Better commission splits, according to a recent study by Inman, would motivate nearly half of participants to leave for a different brokerage.
Yes, money matters, but creating a team-focused environment for your agents makes them want to work for your firm. Over half of the agents surveyed said they received no career mentoring from their brokerage at all.
Everyone aims for more money, but educating and empowering your agents is an equally appreciated motivator.
What a lack of compassion can do to your brokerage
Successful agents have a competitive edge. If they don’t feel passionate about matching someone with their perfect home (better than anyone else can), they might be unhappy with the job — or the company. This results in less business, potential negative client feedback and declining relationships with partnering real estate professionals. You don’t want review sites slamming your business practices due to the lackluster performance of a few individuals.
Warning signs of agent burnout
Autonomy is expected in real estate, but your agents are doing the legwork and contributing to the brokerage’s bottom line. If you’ve been slacking with creating a professional, supportive environment, check for these symptoms:
- Lack of motivation
- Confusion or disorganization
- Poor communication
- Disappearing clients
A one-off scenario might mean it’s time to let one agent go, but what if it happens twice in a row? Three times? Is everyone being lazy, or is there something you should be doing differently?
How to combat it
There’s no better time than the present to get your agents feeling appreciated.
Start with a few happy hours and company events, especially if you lack a formal office setting for meet-and-greets. While coordinating schedules among agents who don’t work traditional hours is challenging, providing ample notice should eliminate conflicts.
Arrange a personal shopper to come in and help outfit everyone to look his or her best. Even if some don’t buy anything, suiting up is a fun way to feel successful.
Offer top-notch tools, including business cards with the brokerage branding, an optional office setting with desktops and printers, and software to help them enlist more business.
Website assistance, CRM software, email marketing and transaction management services help individual agents expand their online presence. Your company name is likely attached to their personal platforms — ensure they look professional to help boost your brand recognition and satisfaction.
Handing them the tools isn’t the final step, either. Training your agents to use the offered technology eliminates the need for constant IT help and support.
An optional office environment isn’t always the top priority for brokerages, especially since many business sectors outside of real estate are relying more on telecommuting than in-office work. But culture is a vital aspect of company loyalty.
Also, letting agents bounce ideas off one another helps them develop outside of the training you provide. Even if it’s less than a thousand square feet, a physical work environment is a good idea.
When you prioritize your agents’ well-being, you get paid back twofold. Maintaining a positive atmosphere promotes teamwork and bonding.
As one participant said, “The people are genuine and care about your success! It’s contagious, as I find myself doing the same for newer agents.” That’s the type of camaraderie that can’t be bought.