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We all hear so much about recruiting these days and rightly so because if you’re not doing it, and doing it well, your brokerage will soon be struggling. Just as important as recruiting is the retention of the agents that you already have in your office.
Great recruiting will not be much help if just as many agents as you are bringing in are walking out the back door. Consistently controlling the inflow and outflow of talent is a careful balancing act that the best brokers have mastered.
Below are the top 10 reasons your agents will leave you in the next few months and the simple things that you can do right now to stop most of them from moving on. You can also apply these same principles to your employees.
1. Lack of recognition and appreciation
People crave recognition probably more than anything else. Most people would put this human need equal to or ahead of money. When we fail to give these two things out in healthy doses, someone else will.
Be sure to be generous in your recognition and appreciation. Always recognize everyone’s accomplishments. They are a very big deal.
Pro tip: Every time an agent gets a listing or closes a deal, email, text or call them to congratulate them.
2. Lack of support
Broker support should be easy to get, and the agents should feel like you and your staff are there for them. Be sure to be easy to get in touch with and get the agents the information that they need fast.
Your staff should be doing the same and your office should be any easy place to do business in — so easy that an agent would really miss it if they went somewhere else. Go over the top with your customer service for your agents, who are the true customers of your brokerage.
Pro tip: Enter all of your top producers phone numbers in your phone and when you see them call, take their call.
3. Not enough training
A consistent, steady stream of great training topics will keep all of your agents interested in your office. Right now, the focus should be on buyer agreements and an ongoing contracts class will keep agents really engaged.
Not many offices are doing this, and agents find great value in contract knowledge and appreciate seeing you as the expert on this subject.
Pro tip: Schedule great topics in advance, and put them on your office calendar.
4. Not enough tech
Agents want simple and easy-to-use technology. A good, easy-to-use CRM is important and should be provided to all your agents. Today’s agents are looking for easily accessible mobile programs and apps.
Pro tip: Come up with tech that only your brokerage has.
5. Their split
No big surprise here. Depending on your model your agents are either getting a high split and not much else or a lower split and lots of training, support and tools. Showing the agents the value of everything you are offering so that they understand and use it is key.
Keep in mind that some agents just want too much regarding split and in those cases, maybe your brokerage is not for them. Remember that this is a business and a partnership, not a one-way street to put you out of business.
Pro tip: Track the retained percentage of your top producers. Are you making money?
6. Leaving the business
Since the buyer agreement requirements have gone into effect and the market has changed, some of the less seasoned agents have decided to try other industries. When it’s not as easy to make money, agents will always leave.
Lately, you may have noticed that the number of people getting their real estate license has really dropped off. People will also eventually retire or just stay with you but do no business, which is the same thing.
Agents will leave the business for many reasons, and this is one of the categories that you have absolutely no control over. This reason and some others are why consistently recruiting new talent is so important.
Pro tip: Make recruiting calls for one hour a day, five days a week.
7. Moving to another state
People will move for many reasons such as affordability, health reasons, family reasons, etc., another category which you have no control over.
Pro tip: Introduce them to an affiliate in the destination where they are going. They can do the same for you.
8. They need a change
There are certain human needs that come into play, and when people need a change or a fresh start, they will act on it. You can have the best office and be the best broker in your market, but when people start feeling stale and bored, they are out. That’s not your fault, and it will happen.
Some people will act on this human feeling, and others won’t. Don’t feel bad about this one. Regular recruiting will make up for this.
Pro tip: Hire a recruiter if recruiting is not for you.
9. A big sign-on bonus
When the market gets a little challenging and the agent’s living expenses are high, any good business person will look at their options and, if there is a big sign-on bonus out there, they will take a look.
Try to stay ahead of this and always be sure to be competitive to have a chance to retain your top talent. When we are not aware of what our top people are thinking you won’t have a chance to retain them. You will then be in the position of trying to get them back, which is not a good position to be in.
Always be talking and listening to your agents. They will give you signs, and sometimes it’s just a whisper.
Pro tip: Call every agent in your roster every three weeks to check in with them.
10. Brand recognition
The bottom line is brand recognition gets you more business. This is true in any industry, and real estate is no different. It’s never been more of a listing game than it is right now. Many agents are making the move to the bigger brands to be able to be stronger at the listing table.
With these brands, they get more listing tools, advertising and listing power. Independents need to find a way to stay relevant by being unique and offering more power to their agents.
The buyer agreement requirement is the second reason many agents are now seeking out the big brands that offer more training.
Pro tip: Do things in your office that agents can’t find anywhere else.
Stay on top of retention by staying close to agents
For most of these 10 reasons that agents leave, you can take action and do the things necessary to keep most of your agents in your office. Staying ahead of it is key.
For the other reasons, nothing can be done which is why good, consistent recruiting is so important. Knowing what your retention rate is will give you the opportunity to correct any bad trends that you may see. The numbers will always tell us the truth.
With all this being said, the really important thing to remember is that all of our agents will eventually leave, but when they are having fun, have an easy environment to do business in and are making money, they stay longer.
Joseph Santini is a managing broker at Coldwell Banker Realty in Boca Raton, Florida. Connect with him on LinkedIn.
