The One Thing Your Agents Need

 

A hotly debated topic among brokers is what do agents really need today to ensure their overall success. The raging issue is important for so many reasons, as agent success directly impacts the health of the brokerage. Will Rogers said, “A difference of opinion is what makes horse racing and missionaries.”

Most brokers have strong opinions on the subject and if you ask ten, you’ll generally get ten different responses ranging from higher splits, more leads, more tech, nicer offices, training, and coaching– even signing bonuses. Agent success touches all the aspects of a brokerage and perhaps none more so than agent recruiting and retention, which frankly most brokerages are struggling with today. One of the most powerful recruiting and retention tools is agent productivity. 

Regardless of where you stand in the debate, there is one thing that all agents need and wantIt is most basic and if you can provide this one valuable resource, you’ll increase their productivity which in turn increases your company’s recruiting, retention, company dollar and profits. What is it that agents truly need?

 

Agents need more time.

 

Time is your agent’s most important resource. Time is the raw material for the production in their business and ultimately in yours. Top agents today really don’t want to work harder or longer. They want to work smarter and more effectively.

 

Agents’ success comes from investing their time with buyers and sellers; they want to be able to focus on high-probability contacts and develop future ones for their pipelines. Successful agents need time to plan and build their business as well as prepare for the future. They also want to have a life, occasionally relax, and enjoy the fruits of their labors which ultimately reduces agent burnout and turnover.

 

Brokers who can empower agents with more time to focus on what is important to them will win the war on recruiting and agent retention, ultimately driving their firm’s success in the market. 

 

Here are seven important keys for giving agents more quality time:

  1. Vetted leads – Face it, agents generally aren’t great at qualifying and vetting large numbers of raw leads. Most simply won’t invest the time and effort into the tedious task of tracking down and qualifying them. Sure, they may make a call or two and then move on letting your “lousy” expensive leads just sit unworked. However, many surveys have shown agents would accept a lower commission on quality, vetted leads which provides the opportunity for the broker to invest in the process on behalf of the agents while increasing company dollar and saving the agents’ time. An ongoing vetting process on behalf of the agents pays for itself and increases higher quality leads that have more built-in company dollar for the broker
  2. Lead management systems – I’ll take a higher percentage of conversions over the number of leads generated every time. But good conversion rates require a good system. Do you have the backend systems that enable agents to easily manage their deal flow as well as follow up and nurture prospects? It needs to be easy for the agents to adopt and manage so that they’ll embrace it which leads directly to #3.
  3. Technology adoption– We all know agents really don’t like change, especially when it comes to technology. While a brokerage can invest heavily in technology, it’s useless if the agents aren’t using it. You must provide ongoing assistance, guidance and coaching in utilizing the tools provided, not just a few lessons and pointers here and there. 
  4. Admin and support – Documentation, MLS, photos, videos, signage, contracts, revisions, inspections reports, emails, advertising, marketing, social media, coordinating people, etc., etc., etc. all combine to take vast amounts of time away from agents that could best be spent in other more productive areas. Admin support can easily be shared and/or contracted out. Agents will tell you it is one of the most frustrating parts of their day. 
  5. Help them build a business – Agents struggle making their profession a true business. In fact, most have never approached it as one. Help them to build a viable business which includes workable business planning and financial considerations. Don’t forget tax planning so that they won’t be scrambling and losing focus as tax time approaches.
  6. Agent exit strategies – Agent retirement has been called one of the top ten industry threats. Most agents and brokers have no idea how to transition their seasoned agents’ book of business into a viable ongoing revenue stream. A team transition strategy with agents who are thinking near-term retirement will boost the success rate of less experienced agents as well as cut down on retention issues. It also enables the senior agents to remain active but at a pace that fits with their pending plans and lifestyle.
  7. Share your time– Finally, they need time with you and your senior team members. By utilizing your own internal systems, you can track which agents need assistance as well as coaching, goal setting and accountability discussions. Time with the broker keeps agents on track and focusing on what will produce the best results. The best brokers set aside specific times for agent one-on-one meetings dedicated on focusing on the needs of their agents.

Giving your agents the time they need to be successful increases their productivity and it has a powerful impact on your brokerage. I say over and over, a strong PPP – Per Person Productivity – is your best agent recruiting and retention tool.

 

Thoughts, comments or questions about your market and your future? Feel free to reach out. I’m happy to buy you a cup of copy and share ideas.

 

This article was written by Rick Ellis, MBA and published in Realty Biz News

 

A new name in real estate is shining on Florida’s west coast! 

The Corcoran Group is excited to announce a new place in the SW Florida sun with
a new affiliate with locations in Sarasota and St. Petersburg, Corcoran Dwellings.

The ten-year old luxury firm formerly known as DWELL Real Estate is led by real estate veterans Marc Rasmussen and Liane Jamason. The 40+ agent firm has one of the highest average sales prices in the area.

To learn more click (https://bit.ly/3fjXfqy)

 

Corcoran launches newest office on the Georgia coast 

Georgia is the 38th state to boast a Corcoran office as Corcoran Austin Hill Realty launches in beautiful and historic coastal Savannah.

Austin Hill Realty was founded in 1978 and in 2020, the firm merged with Three Oaks Realty to further strengthen their position in the Savannah luxury real estate market. Welcome to owners Austin Hill and Stephanie Wilson-Evans along with all of the awesome agents of this premier real estate boutique located in the heart of the Savannah historic district. 

To learn more about their story click here: (https://bit.ly/3srrUbk)

 

These 2 numbers sum up why the housing market won’t get back to normal for a long time.

The people buying homes today have excellent credit scores. This wasn’t the case in the subprime boom of the early-to-mid aughts when the majority of buyers came from people with low credit scores. Read more.

 

NAR fires back in countersuit against discount brokerage

In the lawsuit, the NAR outlines its three chief complaints against REX. See full article.

 

Housing: Homebuyers confront ‘an abnormal’ market for yet another year

This year, more than 45 million millennials will be in their prime first-time home buying ages of 26 to 35. What they face is a scarce number of homes to buy, a persistent trend made worse by the pandemic. Learn more.