 in some states), be a legal US resident, complete prelicensing education, and pass a licensing test. Some people who may excel in real estate include recent grads, parents, and people coming from a second career.
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How RE/MAX Integrity Overhauled Its Recruiting Success Rate
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A Top Real Estate Team Shares Their 3 Keys to Success
The Kevin Blain Team closed 1400 transaction sides last year--their volume was over a quarter BILLION dollars in 2017. With 18 years in real estate and 75 team members, they're the number one team in California, according to Real Trends. So what are their secrets to success? They shared their approach to customer service, recruiting, and lead generation in recent interview with realtor.com®. Here's a transcript of the conversation: Customer Service You worked hard to establish your name and reputation over the past 18 years and to grow your business. Your team in itself is now larger than some real estate companies. How do you keep that high quality relationship going when you are managing 1500 transactions? Are the customers expecting you to be personally involved? How do you maintain that level of quality and care when delivering through a team? To be able to offer the same level of service with that many transactions we have specialists in place—there are sales specialists, listings specialists, support team specialists. With each having a defined role, it has allowed us to keep a high quality relationship with each of our customers. We have an expression: one client at a time. Each client gets individual attention; that's how we work. Recruiting How do you recruit team members that give you that level of professionalism? We are always looking looking for talented agents. We recruit here in Central California and we look for three things: integrity, attitude and intelligence—and maybe four, as I like to throw in energy. Bringing to the team the quality of service the right people will provide gives us what the customer is looking for. You may ask if the customer is looking for me to be personally involved and the answer is not usually—they expect the same quality of care as if I was. As long as the specialists on the team are delivering that, we will get a five star rating. And what are the agents you recruit looking for in return? What is your value exchange? When they look at our team, we need to exceed the value of what other companies may offer. We have the best support staff—a listing coordinator, a transaction coordinator, sign people—and we have the best training. They are getting training from the number one team in California. When they walk into a listing appointment, they can say that their team is the top team in all of California. We add value by providing leads—internet leads and from other media. Those leads do provide value. Here is a true example: We had an agent who was just starting on our team and after just 60 days in real estate, had closed five and had eight more pending. That does not typically happen, but it shows these leads can help an agent get off to a good start. Lead Generation We understand you have worked with realtor.com to bring in more leads for your team. Do you introduce your lead program when in a recruiting discussion? They bring it up—they know there is value in being on the team. They know there are several ways of getting business and one of those is online leads How have the leads from realtor.com contributed to the growth of your team or your plans to grow? About two and a half years ago, we started our inside sales department and that's when we started to purchase online leads, including realtor.com leads. From there, we have been able to expand to four counties in the Central Valley of California. When you are working with online leads, you need to respond quickly and have the wherewithal to follow up. We know it takes eight or nine contacts to have someone convert to become your client. If that work is not put in, then you may as well not purchase leads. We plan to engage up to 12 times knowing the conversion tends to happen after the eighth or ninth attempt. These are viable people and they get busy, so you have to call or contact them and they will finally respond when it is most convenient for them. What do you do to make sure that the investment you make in leads is not wasted? How do you track what actions are taken with them? I check numbers weekly with our inside sales dept. I look at lead measures every week so there is accountability on both sides. As I see them come in, I can see the follow-up efforts and appointments set, and address any issues if the follow-up is not happening. Is it all worth it? After investing your time and capital in realtor.com leads and following up, what kind of return are you getting on your investment? We get a good return on our investment and we work every day, every week, every month to get better. If you hear complaints that the these leads are not good, I don't believe that. What we have seen is that if we are doing our part to mine these leads and to provide good customer service, then they do pay off. We are continuing to enlarge our territory and go into new locations with online leads. Without them, we could not have made this happen so quickly.  
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Friday Freebie: Broker Success Kit for Recruiting and Retention
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A Broker's Recruitment Success Story
A conversation between Kevin Johnson, OneBlue Broker/Owner and Bondilyn Jolly, eMerge Founder and CEO BJ: The growth story behind OneBlue is really amazing, Kevin. Not only have you successfully introduced a new real estate brand into the Orlando market, you've also recruited a large number of agents in just a few months. What's your secret? KJ: I'm very focused on the concept of building "mindshare" with my sales and marketing efforts. If I ask you what company has a green gecko as their mascot, you'd tell me Geico. Why? Well, they have done a killer job of building mindshare with you. You may not be a customer of theirs or even in the market for insurance, but when you are in need of insurance, they want you to think of them. I'm taking the same approach with what I call the 1-2-1 punch. BJ: Great analogy. Let's dig into your 1-2-1 approach, specifically in regards to your agent recruitment.
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ShowingTime's MarketView Broker to Compete with BrokerMetrics, TrendGraphix and Collateral Analytics
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This Brokerage Does Onboarding the Right Way
Some brokerages just get it. They embrace change. They prepare; they future-proof their brokerage. And they totally rock agent onboarding. William Raveis is a shining example of just that.
