Recruiting a bigger problem for brokers than picking the right technology, using social media, or listing syndication

40 percent of all Realtors are older than 60

Ask real estate brokerage leaders about the most crucial business challenges they face today and most will say it’s not about picking the right technology, getting the most out of social media, or even the hot-button topic of listing syndication.

It’s recruiting younger agents, according to a survey by Imprev Inc., a provider of integrated marketing tools.

Agent and clients image via Shutterstock.
Agent and clients image via Shutterstock.

The National Association of Realtors’ own member surveys have found that more than 40 percent of all Realtors are older than 60, and 1 in 4 is 65 or older.

“The real estate business is aging out,” said Imprev CEO Renwick Congdon in a statement. “Broker-owners and other top real estate executives are under pressure to find new talent.”

Many brokers surveyed by Imprev — the Bellevue, Wash.-based company works with 150,000 agents and brokers, and about 260 participated in the survey — said it’s harder to recruit agents than it was 10 years ago.

There’s more competition from other brokers, some of whom are offering “unsustainable programs.”

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“More brokers are attempting to just put ‘butts in seats’ by giving away the farm as they attempt to recruit agents without paying attention to future profitability,” complained one respondent.

More brokers are attempting to just put 'butts in seats' by giving away the farm as they attempt to recruit agents without paying attention to future profitability."

Agents are looking for “the quick buck or easy fix,” said another.

Some brokers who are succeeding with recruiting say their market share and tools they provide to agents gives them an edge.

Recruiting has become “much easier due to the systems, technology and training we provide each agent,” said one. “It is also easier because we now have the majority of market share within my territories.”

Imprev Thought Leader Survey

What are some of the most crucial business challenges you are thinking about today (check all that apply)?

Percentage who checked

Recruiting younger agents

70%

Recruiting top talent

65%

Staying ahead of competitors

45%

Quality leads for agents

41%

Agent satisfaction

39%

Better use of mobile technology

38%

Getting agents to do their jobs

38%

Recruiting younger managers

36%

Picking the right technology

36%

Better use of social media

31%

Listing syndication issues

27%

Agent compensation

24%

Value of MLS membership

21%

Source: Imprev survey of broker-owners and top executives at leading franchises and independent brokerage firms conducted in late October. Approximately 70 percent of the more than 260 respondents oversee brokerages with more than 100 agents; 26 percent have more than 500 agents; and 12 percent have more than 1,000 agents.


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