Finding young real estate talent is one of the most vital recruiting challenges that real estate brokerages face nowadays. Real estate recruiting is a highly intricate process that involves attracting the country's top and best real estate agents to work at a firm with an attractive commission rate. Several other factors come into place, too— such as open communication, relationship-building, a professional network and so on. Here, in this article below, we will look into five quick steps that'll help any real estate firm hire and retain world-class agents.
5 Steps To Hire & Retain Top Real Estate Agents
For a top-performing real estate firm, here's how you can gather some of the best real estate agents.
1. Start By Having Your Digital Systems In Place
It's all about digital transformations nowadays. If you want more millennials and Gen-Z working at your company, you've got to start by ensuring that you're present where they spend most of their time — Facebook, Instagram, LinkedIn, Twitter etc. Find out passive real estate agents who have a solid social media presence and look out for other active candidates. Here are a few ways by which you can make sure your digital systems in your real estate brokerage is in place—
- You're using an Applicant Tracking System and Recruitment CRM to hire and source agents
- Your real estate brokerage has a social media presence
- You regularly post updates on your social media handles
- Your employer brand sticks out via these digital platforms
- You regularly spend time engaging with prospective candidates on these social channels
Apart from the above make sure you're investing in technology that can overall allow your brokerage to grow. For instance— sign up for a trial of a video marketing tool, marketing automation, quality content generation, increase your website's user experience, drive traffic with PPC and invest in SEO tools.
2. Use Accurate Keywords In Your Job Description
Research and find out some of the most common keywords that recruiters are using to conduct employment searches on platforms such as LinkedIn. You need to carefully note down these keywords and treat this as an SEO project, almost like you're trying to rank first on Google. The only difference here is you're trying to make your job listing rank first. LinkedIn is one of the most used social media platforms by recruiters and candidates alike. Therefore, make use of it to source candidates proactively.
3. Build An Attractive Compensation & Commission Scheme
Given the increasing competition of the global economy and the intense push for talent, one of the best ways to attract and retain real estate agents would be via an attractive compensation and commission scheme. Effective compensation packages are developed to be competitive in the market and attain short-term and long-term strategic goals. At times, building a proper commission scheme might sound tricky, because trust us, it is! An average real estate agent in NYC only does 2-3 deals per year. With 2.5 deals-3 deals per year, a 70% split and a $50,000 average commission, an agent would make about $87,000. Ensure you do the following:
- Provide a competitive salary package
- Negotiate the commission
Lay the groundwork before it's too late and your best candidates think of changing employers. These are specific components that should be a part of the package that your real estate brokerage is willing to provide:
- A base salary
- Incentive programs: The higher the incentive compensation is paid to the real estate agents who provide quality work and add to the success of a brokerage, the longer you're going to retain them.
- Annual bonuses
- Long-term incentives in the form of company stock options, profit sharing, restricted stock unit awards, performance pool unit awards etc.
- Medical insurance, wellness and retirement benefits
- Vacation and paid time off
4. Virtual Recruiting Events Are Significant
Another great way to attract new talent and help people understand the benefits of a career in real estate is by holding virtual career fairs or recruiting events. This is an excellent method to follow if you're tired of following the same outreach method via calls, messages or emails. Instead, use any live chat service and hold a webinar to tell prospective candidates about the advantages of joining your brokerage and how it shall help in their career path.
5. There Should Be A Clear & Concise Company Culture
Maintaining an ethical company culture while real estate recruiting is essential because it helps you stand out as a brand and cut through the noise. Create an all-time learning culture in your brokerage, assisting real estate agents to acquire more real-time skills. This helps in retaining talent, especially in a competitive market. It helps boost morale, increases productivity and encourages real estate agents to give their best. Your brokerage can also start training programmes to develop courses and provide firsthand mentorship to new recruits. Share your unique insights and ideas because these fresh employees will be looking up to you as leaders.
With effective measures and a foolproof plan, you can master real estate recruiting like a pro. For more resources on hiring real estate agents, visit here.