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3 Ways to Get Top Talent to Join Your Team
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The Secret Broker CRM You Haven't Heard Of (Yet)
There are certain real estate tools that we subconsciously tend to associate only with one segment of our industry—a back office app that's aimed at small brokers, for example, or a vendor that provides websites primarily to agents. So it's a pleasant surprise when we discover that a solution that we thought was only for one group can also serve another. Today, we're looking at one such tool. IXACT Contact, a CRM highlighted in our 2017-18 Technology Guide, has historically been an agent-only solution. For years, the company's customers were real estate agents whose brokers either didn't provide a CRM, or didn't offer a CRM that the agent wanted to use. That's all changed, however. IXACT Contact now offers a brokerage version of their CRM that includes features like:
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The Ultimate Recruiting and Retention Strategy for Brokerages
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The Importance of Quality Agent Onboarding for a Successful Team
The real estate profession is unique when it comes to joining a new brokerage or firm. Unlike with traditional job onboarding, there is a combination of requirements to be successful as an agent. New agents need a thorough and effective onboarding process. Many new real estate agents drop out of the industry simply because they didn't receive proper training when they started out. Here are a few tips for how to improve the onboarding process for new agents.
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[VIDEO] How to Delight 91% of Your Agents and Sellers without Lifting a Finger
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Recruitment Lessons from Obi-Wan Kenobi
In the summer of 1977, I waited outside a movie theater with my best friend, Raj, and the other members of our Cub Scout troop. The line was long and excitement was high. Our group had never been to the movies together and, today, we would see Star Wars. It was the first movie I wanted to see more than once and did. There was no way of knowing I would one day write a blog post about the lessons Star Wars can teach us about recruiting, and yet here we are, and this is that post.
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How to Recruit the Best Agents for Your Real Estate Firm
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How to Compete with Big Signing Bonuses
The competition is heating up in real estate. Inventory is tight, agents are competitive, and brokerages are desperately trying to recruit. With a new generation of agents in the real estate world, the way in which successful brokerages approach recruiting has taken a significant turn.
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3 Clear-as-Day Signs It's Time to Hire an Inside Sales Agent
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Three Hard Truths About Building Your Brokerage
Real estate is hyper competitive; everyone knows that. According to the 2012 Economic Census, there are 86,004 real estate brokerage firms operating in the United States. This means you have competitors around every corner vying to overtake your market and your business. However, one of the biggest mistakes you can make is focusing on your competition. Successful brokers focus on determining their own strengths and figuring out how to build a solid foundation for their agents and clients. Forward-thinking brokerages are moving in the right direction because they're aware of these key facts:
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The Real Estate Recruiting Questions Checklist
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3 must-ask questions when hiring an inside sales agent
Telemarketers. Virtual assistants. Lead scrubbers. There are many terms used to describe "inside sales agents," an industry role that has taken off over the last few years. But few of these descriptors fully encapsulate the role of an inside sales agent (ISA), which is to: Respond to inbound calls or online leads promptly — before they move on to another agent or real estate source Talk with prospects and leads to determine their likelihood of buying and selling Nurture these contacts until they are ready to talk directly with an agent Track engagement and develop a deep relationship so the transition from ISA to agent is smooth, personal and conflict-free As you may expect, not all ISAs are created equal. Some have strict rules and limitations, while others work to become a part of your team's culture. Some simply track their engagement while others make sure to alert you immediately if they talk to someone who they've determined is a "hot" lead. Below are three questions to ask yourself when hiring an inside sales agent to work for your business or team.
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How to Use Social Media to Find New Agents
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The Only Metrics That Matter to Your Brokerage
As a broker-owner, you are concerned with your top KPIs (Key Performance Indicators). But despite best efforts to measure and analyze important metrics, you may be missing a big piece of the pie. The top two metrics that matter to a brokerage are agent recruitment and retention. Indiviual agent performance metrics are irrelevant if you can’t keep good people on board. Your job is to recruit self-motivated top performers that DON’T need to be micro-managed. We all know the real estate industry is a highly competitive marketplace, so how do you find and hire successful agents while also keeping your star players from switching to another firm? Glad you asked!
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Does Your Accounting and Commission System Help You to Retain Agents and Recruit New Agents?
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Big Brokers Need to Stake Their Claim or Risk Annihilation
The start of 2017 has been like no other in real estate. We have just completed our cycle of strategic planning for brokers in real estate and every large broker is facing the same issues. Remember the folklore about the dodo bird? The species lived in a world that was so plentiful, it lost its ability to fly. In the end, that was its undoing. If large firms are not careful, they could walk off the same cliff. Small Firms Are Out Recruiting Large Firms Large real estate firms have become easy recruiting targets for small firms. The big guys have lots of business rules and lots of normalization of around commissions. They have lost a lot of their agility, and are compensating by accepting less broker dollars. Most of all, very few have adopted the requirement that managers have 40 recruiting meetings a month. This is easy to fix with focus. Focused on Lead Generation Instead of Listing Generation The biggest ask from real estate agents today is "feed me leads." In truth, leads are typically buyer leads. Sure, they are nice to have. But what agents really need is listings. Large firms that leverage their historical data can design programs that drive seller lead generation. They can monopolize on new home development. They can leverage their mortgage customers, title customers, and property management customer databases to stimulate listing appointments. Large firms have so many unfair advantages that small firms only dream about.
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The Top 3 Things Brokers Can Do to Rock 2017
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Should Brokers Do REALTOR Background Checks?
