Throughout this pandemic, most firms have been working on their digital image and expanding their teams. It is essential to add valuable team members who are productive, especially now that competition for inventory is exceptionally high.
Being shut down for several months without showing a property in person was terrible, but now that the market is scorching and there is barely any inventory, that might be even worse.
And, if you are lucky enough to have deals happening, the closing process is taking forever due to lenders and title companies being backed up. To expand your team in this tight market, consider these tips on recruiting new team members who will be valuable contributors.
1. Consider a team merger
If you are a high-profile team with a big name or want to be with a prominent team, consider a merger with another well-known team. Imagine what two powerhouses can accomplish if they partner up. The bigger the powerhouse, the easier it will be to recruit even more productive team members.
2. Prospect for agents who are newer to the game but have had some success listing properties
Some agents only list middle-of-the-road, average-priced homes, and they are really good at getting those listings in volume. To find agents like this, you might need to do some local market research and prospect for the right people who list a moderate amount of homes but want up their game.
Coming to your high-profile team will get them where they want to be. You can use the multiple listing service to pull statistics. You might also want to expand your territory footprint. To do so, I suggest joining another MLS like a statewide or nationwide multiple listing service, so you can both prospect and have an additional listing tool.
3. Make them an offer they can’t refuse
The PR and reputation of your team are why agents want to join you. Use that to your advantage when recruiting. PR is also essential to your team because you need to get your numbers up in terms of listings, sold properties and dollar amounts.
The bigger your stats are, the more credibility you will have recruiting the most productive team members. Offer more significant roles and incentives to get the people you want. Let’s say there is someone you want on your team. You might need to throw money and perks at them to sell them on joining and get your listing dollars up.
Offer a marketing budget and a PR campaign that features them, and distribute a press release that announces them as your newest team member to lift their profiles as part of your new team.
4. Find newbies
You might also want to add team members who are newbies to cover many tasks that you need to build high volume. Offer coverage at open houses, which will help them build the business. Offer training that shows the newbies how to do the job.
Often in this business, you get your license, and no one shows you the next steps, which is why the turnover is so high. If you want team members to be successful and help you boost your numbers, you have to put the effort in and teach them what you want them to do.
To attract newly licensed agents, you want to consider putting ads on Indeed, LinkedIn or even Craigslist.
5. Eliminate barriers to entry
In direct correlation with No. 4 (recruiting newbies), it can be expensive to get into or stay in real estate as a new licensee between board dues, MLS dues, licensing fees and education.
When you meet a superstar who you know will be great but doesn’t have the money to get started, consider paying for their startup costs and getting paid back out of their first closing.
6. Incentivize existing team members to pull in other agents
Each time one of your agents shows a house that isn’t their listing to a buyer, they are coming in contact with listing agents who are most likely ripe for the picking. If you incentivize your existing team members with financial consideration on everyone they bring in, you will grow your team a lot quicker.
7. Create a fun culture
Tech companies do this all the time. People don’t just want a job; they want to have fun too. Offer fun, safe outings regularly to help the social culture and camaraderie of your team. Post pictures on social media of the fun times and make agents feel like they want to be on your team.
8. Raise your profile
Get a good PR company to raise your media profile, and also network with parallel market leaders. A good PR company can not only help you get buyers and sellers, but it can also be quite useful when recruiting agents for your team.
Reach out to your valuable business referral partners like lenders, title companies, and insurance agents to recommend your team to other productive agents who might be on small teams or just one-person bands. Reach out to all your contacts who know other agents, and get networking.
If you aren’t growing your business by bringing on new agents and expanding your service area, you’re wasting much of the time, money and energy you put into earning your license. Using these tools for teams, you can truly make the most of your real estate business.
Dawn Pfaff is the president of State Listings, Inc., parent company of My State MLS and NY State MLS, and she works in East Greenbush, New York, and Jupiter, Florida. Connect with her on Facebook or LinkedIn.