Are you working in real estate? Here are some tips before hiring new real estate agents!
In order to hire the best real estate agents, you need to be able to package your brokerage as the place to be. You’re essentially going to sell your organization to potential candidates, so you can entice them to send their applications (or simply keep you in their contacts list, if they’re not actively looking for opportunities).
As such, it’s crucial to learn not just how to create top-notch, easy-to-understand real estate recruiting slides but also to know what to include. Without knowing what they can expect from you, talented real estate agents will be hesitant to even inquire. Here are a few of the most crucial details that you must include in your agency’s presentation:
Everyone, not just real estate agents, want to be properly compensated for their work. That said, real estate companies usually follow a different compensation model compared to those in other industries. With a commission structure in place, the usual split is 50/50 between the broker and agent. However, if you’re trying to convince an in-demand agent, you might want to consider adjusting the split to their favor.
The tiered commission structure is also becoming more popular, where the split is initially in favor of the broker (e.g., 60/40). Then, once the agent reaches a certain sales goal, their commission split increases and will continue to do so per milestone. It can eventually reach 50/50 or even higher, depending on performance.
Whatever the compensation structure you have, make sure to make all the details clear. If you’re on the tiered commission model, for example, specify exactly when the agent can expect the split to adjust. This way, there are no unpleasant surprises and you have ample time to negotiate.
Perks and Benefits
Aside from commensurate pay, what else can you offer real estate agents? Do you have a flexible work schedule? How about health insurance and paid time off? Can new employees look forward to leadership support? Make sure to enumerate all of these perks and benefits in your presentation. Ultimately, a high commission split alone won’t be enough to convince real estate agents to join your brokerage. Money, after, isn’t everything (though it does help a lot to build your case). Many employees nowadays would prefer to have slightly lower pay in exchange for a healthier work-life balance. If you can give them the best of both worlds then all the better!
Mentoring and Professional Training
Speaking of perks and benefits, another thing that prospective real estate agents often look for in a brokerage is mentoring or coaching. Top performers are always looking to improve themselves, so they’ll naturally gravitate towards brokerages or agencies that will offer training opportunities. In this way, they can achieve their work goals and at the same time become better at what they do. If you can’t provide it within the agency (e.g., you don’t have a lot of tenured agents to provide coaching), then consider allocating a budget for outside training. The key is to provide agents with the help they need to achieve growth.
Help With Technology
The most productive real estate agents take advantage of the available technologies to make their work more effective and efficient. Thus, it’s pretty safe to say that they’re going to look for these solutions from your brokerage. If you haven’t invested in tech solutions yet, now is the time to do so. Get a CRM and other services that can streamline processes and make it easier for your real estate agents to do their job well.
Career Advancement Opportunities
Some real estate agents are content to stick to the status quo. However, many more are looking forward to opportunities to advance their careers. Are you able or do you regularly give promotions to deserving employees? Let prospective candidates know when and how they can make this happen. You should also include other ways that people can be promoted, such as lateral promotion (which can give access to new skills and opportunities).
A Glimpse of the Company Culture
Last but certainly not least, potential candidates will want to know your real estate brokerage’s culture. No one wants to work somewhere where they feel they don’t belong. This can be bad for morale, and even affect their health. Instead, they want to be in an environment that is supportive of their growth, fits or complements their personality, and shares their values.
This is why you should definitely include a sneak peek of the company culture in your recruiting presentation. Include photos and videos, certainly, but more than that, state your mission, vision, and values. What do you stand for? What do you believe in? Knowing these things can help prospective real estate agents know, early on, if they’re going to fit in well with your brokerage.
With these details incorporated into your real estate recruiting slides, you’ll have an easier time making your case and attracting not just the best but also the right agents to your brokerage.