The lifeblood of any successful real estate company is and always has been recruiting! This 2 part video delves deeply into the types of agents, which ones are profitable to the company, and the ways to easiest and most successful ways to bring them into your office.
Three Pronged Recruiting:
Professional, you do deals with them, play nice with the other brokers in the sandbox.
00:30 – Professional:
- You must be highly visible in the real estate community – you as the broker. Speak on panels, host events, get on the board.
- You must appear knowledgeable and professional in the real estate community. Don’t attend a class – TEACH the damn thing.
- You must appear to be extremely active within the real estate community. Being on the compliance committee, on the board – it’s visible, but be active where agents are in a social atmosphere. Sponsor a hole in a golf tournament. Have fun with this.
02:20 – Social.
- Most agents are social creatures. Why doesn’t social work for agents? Because most agents hang out with other agents. They like to belong to something. Throw a party, invite ALL the agents.
- Give them a place to belong. Why do you go to church? Fellowship, community, like-minded people. We ALL want a sense of belonging.
- Agents like to have fun. Bowling teams, softball, company parties. Good Christmas party is the best recruiting you’ll have.
- They crave social interaction and gravitate toward those with social status.
04:15 Being a broker is a status symbol.
04:45 – Institutional
- Agents want to work for a SUCCESSFUL company
- Agents want to work for a well-known company
- Agents want to work for a respected company
- Agents want to work for a company that is going somewhere!
Judy says, “Every agent in town will hear about you..” But will they hear it from you or from your competitor?
06:55 Professional: Stand out in the real estate community – be a leader.
- Realtor Board positions
- Teach classes.
- Don’t just attend events – be a part of them, host them, organize, speak at them, participate on panels.
- Appear to be “in the know” and part of the elite – an “insider.’
07:18 – Whatever is going on in town make it look like you thought of it first.
07:53 – Social – Be a fun, and approachable person.
- Cocktail parties
- Industry events
- Realtor competitions
- Meet and get to know as many agents as you can and most importantly let them get to know you.
08:41 – Institutional – BE A SPONSOR wherever you can.
- Have a strong corporate presence at all industry events.
- Appear to advertise heavily for your agents
- Constant drip campaigns
- Constant E-flyers for your company and your listings
- Strong branding
- Agents want to work for a professional company that is going somewhere and doing something.
09:50 – Nobody wants to work in a dump! They want to be some place they can be proud of.
11:00 – “Follow me!” “OK, great, where are we going?” “…uh, I don’t know yet.”
11:21 – How much does recruiting agents cost? Count on at least $1000 per month for the next 12 months. More is even better!
12:15 – An agent is a commodity to us. They are an annuity. You’ll make about $6,000 per agent per year for about 4 years. That’s the typical lifecycle of an agent with your office.
ASIDE: CCI – Company Commission income is your part after the split of the GCI – Gross Commission income. $10K deal off a transaction is the GCI, you get $3K of that as the split. Your CCI is $3K.
14:15 – Who’s the recruiter going to be?
ANSWER: YOUR MANAGER! (see the video on this topic next) This is a full-time job. 80% of their time should be spent recruiting. The rest – compliance and deal doctoring for the agents.
17:00 – Don’t hire a manager – hire a RECRUITER. You can teach anyone how to manage for two hours a day.
18:41 – Office events:
- 2 per month minimum – one per week is best.
- One educational
- One social – don’t waste your time with chamber events.
- Be wary of using sponsors – OK for educational, but not social. Also remember that your sponsors, especially title companies, don’t like you recruiting heavily, as it angers their other brokers.
20:08 – Events continued:
- Training – always CE credit if possible – more agents will show.
- Social – cocktail parties, charity auctions are great, fundraisers for an agent in the community who has had a problem (from another office!) are also great.
With all events – promote each event three weeks prior – one email blast per week for each event.
21:33 – Outreach – Stay in contact and establish relationships with as many agents from other companies as possible.
- Call every agent who puts in an offer on one of your company’s listings
- Call every agent who gets an offer accepted with your company
- Call every agent midway through and in escrow with your company
- Call every agent upon a successful closing with your company.
23:06 – Outreach – Establish a drip type campaign to stay in touch with each agent you have been in contact with. (Built into RIO Genesis). This includes:
- All who have done a deal with your office.
- Those who have attended your training classes.
- Those who have attended your social events.
- Those you have met at other events.
- Basically, any and every agent you have ever had contact with.
23:32 – Get Face Time: Try to meet up with two or three potential recruits each week.
- Coffee is fine, lunch if you think they are getting closer.
- Unless they are ready and indicate they are looking for a change, do not meet them at your office – don’t even suggest it.
- Neutral territory and not near their current office where they can be seen. It will make them nervous and uncomfortable.
- Start with agents that are in an office closest to yours – they are most likely to come to your office. Put your office where your agents live.
25:30 – Be patient!
- 14+ contacts for a top producer
- 6-8 contacts for an average agent
Don’t push them too hard. Remember you are there to build a relationship so they call you when something happens. Become their Destination Broker.
25:58 – New Agents – right out of the schools.
- Recruit and do presentations at the schools.
- Remember to be fun and friendly and show them you are all about them and their success.
- They are starting a new career and a new chapter in their life. YES, they are excited, but they are also very scared.
- They are looking for a new home and the support and training they need. Present your office as a FUN place to work. That is more important than the money to most of them.
26:30 – We are great, our office is great, I’m great! No – it needs to be all about THEM. How can we help you be successful?
27:00 – Dodgeball.
- Track all new licensees and build an email and contact list.
- 50% of all new agents will change offices within the first year!
- It is imperative you stay in touch with all of them.
- When you see their name on their first MLS closing, call and congratulate them. Give them some recognition – newbies don’t get any.
- Keep them on all your mailing and marketing lists as they are the most likely to make a change.
29:00 Cherry popping.
31:00 When you get a new agent:
You have 90 days to get them involved and into your culture, and more importantly, making money! Stay close to them and pay them lots of extra attention – help them and show a genuine interest in making them successful.
32:04 – Walkovers
- More newer and smaller offices open now than ever before and most will not survive.
- Easy way to pick up 5-10 agents at a time and smaller brokers.
- Same concept as Destination Broker – except you want to be the one they call when they give up their dream.
34:33 – The office break-up:
- Whenever you recruit or interview an agent from a specific office – immediately call every agent in that office!
- If one agent is looking to leave, then others are also. Something has happened (or not happened as it should).
- Agents travel in packs and leave in packs – high percentage play.
- You can even help this along.
This session was recorded during a seminar for NRBA members and uses of RIO Genesis software.
RIO Genesis is committed to bringing you the un-franchise solution: the best tools, training and technology without the headaches, restrictions and cost of a franchise. We are your partners for real estate success.
|Author:||Dr. Michael Krein|
|Date:||September 7, 2015|