Too often, brokers and managers get caught up in recruiting goals that they skip some basic best practices – background checks, customer satisfaction checks, etc. Perhaps agents should be checking out the backgrounds of their broker, too. Last month, Todd Kohlhepp, a real estate broker, was linked to seven murders and a kidnapping. Todd was the broker in charge of TKA Real Estate. Inman news reported that the guy had spent 14 years in jail for kidnapping a 14-year-old girl. Of course, his agent ratings on popular listing syndication websites gave glowing reviews. (He has since been removed from those sites). Research Production This case points to some good fundamentals about proper recruiting. You may want to start out by building a target list of agents to recruit. Just as agents focus on customers, brokers should focus on agents. BrokerMetrics® from Terradatum and Trendgraphix are both good for this. You can see things like historic transaction history, how many brokerages they have worked for, transaction dollar volume, transaction location, etc. There is a ton of intelligence available. Do your research. Recruit Around Culture Consider the cultural fit. I recently did a research project to look at agent profile pages on a broker website. We took stock of the brokerage culture that we could glean from simply looking at the headshots of agents. Diving in deeper, we looked at the profile of office managers and how they looked relative to the agents they recruit.
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When is it Time to Hire Marketing Help for Your Real Estate Brand?
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Real Estate Recruiting and the Power of Belief
Do You Believe in Magic? As you turned the pages, you imagined you were actually in the great dining hall at Hogwarts, watching the magical Sorting Hat place first-year students Harry Potter, Ron Weasley and Hermione Granger into Gryffindor. The adventures played out and the personality of the characters pulled the reader in, often causing them to stay up way too late to read "just one more chapter." Many fans read the entire anthology of Harry Potter aloud to small children, even changing voices for the different characters from the high-pitched voice of house elf Dobby to the low bass of Hagrid and the elderly, solemn bravado of Dumbledore. Even now, we hiss the name "Snape" and chills might hit our spines when we think of Nagini, the snake belonging to the villain "who must not be named." It all started when author J.K. Rowling believed in a young boy born with wizardly powers. Rowling imagined a majestic castle that held the Hogwarts school for wizards. She created the characters and creatures in her head then allowed her story to unfold on the pages. Only because J.K. Rowling believed first did millions of children and parents get to believe in the magic of Harry Potter, too. This boy named Harry Potter would make believers out of anyone who read, heard or watched his story. The Harry Potter series was fictional fantasy, as far away from facts and history and real people as one could get. Telling the story in beautiful detail and making the readers believe they were part of this adventure was critical in Rowling building a loyal fan base for her work. Rowling's Harry Potter stories attracted legions of fans around the world, many of them young children who waited outside bookstores with each new release for the opportunity to read a full-length book...without pictures. Think back to when you were a kid — how many 700+ page books would you have read?
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The Value of Your Value Proposition
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How Deeper Market Insights Can Give You the Competitive Edge
Your MLS is full of market data that can help you get a leg up on competing brokerages in your area. However, this data is not always accessible in your MLS system. To leverage this data, you need more sophisticated tools than your MLS may offer. This week, we're taking a closer look at one such tool that's highlighted in our 2016-17 Technology Guide--or, more precisely, we're looking at three tools from a single company. Terradatum offers innovative analytics solutions that help real estate professionals leverage market data for everything from marketing to pricing listings to agent recruiting. We've talked about each of these three tools previously, but here's a rundown of what each offers and how brokers can use them in their business. BrokerMetrics: Recruiting, Analyzing the Competition, Tracking Trends What can a potential recruit bring to your firm? BrokerMetrics can tell you by tracking their listings, sales, areas of activity, price changes, and beyond. What kind of return on investment are you getting from your current agents? BrokerMetrics can tell you that, too, and offer precise insights on how your agents are performing. This tool can also show you how your company is performing compared to the competition by offering insights into market coverage broken down by office. Want to learn more about the trends impacting the market as a whole? Get precise numbers on changes to the market by total dollar volume, total unit volume, median price, DOM, and commission. Watch the video below for a brief overview:
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Recruiting and Retaining Younger Agents: 6 Tips for Success
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CRM Tools Solve the Problem of Agent and Client Retention
Real estate brokerages waste valuable growth opportunities by over-focusing on new client adoption and agent recruitment instead of implementing solutions for the retention of both. Industry research shows that repeat clients spend 67 percent more than first-time clients, so agent and client turnover reduces a brokerage's potential return-on-investment (ROI) for marketing and training dollars. The key to capturing these high yield sales is enabling agents to efficiently communicate with clients throughout the sales process and beyond. A Customer Relationship Management (CRM) solution significantly boosts the ability of agents to foster long-term relationships, driving repeat—and more profitable—sales. The potential benefits of an experienced agent's digital rolodex, or CRM, cannot be understated. Given that 80 percent of buyers would use their agent again or refer their agent to others, an agent doesn't have to engage in costly marketing tactics to convince prospects of their value—they've already proven it. Agents who have been with a firm for a number of years have cultivated a broad network of the most fruitful prospects. Since client acquisition costs five times more than retention, it makes business sense to provide a targeted CRM tool for agents to maintain positive client relations before and long after the sale, with the added benefit of acquiring additional new referrals.
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Brokers: How to Automate Just Listed Ads for Real Estate Agents
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How Much Does It Cost to Recruit an Agent?
The National Association of REALTORS® hosted a Power Broker Roundtable and their recent topic was about agent recruiting and training. What I really like about the large broker roundtable is that you typically get some relatively pure information. I think that is the case here. The roundtable members for this discussion included representatives from some of the finest brokerage operators in America – Nick D'Ambrosia, Broker of Record, The Long and Foster Companies; Lennox Scott, CEO of John L. Scott Real Estate Seattle; Chad Ochsner, Broker/Owner of RE/MAX Alliance Denver; and Linda Sherrer, President and CEO of BHHS Florida Network. By rough count, they represent well over 100 offices and over 10,000 sales associates. When it comes to recruiting, I think they have it down. There were two data points that I extracted from the conversation. First, they have dedicated recruiters. In parlance, Chad Ochsner has three full time recruiters who delivered a net gain of 50 agents this year. That is the first data point. If you have a full time recruiter, you should expect that they deliver between 15 and 20 agents a year. Many real estate brokerages put the responsibility of recruiting on the shoulders of the broker owner or the office manager.  In many cases, that may work out just fine. But in other cases, you may need to recognize that recruiting may be a weakness of an individual in your firm. If that is the case, supplement that weakness by hiring someone who is an expert, or assign the responsibility to someone else.
