You've probably heard that as the owner of a business, you should be spending more time working on your business vs. in your business, but what does this really mean? It appears to be a cliche that is accepted but not well understood. Let's take a look at what this means as a Broker-Owner and compare the ideal to the reality in today's brokerages.
As a Broker, whether you're communicating to your offices, agents or direct to home buyers or sellers, the key to getting the results you desire lies not just in the content of your message, but in your delivery too. Your ability to leverage technology to effectively communicate is increasingly important in our digital culture. It can improve office and agent productivity, generate opportunities, and maximize your growth potential.
At iBroker, we understand the multitude of challenges facing brokerages today. Recruiting and retaining agents is certainly one of the most important, given the direct correlation with growth. Successful brokers know that an effective recruitment and retention strategy is absolutely essential to realizing their growth potential. While some brokers have the means to invest heavily in tools, services and systems to support this effort, others may not be in a position to do so – at least not to the same extent. Instead, they are constantly on the lookout for cost-effective means to the same end; but can low cost recruitment strategies be as effective?
Every broker's recruitment process tends to have its own unique way of attracting, selecting, and hiring agents. It is both a critically important and time-consuming task. Technology can support this process and help build relationships between brokers and prospective agents. It can also resolve some of the biggest recruitment challenges brokers face, resulting in a more efficient and effective process overall.
Before designing a compensation program it is important to first identify who your customer truly is before you start recruiting. I believe that many Brokers do not have a defined outline of the REALTOR® they want to attract. Given the challenges of recruitment, Brokers tend to be seduced by the physiological win of a new heartbeat as opposed to being focused on acquiring the right REALTOR®. The result is often the development of compensation programs designed to attract them on price.
Brokers know that change is inevitable if they are going to stay competitive and enjoy continued success. Given technology advances so quickly, without change office systems can quickly become dated, making recruitment and retention - the cornerstone of any real estate business - a challenge. But a technology change to a key system can be disruptive and overwhelming for those involved. How do you lead the organization through it to mitigate resistance and instead inspire support and excitement?
The National Association of REALTORS®* recently surveyed its members about the current technology landscape in the real estate industry. The published results offer Brokers some valuable insights into technology trends, needs, wants and perceptions they may want to consider when planning out their strategies and technology spend for 2019.
In order to run a profitable real estate brokerage, Brokers need to know and understand the metrics that impact the bottom line. Only then can they make profit predictable and set themselves up for long-term growth. Also, knowing how your financial metrics compare with others is invaluable when making strategic financial and operational decisions - especially if you're contemplating a merger, acquisition or exit strategy. However, many Brokers don’t know where to access accurate data to compare with or they question the reliability of the data they do have.
Successful brokers understand that recruiting and retaining talent are essential to maximizing their growth potential. Many would agree that getting talent in the door is the easier step. It's getting them to stay for the long haul that is the challenge. It can be a significant investment of time and money to nurture and recruit top talent. The last thing you want is for your new recruit to leave prematurely. But, how do you get them to stay? What carrots, or incentives, should you dangle to cultivate loyalty among your agents?
Are you a pro when it comes to recruiting talent? Do you have creative or innovative ways to attract talent and wonder why others are not doing the same? Are you willing to share your expertise with others? We're creating an eBook on recruitment strategies and seeking insight from industry experts. Help us shed light on the best strategies out there. At iBroker, we understand the ongoing challenge to recruit and retain talent and are committed to offering Brokers solutions through innovative technology and insight.