Running A Real Estate Agency: How To Grow And Maintain Employee Retention
Working in real estate can be rewarding by helping clients find homes they truly love. Even handling property management can be great, as some renters have never worked with management that listens to them. A real estate agency is going to have quite a few departments to keep the agency running efficiently. Keeping realistic expectations is going to be vital, as performing well only to be told that you are failing is a red flag for some professionals.
The world is full of employee turnover due to the ability to apply for hundreds of jobs in hours. Perks can make all the difference for real estate agents, whether a phone or car allowance. Top-performing agents that seemingly close a deal weekly need to be catered to. The levels of real estate differ massively, with some closing a deal a month while others close over a hundred annually. Below will highlight how to run a real estate agency with the goals of growth and employee retention in mind.
Real Estate Agent Recognition Matters
Real estate agents might not have a day off for weeks as doing showings with clients takes precedence. Hard work needs to be rewarded, and recognition is always appreciated. Doing an event with awards for real estate agents who have gone above and beyond can be imperative. The awards should also be coupled with a perk like a vacation to an all-inclusive resort or some form of promotion. Awards can also be listed on agent profiles that can instill confidence in an agent from a client.
The truth is that the ultimate reward is to generate leads that agents can close. A pre-approval lender in-house can help expedite the process of purchasing a home. The in-house lender can also reduce the chances of an agent wasting their time with someone that would never get loan approval. Some prospects might want to look at homes with a professional without the ability or desire to purchase a home in the near future.
Getting Quality Listings
The avenues used to receive quality listings for agents are limitless. Personal referrals from former clients can be valuable, especially if recommending a specific agent. Top performers should be given the most promising listings if they have an impeccable close rate. Agents should also be generating leads by promoting their services on social media. Large agencies have requirements for how often an agent should post on various social media platforms.
Cornering a market segment can be done whether you are selling townhomes or commercial properties. Even beachfront properties can be a specialized market to target. Targeting specialized types of properties can make it far easier for digital marketers to generate leads for an agency. Specialized agencies can hire those knowledgeable about particular types of properties, which is a huge advantage.
Non-Compete Agreements Should Be Signed
The truth is that the real estate industry is very cutthroat, depending on the agency’s location. The financial rewards for selling luxury apartments can be too much to refuse, even for the most loyal employees. Non-compete agreements can be pretty useful as an agent will not jump to another local agency when unhappy. Keep these agreements in the local area, as you should not limit an agent moving with the family from selling homes elsewhere. Protecting the agency is very important as a disgruntled former agent might tell secrets of how their former agency generated leads.
Compensation For Licensing And Certifications For Employees
Employees who are working administrative jobs or handling marketing can become agents. Offering to cover expenses for licensing courses or certifications can be valuable. Many employees could be great agents after working in the industry for a while. Some might not be able to cover expenses for real estate exams, so covering this can be very advantageous. Taking the time to offer various courses that result in certifications or licenses is not something to force on employees. Improving career prospects can be a perk that helps retain employees as they feel valued as an employee rather than just another member of the staff.
The beauty of furthering the education of the staff is the potential to open up other agency locations. An agent that has had the costs for their MBA supplemented can manage another branch. Cornering a regional market can lead to more name recognition and referrals for all branches.
Running a real estate agency with goals of growth and employee retention will take time and effort. Take the time to use the tips above to retain top agents and sell more properties annually.
