Growing a business like a real estate brokerage is never an easy task. It doesn’t happen overnight; moreover, it takes a lot of time, effort, and dedication. You also need to pay attention to the entirety of the organization, not just one or two aspects, to achieve all-around progress.
The good thing is that while the journey might be tough, it’s definitely doable. Here are some things to keep in mind to help your real estate brokerage achieve and sustain growth:
Hire a Real Estate Recruiter
One of the biggest contributors to a brokerage’s success is a good team of agents. However, with the real estate industry being more competitive than ever, it can be difficult to find the cream of the crop. This is why you should work with real estate recruiters if you aren’t already.
Hiring a real estate recruiter doesn’t dismiss your own capabilities of finding competent agents. Rather, you’re counting on their expertise and speed. This way, not only are you able to hire more and better people faster; you’re also able to focus on other facets of growing your brokerage.
Aside from being more accustomed to the nuances of the hiring process, such as salary negotiations, real estate recruiters are also familiar with CRM tools like Broker kit. This results in a more organized process, which also improves the candidate experience. Do note, however, that you can also take advantage of CRM tools in your brokerage. They help not just with recruitment, but also with agent retention, client management, and more.
Establish a Recruiting Process
If you don’t have a recruiting process yet, you need to establish one right away. This will help considerably in finding the right people for your brokerage, whether or not you end up hiring a real estate recruiter. With a proper system in place, you can ensure that there will always be potential recruits lined up when you need them.
If you prefer, you can hire a real estate recruiter and then work with them to formulate a recruiting process. This can help with overall efficiency. Some of the most crucial steps in the recruiting process include sourcing and prospecting, relationship building, following up, and needs analysis. You should also make space for handling objections or suggestions to your initial offer. The final steps should include closing the deal and onboarding the new hires.
Establish and Market Your Culture
One of the biggest reasons a real estate agent joins a brokerage is the organization’s culture. Essentially, it’s the manifestation of your company’s goals and values. It reflects a sense of community in which an employee might want to belong, not to mention a healthy support system that fosters personal growth.
With an established company culture that you continuously uphold, you can cultivate satisfaction and loyalty within your brokerage. This results in happier, more productive employees who are more than willing to join you in your journey of growth.
Of course, company culture is also important in recruiting new people. This is particularly true for smaller brokerages, who may not be able to compete with franchise firms when it comes to compensation packages and benefits. By underscoring your company’s emphasis on people development and support, you may just attract talented real estate professionals who can help build your brokerage’s success.
Develop a Retention Program
It doesn’t matter if you’re constantly hiring good people if these good people leave. The best recruitment system in the industry won’t mean anything if those you hire don’t stay with your brokerage. Thus, a robust retention program is equally as important as an effective recruiting process. In fact, it can be argued that retention is more important, particularly if you’ve already invested in your people’s training and mentorship.
A good retention program also keeps employee satisfaction high. As previously mentioned, happy, satisfied employees are more productive and therefore contribute more towards growth. The good thing is that you don’t have to think of extravagant rewards or schemes. Even a culture of recognition and support goes a long way in making people stay.
Build and Cultivate a Network
Building a network is particularly important for smaller brokerages. This can create awareness and build exposure, which can be valuable in attracting both the right candidates and the right clients. Remember: if nobody knows about your company, it will be more difficult to achieve your goals.
Start small by attending local real estate events. Once you gain momentum, conduct events of your own and invite media and PR companies. After you build your network, make sure to cultivate a healthy working relationship with them. This can help with consistent exposure and long-term growth.
It might feel a little overwhelming at times, but remember that the benefits will be well worth all your effort. Just keep at it, focus on the goal, and soon enough don’t get distracted, and you’ll see your real estate brokerage grow and continuously thrive.