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CRM Impact on Recruiting and Retaining Agents
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How SEO Can Help Recruit New Agents
Attracting the right agents is critical to the success of your real estate business, and that starts with providing the most relevant, current tools for generating new business. Today, most home shoppers start their search online, even before they connect with an agent. That search process ultimately connects shoppers with their agency of choice, and the agencies at the top of the search rankings don't earn that prime position by accident. They do it through search engine optimization (SEO), and a strong SEO strategy will also help you attract the tech-savvy agents who thrive in today's real estate market. The team at Delta Media Group has extensive experience in the world of real estate SEO, and we've put together some tips to help you understand more about how this vital marketing tool will help you attract the best agents for your business. Real Estate SEO: A Match Made in Marketing Heaven We're going to spend most of our time on how the marketing benefits of SEO will help you offer an appealing package to agents, but let's start with a practical matter. Your website surely includes some promotional materials geared toward potential agents, so SEO will also help connect you with agents in your area who are looking for new real estate employment opportunities. When your agent-geared content is optimized for search, it's easier for the best agents to find you, as well. When it comes to helping your agents attract clients, SEO is now a necessity. Getting it right requires an understanding of how shoppers search for homes, and expertise in how search engine algorithms work.
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The Best Kept Secrets for Agent Retention
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Sotto Voce: Broker Recruiting and Retention Lessons from the Streets of Brooklyn
One of my favorite people in real estate is John Reinhardt of Fillmore Real Estate based in Brooklyn, New York. I am not sure why, but everything competitive in the New York City area seems amplified. Like his peers, John is always building his business, one great agent at a time. Among John's favorite recruiting lessons is the spot. In John's case, his spot is Peter Luger's Steakhouse. "It is the one place that agents cannot deny a free meal." John is a recruiting machine – among the best in the business. The last time I sat down with John, I shared a story about a phone call that I received from an agent. In this case, the agent shared that her brokerage of 20 years had just been taken over. She was very uncomfortable with the new owners, so she split out with some other agents that started a new firm. The one thing that she did not contemplate in the transition was the loss of the transaction manager, the loss of the broker website, the loss of her listing presentation, and so on. And, although she did not mention it, probably a loss of her office friends. My sixth sense told me that this agent was having a case of buyer's remorse. The decision to join the new brokerage was emotional. Now that reality has set in, the agent was rethinking her decision. It occurred to me that if her old broker had called her back that day, she would have promptly returned to her old office, back to that familiar group of friends, and back to the tools that she knew how to use to service her customers. The soft call back – Sotto Voce. Change is Hard Real Estate agents hate change. They love new things, but they hate change. Change is hard work. Change is disruptive. And, whenever you change something for the better, you wind up losing something in the process. This agent lost everything that she had "set up" and was facing the consequences of rebuilding and relearning.
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The Three-Pronged Plan for Successful Real Estate Recruiting
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53 Ways to Grow Your Real Estate Team
You help clients buy and sell properties, and you know how important it is to have a good real estate team around you. But even though you've worked hard to build your business, there may still be tricks you haven't tried yet. We think we've uncovered some cool tips – as well as some regular ones – so read on to find out 53 efficient ways to grow your real estate team. The Members of Your Team 1. Get the right members for your team. The office manager, a real estate assistant, a driver (can be useful when showing clients properties where parking is difficult), a concierge (some offices have somebody who greets everybody), and others.2. Hire agents. Of course! These are special people, and they will make up the largest part of the team, so from here on we only discuss agents. Here are 7 tips on how to pick a real estate agent.3. Remember, you don't have to hire continuously. Some people are natural team builders, but for others it can be better to build a team slowly.4. Get yourself a business, not a job! Eventually you may have a team that is so good that you don't need to be there. Employee Selection Criteria 5. Aim for quality. Quality is better than quantity. The right people, well-motivated, will generate more real estate business than a much larger team of people who you might think twice about keeping on your roster.6. Hire slow, fire fast. People who don't accept the company culture (which may well be more work than they'd have to shoulder in other companies) need to get out... fast.7. Get the job done. The people you want on your team are people who are doing the business, not just talking about doing the business!
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5 Email Templates to Recruit Top Real Estate Agents
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Retention Strategies for Real Estate Brokers
The longer a sales agents remain with a brokerage, the less that brokerage has to spend on recruitment and training. Longevity also contributes to higher rates of homebuyer satisfaction, which leads to a higher rate of referrals. Retaining your agents is a strategy for growth, and it help will build a better environment for mentorship, learning, and better referrals. Finding the right talent that fits well with the company culture can be a huge investment of time and money, which makes retention all the more important. When you do it right, you can keep your top talent and see even better returns. Retention Starts When You're Recruiting You will have a much better shot at keeping your talent when you know what kind of talent you are bringing in. Recruiting sales agents is a careful process that should take some thought, planning, and strategizing. You don't want to take everyone who submits a resume. You don't even want to take everyone with a massive track record of sales. You need someone who fits with your company culture, who is looking for opportunities to grow in their profession, and who will take ownership of their role within the brokerage. As you start the recruiting process, focus on those who you know will positively impact your business.
