A broker’s strategy for recruiting new real estate agents

Getting new talent in the door is vital to the ongoing success of your real estate company.

But sometimes it can be a challenge to attract new agents.

Sure, you could offer daily donuts or a desk by the window, but you probably need something more compelling than these kinds of perks to attract the kinds of agents you want to keep.

It’s time to take a step back and get strategic. Here are three things to consider:

Develop a value proposition (be clear on what makes your brokerage valuable to agents)  

If you’re trying to win new recruits, be clear on exactly what it is that makes your brokerage unique.

Judy LaDeur defines a brokerage’s value proposition like this: “When the agents tell you what your systems mean to their real estate career–THAT is your value proposition to that agent. It is different for each agent, but these insights can give brokers what they need to figure out a minimum of 12 powerful tools with results that are unique in their market or things that they are doing that others are not doing.”

So what are the tools you offer agents? Make a list. These could be technology pieces, marketing help, lists of leads… there are lots of possibilities here.

Next, make sure to identify in concrete terms exactly what your agents get from these tools. Is it more leads? Better training? Bigger commission splits? Be specific. And make sure that you’re able to communicate these benefits to your prospects.

Offering benefits like storytelling technology could go a long way in your recruiting efforts…and help agents see better results. And if you’re already doing a good job at providing tech offerings to your agents, and you’re seeing results from that, include this information on your list.

Get systematic in your approach (use data to make hiring and recruiting decisions)

We live in the age of data. Intuition, gut-feeling, and guesswork are giving way to a more systematic, data-driven approach to just about everything.

And data can help you recruit.

The Wright Brothers have worked with over 500 brokerages to help with lead generation and recruiting. “Leverage systems and people to build recruiting machines,” says Cory Wright.

According to one real estate company survey, Wright discovered that new agents were actually more profitable than established agents. Lower splits, less overhead, and in the end…more profit.

It makes sense, but without digging into the details, this company might have missed this valuable insight.

That’s the power of data-based decision making.

The Wright brothers are proponents of a method they refer to as “deploy, data, decide.” This basically means that you should get some kind of system in place, examine the results, and “then…make decisions based on that.” But according to Wright, hiring managers and office brokers “skip the middle step.” This can really hurt your recruiting efforts.

Think about it. If you’re making decisions based on something other than real data points, what’s really driving those decisions? Can you really expect to get the best results?

Run the numbers and drill down into what your business really needs instead of going with your gut.

Refine and promote your culture

Isn’t it attractive when people are happy?

As a broker, you have the privilege of making agents’ lives better! You can make work fun, uplifting, encouraging, and productive without sacrificing high standards.

And having a strong company culture can go far in winning new talent.

Some brokers may view the creation of a strong culture as a “slippery goal,” but there are real, concrete things you can do to create a positive company culture.

Here’s manager Dave Robison short list from “Create a Winning Brokerage Culture”:

1. Do what you say: Set expectations of your team (and yourself) and stick to them.
2. Provide incentive: Higher commission splits, awards, prizes, contests, kudos… lots of options here!
3. Promote accountability, top to bottom: Everyone is a part of the team and should act professionally.
4. Provide resources for success: “High-quality training and technological tools that improve efficiency can boost not only your bottom line but also agent morale.”
5. Share (and repeat) your core values: What’s important at your company? Share and spread these values among your team members.

So refine your culture and use it like a magnet to attract new agents and keep your current agents happy and productive.

Start Strategizing Today

Value proposition, data, and culture…all good things to consider as you seek to build a recruiting strategy for your real estate business. What else would you add?