What makes a brokerage attractive for agents?

May 24, 2019

With so much real estate activity in the market today, some brokers might think the industry sells itself. However, it's vital for brokerages to make sure they're doing more to not only attract new talent on an ongoing basis, but retain the real estate professionals they already employ.

There are many things to consider when trying to make a brokerage more attractive for new and current employees, according to RISmedia. That should start with an inward examination of everything the company does - from the receptionist to the head decision-maker - to ensure everything is running as intended. Once that's done, it's time to turn to improving those processes.

Where to begin
One important thing to consider here is what the brand of the brokerage is in the first place, and how that perception - both internally and externally - fits with what you're going for and the principles upon which the company was founded initially. As long as there is a strong culture and clear values, that brand is likely to matter to agents. Often, if the company sticks by its core foundation closely enough, agents will feel personally adhering to that effort matters quite a lot, because they're proud to be associated with the brokerage.

At the same time, though, even the companies that feel they're doing everything they should will likely find plenty of room for improvement. For instance, new agents coming into the brokerage would probably benefit significantly from having an established mentorship program in place, and plenty of support for anyone who needs it - especially at this time of year when things get hectic.

What agents want
Obviously, there are more material concerns for many agents, as well, according to Anthony Hitt of the Forbes Real Estate Council. When brokers have an office space that's conducive to getting work done and provides a great place to meet with clients, agents will highly value that resource, even at a time when more companies are going digital-only. This can also help to have a sense of community among the multiple agents at your brokerage, so even if it's a relatively small space, you might get more mileage out of a physical, brick-and-mortar location than you expect.

And of course, agents will want the best possible split with their broker on all the real estate sales they facilitate, but it's your job to make sure your share of those deals is being reinvested into the company itself. For instance, agents might be more willing to chase the absolute best split they can find with another brokerage if they're confident that you're putting the extra money into resources they aren't likely to find elsewhere.

Perhaps the best way to better cater to your agents' wants and needs is to simply ask them what they'd like to see from the business as it grows and changes over the years. Some of their answers may surprise you, and help you make better decisions about where your brokerage turns next in this competitive market.