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Are You Sure You’re Hiring the Right Personality?
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How Lazy Brokers Lose Great Agents
The Washington Post recently ran a great article about how Nike lost their endorsement deal with NBA basketball star Stephen Curry. It made me think about how brokerages lose great agents by doing a lot of the same things. First the story of Nike Nike is the market leader in professional basketball with 95.5 percent of the basketball sneaker market in 2014. They sponsored Stephen Curry with an endorsement deal that expired after the 2013 season. Here is how they lost. They showed up to the re-up meeting to renew Curry's agreement with a half-baked presentation. The agent pronounced his name wrong, and there was even a slide in the deck that was left over from their meeting with another star, Kevin Durant. Under Armour had signed Kent Bazemore, one of Curry's best friends, and he saw how they treated Bazemore as a star even though he is a swingman with limited time on the court. It opened the door for Under Armour to get a recruiting opportunity with Curry that led to signing him for $4 million a year. Then, Curry went on to become the best player in basketball and win championships like crazy. His current brand value is $14 million. Big win for Under Armour with a $10 million gain in marketing value, and a big loss for Nike.
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Who Should I Recruit and How?
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3 Expert Tips on How to Build a Successful Real Estate Team
Being a huge success in real estate can be much easier said than done, and sometimes a little help goes a long way. Surrounding yourself with the right team is crucial. Bill Pipes of the Tom Ferry team goes over his easy tips to build a winning team around your real estate business. Check out the 6:44 mark for his secrets.
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Friday Freebie: How to Attract and Keep Top Agents
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Maybe the Grass is Greener? Agents Switching Firms More Frequently for a Better Deal
In today's real estate market, so called "mercenary agents" are on the rise, switching firms in search of more deals and higher commissions. Many agents are constantly being recruited by and changing teams, joining competing firms in search of greener pastures. Why the wanderlust? Low inventory In hot markets, agents find themselves competing for dwindling listings. To put themselves at the head of the pack, many agents are for firms with a technical edge or other advantages. Commission rates Commission rates seem to be constantly falling, from 6.1% in 1992 to an average of 5.2% today. With newer agents in particular, by the time proceeds are split with the brokerage and other parties, their share ends up looking pretty spindly. Gaining experience and then moving elsewhere as a senior agent can offer a much better return – as much as 80-90% of commissions. Improved marketing support Leaving an agency with a miniscule marketing team in favor of a firm with a herd of support for posting listing and sending out materials can free up agent time.
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The Technology that Can Boost Agent Adoption of Your Existing Tools
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Who Do You Want on Your Team in 2016?
Just as we surround ourselves with loved ones around the holidays, so too we should think about who we should surround ourselves with at work--who we want on our team--in the year ahead. One of the best things brokers can do to build a strong business is fill their firm with top producers. This is easier said than done, however. To help you in your recruiting efforts in the year ahead, we've rounded up our best articles about recruiting from 2015. Use them as a map to boost your recruiting efforts in the year ahead. 1. The Right Recruitment Strategy for Long-term Success Trying to lure new agents with features, perks and incentive packages, or even prospective career growth data, may seem good in the short-term, but it is not the key for long-term success. In addition, savvy agents aren't buying these tactics anymore. So what is the right recruitment strategy? By building an authentic trust between yourself, your firm and your potential new hires, your business can grow on a cultural foundation intended for long-term success. 2. Recruiting or Retention of Agents?In a recent meeting I attended of broker owners, there was a question posed: What's more important in your business – Recruiting or Retention of agents? There seemed to be an overwhelming lean toward recruiting and it is hard for me to understand why. Are we overly concerned about getting people in the door to the detriment of the people already amongst us? 3. Step One on the New Organizational Journey Is the Talent SearchWith all of these trends, forces, and dynamics occurring within such a limited operational time, decisions relative to prioritization are likely to be especially difficult. The purpose of these comments are to support a recommendation that recruiting the appropriate talent to manage and inspire the new business model ought to be job one. A strong argument can be made to support the proposition that the single most important word in the industry vocabulary is going to be T-A-L-E-N-T.
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Building a Team for Your Real Estate Practice
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Agent Recruitment: How to Spot a Gem
Great explorers know how to find the hidden gems. As a broker, recruiting agents is much the same. How can you spot a gem from a fake? How do you sift through the sediment of a crowded industry to spot and attract gold? It helps to look for certain qualities, much like a gem hunter digs through and filters the rocks in search of treasure. If you see these 6 qualities, you know you've found a gem: 1. Personable and genuine. Many lists about sales personalities identify charisma as a key quality. But charisma, a "compelling attractiveness or charm that can inspire devotion in others," can also turn some customers off. Seek a personable agent – someone with warmth who can make a genuine personal connection, not just a dazzling first impression. 2. Driven – with a fear of failure. Top agents have an achievement orientation and they like to see reward for their hard work. But you might be surprised to hear that their drive isn't JUST about achievement. According to Psychology Today, "apprehension about failing, and attempts to avoid failure, can drive the pursuit of success." It seems that for successful people, fear of failure is a motivator. 3. Strong(er) under pressure. Pressure contributes to the quality and clarity of a gem. A top recruit has this same ability to get stronger under pressure. If a prospect can share examples of how pressure motivated him, he might indeed be a gem.
