According to an article in Forbes, the top four reasons agents leave or join a brokerage are related to:
- Brokerage Fees
- Available Technology
- Training/Education Opportunities
- Company Culture
As a real estate brokerage, try focusing your attention on the following ideas as you aim to create value for agents and make your firm a desirable place to work:
No. 1: Provide Time-Saving Technology
Technology is essential for conducting business today – and the tools you employ speak volumes about the type and speed of business you wish to conduct and facilitate. Outdated software or slow Internet speeds, for example, can make daily work challenging, which is frustrating for agents as it interferes with their ability to be successful.
One technology that adds value for agents is an online system for earnest money deposits. With TrustFunds you can significantly speed up the earnest money process, eliminate the man-power required to track and deliver paper checks, and give process status visibility to all parties involved. This technology makes your agents’ life easier while also improving the experience for home buyers (with makes your agents look good in front of clients, too).
For more value-add technologies, check out this blog .
No. 2: Generate & Distribute Referral Business
One primary benefit brokers can offer agents in today’s real estate landscape are referrals. Providing an additional channel for new business adds significant value for agents because it simplifies one of the more challenging tasks on their to do lists. Keeping your agents focused on making home sales, rather than finding and courting their next potential client, can increase revenues – which benefits you and your agents.
No. 3: Create an Appealing Culture
Workplace culture is one of the top considerations employees weigh as they search for new jobs; additionally, it is often cited as a top reason employees stay or leave their current roles. An article on Inc. describes culture as a feeling that dramatically affects the work that gets accomplished: “The culture of the organization determines how employees are treated, the products or services that are created, the partnerships that are established, and even how employees actually get their jobs done.” Being intentional about creating a culture real estate agents value and desire will provide your brokerage monumental long-term benefits.
Investing in your team of agents is one element of culture that is highly valuable – for you and your agents. Ongoing training, mentors, and educational resources will help develop and refine the skills needed to successfully sell more real estate (which in turn increases revenue for your brokerage). The new knowledge and tricks of the trade agents gain through professional development opportunities benefit them both personally and financially as they apply them to enhance their client’s buying/selling experience, resulting in more home sales.
Another cultural value-add agents appreciate are recognition and awards for work well done. Not only will this encourage continued hard work, but you’ll boost the confidence and happiness in your agents (which creates positive tangible and intangible results for your brokerage). Taking time and devoting monetary resources to acknowledge and reward the actions and results you expect from your team will pay immense dividends.
The Value of Adding Value for Agents
Putting these practices into place will enhance the appeal of your brokerage to agents, plus you’ll encourage hard work, foster loyalty and facilitate increased sales. All of these value-added organizational features add up to create a desirable and enjoyable workplace for agents. You’ll attract and retain top talent that work hard for both personal and brokerage success.