Best practices to retain your top real estate agents

Earlier this year we talked about how We Invest’s  real estate agency’s founders are truly investing in their team.

 

Some real estate agents achieve tremendous success in a short period of time.  In 2013, 20-year-old Dion Markovics made headlines by selling $28 million worth of property and earning a six-figure salary—a rare feat for even veteran agents.  Surely, every agency dreams of breeding agents this successful, but the truth is, not every agent hits the ground running.  

In 2017, Real Estate Business reported that employee turnover had risen in 32% of organizations across Australia.  Today’s agents are less concerned with longevity, and they’re willing to leave to find better opportunities.  Even if you have an agent as stellar as Markovics, don’t assume they’re happy.  You must work constantly to retain your top talent.

Assess the Situation

Before you can employ best practices to keep your best agents on staff, take stock of your agency. Ask yourself the following questions:

  • Are agents’ ideas taken into consideration or ignored?
  • Is there a culture of appreciation? Does the agency offer rewards and recognition?
  • Is this workplace an environment of respect and collaboration?
  • Are we using the right tools? Are our agents given the right tools to work with?

Really take the time to understand your workplace culture. If any agents have left recently or are planning to leave, speak with them and solicit honest feedback.  Find out where you’ve gone wrong in the past, so you can prevent issues in the future.

Provide Support

There are some easy ways to make your agents feel supported.  The more supported they feel, the more likely they are to stay with your agency.

  1. Marketing support: Even if your top agents are extremely talented and self-sufficient, they can benefit from marketing support.  Maybe this means email campaigns, digital ads, or advanced in-house mechanisms to enhance their productivity.  Find out what they need and make it happen.
  2. Stay connected: Top agents are great at what they do, but they still need additional resources.  Don’t leave them to their own devices.  Check in frequently, recognise jobs well done, and help them navigate tough situations.
  3. Give them tools: The real estate business is an increasingly digital one.  Set your agents up for success by employing the latest technology, including but not limited to, live chat boxes, optimised websites with online listings, video marketing, document management, and CRM.  Also, ensure you have tech savvy people in place to keep these tools working efficiently.

Train, Train, Train

Whether your agents are new to your agency or seasoned veterans, training is always beneficial.  Ensure that you teach all agents about your agency’s systems and processes.  Then, periodically revisit those training modules to keep the information fresh, and roll out new training as needed to keep everyone up to speed.

Invest in Culture

Ensure your agency is a great place to work.  Whether this involves a monthly workout activity for the entire team or a Happy Hour, find ways to make the workday fun and encourage connection.  Creating an enjoyable work culture isn’t just about the work itself; it’s also about human interaction and an element of fun.

Agencies roll out the red carpet to recruit top talent, but it takes the same amount of effort to retain them.  Use these best practices to encourage high performance and keep your team intact.

Read our case study about We Invest Here. They’re all about company culture.