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5 Best Ways To Retain Top Talent at Your Brokerage
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Online Marketing is for Sellers, Recruiting, and Retention
It's November, the beginning of budgeting and planning for a successful 2016. WAV Group studies the online effectiveness of many of today's leading brokers and provides audits and advisory services on optimizing these programs. The true measure of online effectiveness is closing a transaction. Unfortunately, we have observed that closing a transaction is coincidental to online marketing and not a direct correlation. The relationship between an agent and a consumer is akin to dating. Both parties must be attracted to one another. There needs to be a connection and the development of things like trust and confidence. It's a dating game where decisions are based upon emotion rather than facts and numbers. If I were to build a lead conversion team for a real estate brokerage today, I would start by doing a personality profile to find the types of agents who are easiest to like and trust. Smoke that in your lead management pipeline. Obviously, this does not work for real estate because of the democracy of a brokerage culture. We are all equally qualified, right? If you agree that you cannot force a relationship between a willing buyer and a random agent who gets a lead, then you can position the process of online marketing differently. Online marketing is for sellers, recruiting, and retention. Online Marketing is for Sellers During a listing presentation, the agent explains that buyers always use the Internet in the process of looking for property. Your firm will place the property on all of those popular-kid sites. This is so easy to do and I doubt any seller would say, "Wow! That's amazing." So you need to do something different than blast listing syndication because everyone does that. Heck, it's a free service from every MLS in the nation.
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The Right Recruitment Strategy for Long-term Success
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How to Keep Your Team Happy
Just like a successful athletic coach, a good real estate team leader provides the right tools and training to help team members overcome obstacles, and sets goals that motivate everyone to perform at a top-notch level. But how can a broker or team leader keep everyone happy and invested in staying with the brokerage? "It's all about trust and respect, and whatever they need from me," says Sally Bowman, owner and team leader at Sally Bowman Real Estate in Cheshire, Conn. "It's like a family here." Bowman, like many other real estate brokers, has formed a team to help her business grow and to provide a higher level of expertise for clients. While growing up, her family owned the local Ace Hardware store, which she says thrived because employees were treated well and customers came to know the level of service they'd receive. That's how Bowman runs her real estate office today. Her team now consists of 12 agents, some of whom have been with her since she opened her own office in March 2009. But she's lost a few along the way. "I trained some really great agents a few years ago, and they were poached by other agencies. I admit, it's a sucker punch," she says. "You always have that fear, but you still have to put your all into helping those on your team."
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Three Requirements for Recruiting Millennial Agents
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Lure Big Fish to Your Brokerage
Take it from Paul Mayer: Big fish need a lot of room to swim. Several top producers have surfaced at his Hawaii-based brokerage, Elite Pacific Properties, and he gives them the freedom to explore oceans of opportunities to expand their business. One sales associate in particular, Greg Burns, hosted the Golf Channel's media crew at one of his listings during the PGA's Hyundai Tournament of Champions on the island of Maui this year. In exchange, the Golf Channel gave Burns a segment on a show in which he toured Kapalua-area luxury homes. Elite goes after high-producing agents and gives them a long leash to create the type of connections it takes to sell multimillion-dollar listings, says Mayer, the firm's managing partner. Mayer, who owns the largest luxury brokerage in Hawaii, opened up about his management prowess, offering insight on how to retain agents who want to soar. How do you recruit, and why would an agent choose your brokerage? The top producers want to be associated with a firm that's very selective; they want to know their reputation is safe. We're highly selective of all the agents at our firm. Everything at our company is about high standards, from the listings we take to our professional photography and the quality of our written contracts. It's in everything we do. To recruit top producers, you need to build a long-term relationship. Sending e-mail blasts or using traditional marketing doesn't work. Get to know agents as people, and gradually introduce them to the benefits of your brokerage. We usually attract top producers through their peers — the agents who currently work for us. The vast majority are experienced. Not all of our agents are top producers or sell luxury, but we're not interested in part-time or inexperienced agents.
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What Recruiters Can Learn from Marketers
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Step One on the New Organizational Journey Is the Talent Search
One of the most encouraging aspects of today's real estate industry environment is that after years of denial regarding change and transition, there is now a universal agreement regarding the fact that virtually every aspect of the residential real estate industry is set to transition in some way over the next 18 to 24 months. Having crossed this bridge of consciousness, the industry can now get about the task of determining what manner of internal and external relationships will be necessary and appropriate for success in this new environment moving forward. While some debate continues with respect to when these new elements will have to be in place, it is likely that many of these decisions will be determined by when the new industry infrastructure is completed. Across the industry, dozens of new technical and management structures are being created by franchises, brokerages, portals, associations, MLSs and even agent groups. Project Upstream, the Broker Public Portal Project, Flanker, and Property Management are just a few of these new functionalities. With respect to the prioritization process, the leading players seem to be examining a wide range of options. Within the franchise sector, the paramount issues seem to be setting the nature of the franchisor/franchisee relationship moving forward, deciding what role the franchise should play relative to lead generation and processing, and what value to assign to that forever elusive issue of the brand value proposition. Within the brokerage sector, key issue status appears to have been awarded to re-visioning profitability, re-engineering the brokerage agent relationship and moving to introduce new tools such as standards, accountability and best practices.
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Recruiting or Retention of Agents?
