How to Recruit the Best Agents for Your Firm

Having a real estate brokerage that is both efficient and successful is essential in improving sales and generating leads. Recruiting top talent is one of the most helpful ways to both delegate work load in order to free up your own time, but also to build up your company’s reputation.

This blog will explain the best practices to take in recruiting agents to your firm. You’ll see report findings from Engel & Völkers on what agents like best about their brokerages as well as tips on how to make appropriate offers to your new talent. If you’re part of the TL; DR crowd start your free seven-day trial of AgentEDU today and watch the full course, “Team Building.”

Mostly Satisfied

In a survey done by Engel & Völkers Americas, agents expressed overall satisfaction in their current state of employment. The company’s State of Real Estate Recruiting report found that around 96 percent of agents are satisfied, with 94 percent stating that they would remain at their brokerage for another year. Furthermore, 90 percent of agents said they would recommend their brokerage to other agents.

However, even with satisfaction rates in the nineties, 35 percent of agents stated that they consider leaving their brokerage at least once a year. Some of the top reasons for leaving include searches for better commission splits, increased lead generation opportunities and greater benefits. Indeed, 38 percent of agents say they would leave their current brokerage for better commission splits. These are agents who are looking for a way out, and could possibly make a great addition to your own firm.

How to Appeal to Great Agents

One of the first things a managing broker should do to recruit top talent is to conduct research on agents they want to target. This is key to attracting them as well as in sorting out any agents who do not fit your needs or may be underperforming. The Engel & Völkers report suggests brokers “thoroughly research these agents, and certainly before meeting with them have an understanding of their production level, style of doing business and reputation in the industry.”

Kelly Stephens, vice president and managing broker at Engel & Völkers Atlanta North Fulton and Engel & Völkers Buckhead Atlanta, found that the two main things agents are looking for are support and leads. Location also matters for agents, with 72 percent stating they prefer to work in a brokerage with a physical office space. The report also notes that it’s important for managing brokers to highlight some of the other benefits, aside from splits, that agents will receive or lose by switching.

Being both transparent and upfront about your offerings is key in appealing to the best agents for your team. The way that you personalize your recruiting efforts to match the profile of the agent you hope to attract is key. The report goes on to state, “Recruiting top talent is not something that will happen without a brokerage’s concerted effort into reaching prospects with the right message that will resonate.” The way that you reach out to these prospective agents will show them that you are doing in-depth research in the effort.

To learn more about building an efficient and successful team of real estate agents and other fundamental skills on running your business, start your seven-day free trial of AgentEDU and gain access to our “Team Building” course.

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AgentEDU® is a platform where agents at every level can come to watch 10-minute video courses for the many situations that successful agents must master. From essential to advanced level and everything in between, AgentEDU® courses help agents become top producers with increased earnings and a plan for continued growth. For a 7-day free trial sign up here.

AgentEDU® is an Agent Publishing brand. For nearly two decades, Agent Publishing has been committed to providing residential real estate professionals with the information and training required to build successful and meaningful careers in their local markets. Agent Publishing’s influence extends to every career stage and reaches agents across print, digital, events and online learning.

How to Create Accurate Real Estate Job Descriptions

As you plan to bring on new people, evaluate which job responsibilities you should delegate, share and keep in your care. It’s best to start slow, adding one role at a time, while learning what you really need operationally and financially.

In this blog, we will review three of the most common team member titles, job descriptions, and compensation models. This is to help you compare your needs with the current industry standards and hire appropriately.

Team Assistant Role

This administrative position will help you organize, track, manage and coordinate any area of your business. Your assistant can be licensed or unlicensed, depending on your needs. A licensed assistant can answer questions for clients and even show homes.

An assistant is often suggested as a good first hire because they can free up the time you currently spend on administrative work, allowing you to focus more on profit-building tasks. A team assistant will not directly generate income for your business but may indirectly help you grow by allowing you to serve more clients.

Team Assistant Compensation

A full-time assistant will require an hourly wage or salary, plus benefits, and will require a larger investment than . Real estate assistants often make between $30,000-$45,000 a year, plus bonuses and benefits, depending on your market. You’ll need to withhold income tax, state taxes, Social Security and Medicare taxes.

These payments can add up to 15 percent or more to the cost of their total salary. You’ll also have to report all of this to the IRS. Additionally, you may need to provide office space, workers’ compensation, errors and omission insurance and health care benefits. You may be required to include them on your auto insurance policy.

Buyer’s Agent Role

Some agents prefer to focus their own work on listings, and need help representing buyers. Since buyers often require more of your time and attention than sellers, hiring someone to manage the buyer side of your business could make a lot of sense.

Buyer’s agents show houses to clients and convert showings to sales on properties of interest to the buyer. A buyer’s agent will also understand the current marketplace and financial implications of investing in various neighborhoods. They will help buyers narrow their search based on needs and lifestyles and can bring new perspectives to your clients.

And though the buyer’s agent only focuses on buyers, the right hire can bring a more diverse understanding to your business as a whole. He or she can serve as an advisor to you and other agents.

Buyer’s Agent Compensation

A buyer’s agent is typically paid a small salary plus commission. The commission for buyer’s agents is typically up to 50 percent, after expenses are paid. Splits may be adjusted to differentiate between team-generated leads, which may generate a 40/60 split, and agent-generated leads, which could be a 60/40 split. The selling point for this position is that a buyer’s agent is more likely to make more money in a team setting while handling the side of the transaction that they prefer.

In order for a buyer’s agent to be successful on a team, the team must have a high-producing buyer’s agent. Buyer’s agents should show properties and close deals, with the help of the team’s lead generating marketing efforts and administrative assistance. Your compensation models should hold agents accountable for their productivity.

Listing Specialist Role

A listing specialist can either bring in the listing or step in once the listing agreement has been signed. A listing specialist will represent the seller and oversees all aspects of the seller’s transactions, from initial contact through closing.

The listing specialist may prepare all materials and documents for the listing as well, including marketing materials, listing agreements, disclosure statements, market analyses and online property profiles. The specialist will also conduct the necessary research to advise on the sale price of the property, and work with the sellers to take photos, stage the property and make repairs.

Licensing Specialist Compensation

Like a buyer’s agent, listing specialists may be paid a small salary, but the role is largely based on commission, up to 40 percent of the net profit. Base salaries for your listing specialist should depend on the experience level of the agent and your local market. Salary compensation should be strategic to inspire productivity.

Like the buyer’s agent, generating their own leads and closing deals is a main priority. They should be held accountable for their productivity and compensated appropriately.

Grow Your Team

Plan to start slow as you hire new team members, and grow your team by one position at a time. Pay your team members competitively and based on their productivity to retain them and support your financial success. To learn more about how to fill out your roster and create accurate and useful job descriptions, start your seven-day free trial of AgentEDU today and watch the full course, Team Members Job Description and Compensation.

_________________________

AgentEDU® is a platform where agents at every level can come to watch 10-minute video courses for the many situations that successful agents must master. From essential to advanced level and everything in between, AgentEDU® courses help agents become top producers with increased earnings and a plan for continued growth. For a 7-day free trial sign up here.

AgentEDU® is an Agent Publishing brand. For nearly two decades, Agent Publishing has been committed to providing residential real estate professionals with the information and training required to build successful and meaningful careers in their local markets. Agent Publishing’s influence extends to every career stage and reaches agents across print, digital, events and online learning.