I was reading some new reports the other day, when I learned a startling fact about real estate agents in America. Did you know that 30 per cent of agents move offices every year?
To put that in perspective, that’s nearly one third of our members moving offices each year. One third of agents deciding they’ll be better off elsewhere. One third of agents who decide they just aren’t happy with their current real estate office.
This 30 per cent statistic is important to what I do. It’s one of the biggest reasons brokerage owners come to me for real estate coaching. That reason is they want to know what will make their real estate agents stay with their office.
If one third of all agents are on the move each year, then this is a pretty big issue for a lot of brokerages. So what can owners like you do to make sure your agents stick with you?
It would be nice if I could tell you there’s a magic bullet solution, but I think you know that isn’t the case. That’s just the point, though. There’s no one-size-fits-all solution here, because there’s no one-size-fits-all brokerage. What you can do to increase agent retention all depends on your own goals for your business.
Let’s talk more about this tough subject below.
-What Are The Main Reasons Agents Leave?
I like to say that there’s many excuses made when agents move offices, but the reality is there’s very few causes. I’ve discussed before [INSERT LINK TO “WHY DO REAL ESTATE AGENTS LEAVE THEIR BROKERS”] the main reasons that cause agents to move on. Things like poor leadership might cause your agents to seek greener pastures.
The best way to avoid these scenarios? The obvious suggestion seems to be to do the opposite of what isn’t working. It’s a little more involved than that, though. If the simple solution was to install “good leadership”, most of us would be doing it already. After all, change is complicated and it doesn’t happen overnight.
If you want to ensure your agents stay with you, then you need to do more than avoid negative outcomes. In fact, you should be using a more positive mindset. You need to think more that you’re working towards positive outcomes.
If this all sounds like I’m getting a bit too philosophical, don’t worry. I like to break it down like this. Want to achieve the things what that will make your real estate agents stay? Then you need to know the outcomes you want for your brokerage. And to do that, you need to focus on two things: your vision and how you communicate with your agents. (your vision, expectations, characteristics of your ideal agent)
-Staying True To Your Vision
There’s many tactics you can use to encourage agents to stay. In the end, it boils down to one thing. Make sure the way you run your office is true to your vision for your business.
Let’s think about this for a second. If you stay true to your vision, your philosophy, it will influence every decision you make. That includes hiring agents who are a good fit for your brokerage. It means you’re more likely to hire agents who like your style of running things. It makes you a better leader as well. All of which means those agents are more likely to stick with you for the long run.
So you want to be absolutely clear you understand your own vision for your brokerage. We all have our own philosophy for our businesses. Our personal vision is unique to us. What works for one person might not work for another. Be sure you have a clear idea of what you want your brokerage to be. If you stay true to your philosophy, you’ll find more of your agents will stay with you as well.
-Communication Is Key
Regardless of what your vision is, you need to ensure it’s put in practice. To make sure that happens by everyone, each day, communication is key. After all, none of what you want matters if you fail to communicate properly with your agents. That goes for your office staff as well.
Day in and day out, make sure you have an open dialogue going with your agents. Make sure it’s not just for the big topics, such as if they’ve received a counter-offer yet. Whether it’s your sales targets or the office scanner, communication matters.
After all, with proper communication, you can identify problems before they start. You can avoid them altogether. Better still, you can focus instead on focusing things in the right direction. When everything in your brokerage is working harmoniously, your agents are more likely to stay. That kind of harmony is achieved with communication.
-How Real Estate Coaching Can Help
You’ve probably noticed I keep talking about how your vision is unique from everyone else’s. If you want to know how to encourage your agents to stay, then your plan needs to be unique from everyone else’s too.
It’s why I like to emphasize that I’m a real estate coach, as opposed to a trainer. There’s nothing wrong with training, but it usually involves a specific system to follow. It forces “square pegs into round holes”, as the expression goes. When I offer real estate coaching for brokers, we do the opposite. We focus on the here and now, and create a plan to get you where you want to go.
If you’re struggling to keep agents, or you’re worried you’ll lose some, contact me for a free strategy call today. I’ve offered real estate coaching to realtors around the country. I can also reach you wherever you are through real estate coaching online. That’s a bonus in our current health crisis!
So don’t settle for a “square peg, round hole” solution. Contact me, Bill Foss, and let’s get started on your unique coaching plan today.
In case you can not view this video here, please click the link below to view How to Keep Your Real Estate Agents on Your Team on my YouTube channel: https://youtu.be/5ZrJsn9C7_g