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Having a Technologically Integrated Brokerage is Crucial to Recruiting Top Agents
Top performing agents have certain qualities in common. They are extremely organized and efficient with their time. Successful, proactive agents rely on maximizing their time in order to accomplish as many tasks as possible and to stay organized along the way. Like top performing agents, top performing brokerages also have certain commonalities. They use an attractive office environment to recruit and empower top performing agents. Attractive, in this case, means offering agents the tools they need to succeed. Being technologically integrated benefits your brokerage in a number of ways and can take on a number of forms. Here are some examples: Website and Multimedia Support: Having a cohesive online presence across all brokerage and agent sites will make your brand appear organized and trustworthy. Your customer-facing digital presence is an essential component of your lead generation strategy. Your beautifully designed brokerage website loses credibility if it is being referenced by agent sites that are ugly and disorganized. Find a website solution provider who can support your entire brokerage so that your agent websites will follow similar styles and formats, and agents will have access to the same support resources. The same goes for social media support. Keep a bank of branding resources such as high resolution logos, testimonials, videos, etc. that agents can use online. Form contractual agreements with media producers such as photographers, graphic designers and videographers. Offer their services to your agents as needed.  
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Best Practice: Agents Switching Brokers
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Recruit Your Best Team in 2015
Motivated agents are the gift that keeps on giving. By attracting and retaining agents who are driven to move the sales needle, you push your brokerage further down the path of success. Of course, you already knew that. In fact, 86% of brokers anticipate recruiting agents as their top business challenge in 2015, according to a recent survey by Imprev. Over half of brokers cite "retaining agents and teams" and "attracting younger team members" as important initiatives they plan to undertake in the year ahead. So how can brokers do this? For ideas, we turned to the many articles on recruiting that we've published over the past year. Back in the spring, we featured a series of three articles from a writer who conducted a recruiting study for one of nation's top Century 21 firms. This series offered an overview of: What agents want in a brokerage - Higher commission splits, marketing and promotional support, technology support, good firm reputation, access to referrals, skills training, and more. Why agents STAY at a brokerage - Company name recognition, broker's ethics, management, compensation plan, and more. And why they leave: favoritism, lack of recognition, poor training and support, better opportunities elsewhere, and more. How brokers can target the right agents - First, figure out what your ideal agent is like. Next, create a value proposition for your firm that will attract that agent.
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3 Ways Portals Help You Hire (and Retain) Top Agents
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Does your real estate recruiting effectively attract multicultural agents?
Recently I spoke about real estate recruiting in today's environment, for tomorrow's agents. Due to the response on that topic, I want to add a few thoughts building about a multicultural business. As a nation of immigrants, we have seen wave after wave of people immigrating to live the American dream. If you look at the immigration patterns of the late 1800's through the early 1900's you see millions of Western, Eastern, and Southern Europeans coming here and establishing new lives. Over the past 40 – 50 years, immigration has been largely from Latin American and Asian countries. Furthermore, the largest percentage of the Millennial generation, who are the agents and consumers of the future, are immigrants or children of immigrants. How do Boomers compare to Millennials in terms of the ethnic make-up? What does this have to do with real estate recruiting? EVERYTHING! Yesterday's immigrants have assimilated into our culture. Today's African, Asian, and Hispanic Americans will soon reflect the majority of our country. They also represent future homebuyers, agents, and drivers of economic growth. Consider the buying power of these groups: Hispanic American; $1.2 trillion African American; $1.0 trillion Asian American; $718 billion
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Leveraging Virtual Office Websites as a Recruitment Tool
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4 Tips for Building a Real Estate Dream Team: Recruiting
Balancing work and your personal life is something that every business owner needs to do, but doesn't it seem like the biggest opportunities always occur on the rare occasions that you take time away from the office? Whoever coined the phrase, "If you want it done right, do it yourself," obviously didn't have a team they could trust. One person can only be stretched but so thin, which makes it unlikely that you'll be available to make every important decision that comes across your desk. This is why it's important to have a team that you can trust with these responsibilities and that will continue to push your business in the right direction. Linda McKissack, real estate coach, entrepreneur and co-author of HOLD. How to Find, Buy and Rent Houses for Wealth, believes that achieving a balance between work and your personal life and finding talented people to work with are two things that keep even the most successful real estate professionals up at night. She has found that one common mistake among business owners is not investing enough time in recruiting because they think there's no one that can do what they do and that the talented ones want to do it on their own. According to McKissack, "It's all about success through people, hiring talent and creating an environment where everyone can succeed." Think about it--wouldn't you feel much more confident knowing that your business is operating at its fullest potential even when you are out of the office? During the most recent Secrets of Top Selling Agents Webinar from Homes.com, McKissack stresses the importance of achieving a work-life balance by leveraging systems, tools and more importantly, people.
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Recruiting for tomorrow, not today
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How Technology Can Save Recruiting
Liz Ryan, former Fortune 500 HVP and founder of Human Workplace, recently published a phenomenal article about how the recruiting system utilizes technology to automate an already broken form of fielding for new talent. It's crippling the recruitment process. She points out that asking for resumes and a list of tasks performed, where they worked, and how long they were at their jobs says nothing about the candidates at hand. Reading about tasks doesn't reveal what a person is like, what they care about, if they come to work on time, or if they'll add value to your organization. One of the biggest crimes committed by many recruiters is that they don't align their values. After hours of weeding through various potential candidates — their process doesn't highlight those whose values harmonize with the company's. What you really want to know is what projects each person has completed, what initiatives they took, and what they're like. Liz also makes the point that you shouldn't be talking down to your recruits — you should become more human, market to them, and show how their lives will be better when they join your team. Just like your customers, they too drive your success and should be treated accordingly.
