This is quite a complicated question with the combination of evolving technology, higher expenses and different streams of revenue necessary to be profitable. Well, here’s where the future is to day…sitting in their current miserable job, punching a time card, wondering if their watch will be gold or silver when they retire and continually uninspired in the top-down environment of Corporate America.
Many are not even fortunate enough to be concerned about the watch. Their focus is on whether they’ll will even survive the next round of cutbacks. Then there are the more fortunate. These folks have enrolled in real estate school with a great career ahead. Why are they so critical to your future success?
1. Our industry has a natural attrition that you must feed on the front end; the back end is taking care of itself. Maybe your office has little to no turnover. Look again, what is the average age of your agent today? Are they going to sell real estate forever? I don’t think so. Do you have a steady stream of experienced agents joining your office? If you do please call me, I’d love to congratulate you. A huge part of your company growth is from the bottom up. What kind of push are you generating into your environment with new agents?
2. Great opportunity to increase your retained company dollar through productive new agents. The fair and equitable financial relationship with a new agent is a lower split. This is the simplest solution to increasing company dollar if you have a productive training program that supports new agents. Many brokers don’t want new agents because of the time and energy involved in support and training.
A couple questions:
“Were you ever a new agent?”
“Did someone support you in the beginning with this wonderful career you have today?”
“Isn’t it your responsibility to do the same for others, pay it forward?”
Real estate isn’t a job, it’s a lifestyle that I know has been wonderful for many of you that read this article. You have a responsibility to pass that on to others. Remember, abundance vs. scarcity.
3. Drive conversion rates in mortgage, title/escrow and other services your company offers out to the consumer through new agents. Wasn’t it great when your company rolled out mortgage, title/escrow and other services? I bet all of your agent couldn’t wait to end their current affiliate relationships and start using the company services. Only in our dreams.
Here is the challenge: you won’t pull agents from their existing business relationships just because you now have a similar service. When was the last time you told an agent they had to do something and they did it? Growing capture rates doesn’t quite work that way. You have to make this part of the new expectation when interviewing new agents, while educating them that this is what the consumer expects. Over time you will create a sub culture that will take over the existing culture, driving capture rates through the roof.
4. Highly productive new agents will inspire the experienced agents. Have you ever seen the new agent who comes in and sets the world on fire? Of course you have. Let me tell you what this does for the rest of your office. Naturally there is jealousy from the non productive agents but this is good. If you manage the non productive agents appropriately through this process and use this as a vehicle for inspiration you will have a more productive office because of one new successful agent.
If managed inappropriately, you are going to end up with a “red ant” or a group of “red ants” because their “lack of productivity” has been “found out” by the new agent. How about the productive agents? How will they feel? You’ll be their hero, Top producers aren’t inspired by non productive agents that complain all of the time. Bring a couple new agents into your office and get them productive now, notice the respect you will gain from your top producers and the productivity level your office will experience.