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3 Powerful Lead Generating Strategies for Recruiting Professionals in Your Field
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Email Marketing: Fight Spam, Retain Your Agents, Attract New Ones
In today's world, email marketing is one of the easiest ways to reach the community and promote your business. However, email marketing can quickly take a turn for the worse. I've outlined a few of the key components of how and why to integrate a successful email marketing campaign into your brokerage: Spam Have you built yourself a high-quality email list into the thousands, or tens-of-thousands? Give yourself a pat on the back—it's something that takes clever marketing and years of hard work. Wouldn't it be a shame if something, nay, someone, were to put this list in jeopardy? Enter, rogue real estate agent. Everyone knows that real estate agents are notorious for sending out spam email messages. At best, spam gets filtered out before it reaches the recipient's inbox. At worst, it gives the company and agent a bad name among clients, leading to unsubscribes and blocks, which can decimate the sacred email marketing list that took years to build. Save your agent's time Agents are frequently busy with the day-to-day of selling real estate–showings, open houses, glad-handing and slapping backs at networking events. The vast majority of agents do not have the time to craft well-written, tasteful, targeted and effective email drip and blast campaigns.
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Can You Identify Management Talent?
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Recruiting: Build It and They Will Come.
In Part One of this series, I took a look at what experienced agents want most, the reasons agents cited as factors in associating with a specific real estate firm, and, more importantly, why they stayed. In Part Two, we looked at what agent's value most in a brokerage and the reasons behind them staying or leaving. And, more importantly, what brokers can do to find, attract and KEEP producing agents. In Part Three, we will put it all together: What is the profile of the kind of agent you want to target? What kinds of incentives can you offer to attract interest? How can you keep good agents once they have joined your firm? As we discussed in Part Two, a study conducted by the California Association of REALTORS® showed – surprisingly -- that money and commission splits are not the most important factor for agents leaving their current firm. The top three reasons an agent leaves a real estate brokerage has to do with how they felt they were treated, not money. And, an overwhelming majority had to do with support services and/or recognition. The reasons they stayed were very clear. The top three: Company's image/name recognition Broker's ethics Company's/broker's business philosophy
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Recruiting: Finding and KEEPING Quality Agents
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Recruiting: Attracting the Agents of the Future
Just as repeat and referral business is the lifeblood of a real estate agent, recruiting is critical to the success of any real estate brokerage. (See my recent article on past client recruiting.) A recent survey of 1,500 managers found that: 96% believe recruiting is a crucial task. 79% perceive recruiting as an overwhelming challenge. 86% cannot easily present why their organization is different or what value they offer agents. For most managers, recruiting is a difficult, but necessary, part of the business. Several years ago, I did a profile of one of the top CENTURY 21 firms in the nation. The firm had 11 offices with more than 900 sales associates and was reporting more than $2 billion in sales at the time. Despite the fact that they were enrolling more than 1,200 new recruits in their real estate school each year, it was still difficult maintaining a high-quality staff while continuing to expand. Over the course of several months, we studied the firm and put together a multi-faceted action plan that included everything from determining which agents to target, an action plan, a custom email campaign, goals and tracking.
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Are You Sure Your Agents Have The Right Personality For The Job?
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The 5 Features of Recruiting Discussions (And How to Win at Them)
Recruiting top agents is essential to your success as a broker. But you know this already. I’m not here to tell you how crucial your recruiting efforts are; I’m here to tell you how to make them better. Most recruiting conversations focus on 5 basic tenets (often in this order): 1) Your brand and reputation. The verbal acknowledgement of this point is minimal because most agents have already cemented their opinion on this subject well before your recruiting discussion. You should talk about what makes you unique and, obviously, shine the best possible light on your reputation. But, like I said, your traction here is minimal. 2) The brokerage environment. Before an agent chooses a new brokerage, they’re going to ask: “Will I enjoy going to this office?” and “Will I be productive there?” They’ll also be considering the other agents and employees at the office, as well as the managers. All these factors (and more) work together to create the brokerage environment, and that environment will be a major factor in the agent’s choice. 3) Productivity. How effective is your company? In most cases, you’ll want to ignore the subject of volume. There can only be one #1 in terms of volume; if you aren’t #1, you shouldn’t discuss volume at all. Instead, you can focus on figures that demonstrate quality. What am I talking about? Things like time on market or list-to-sell ratios can be quite effective. In other words, you have something to brag about if you sell homes in less time for more money than your competitors.
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Why Recruiting The RIGHT People Is Key To Your Success
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The Cure for Growing Pains
Dan Stewart is a happy man. His brainchild, Happy Grasshopper, has more than tripled in size over the last 5 months. For most companies, this would result in pretty significant growing pains. Not so for Happy Grasshopper. They practice what they preach in the collateral for their new recruiting service, "HG Recruits," so they're growing better, not just bigger. "We focus on culture," Stewart explains. "That's about getting the right people in the right seats." These words of wisdom don't just refer to Happy Grasshopper's hiring policies – they're also indicative of the philosophy behind HG Recruits. "In speaking with real estate brokers, we usually hear that they're taking one of two approaches to growing their team," Stewart continues. "The first is to focus solely on headcount; they hire strictly by the numbers. Unfortunately, it isn't very successful. The second is a more strategic approach, hiring people who will fit into the team and be high performers. It's this second approach that resonates with our philosophy." HG Recruits begins with an assessment, the intent of which is to really get a feel for the personality of the broker and the company culture. The broker then collaborates with one of Happy Grasshopper's copywriters to ensure that the email messages created with HG Recruits match the broker's "voice."
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