Real estate agent retention is one of the pain points of many businesses all across the country and for a good reason.
Most companies, even the big ones, do not have proper strategies and procedures for agent retention; in fact, oftentimes, agents and employees are seen as disposable and replaceable tools and not as valuable assets of an organization.
What if we told you that there is a way to improve your real estate agent retention with a simple change in the way you see and approach your team members?
In this Team Building Podcast, we touch on the strategies you can implement today to build a dream team and organization where agents will want to stay forever.
The Basics of Real Estate Agent Retention
At its core, retention is all about putting your agents and employees at the center. They should feel like the main character of their life, so their job should be a stepping stone for growth and for following their dream.
But how do you achieve that? How do you run a successful and profitable real estate company that’s also a dream factory for your team?
It’s actually pretty simple; there are four main aspects of your organization that you need to improve to boost your agent retention:
Systems and strategies
Build a Positive Culture
Creating a positive culture is essential for agent retention, but what do we mean when we talk about a “positive” culture?
A positive culture or positive work environment can mean a lot of things, depending on how you ask. Some might tell you that it’s just about being friendly to your co-workers or having a very nice office.
For us, a positive culture is a supportive work environment where the organizations take into account the dreams and bigger-picture projects of their employees.
Your business should foster a culture where agents feel valued and appreciated but also where they can see a future for themselves within the organization while still maintaining a work-life balance.
Encourage collaboration and open communication, and provide opportunities for professional growth, and you will start to see the results.
Leads for Real Estate Agent Retention
Generating quality leads is essential for agents' success. Provide your agents with good lead-generation tools and technology. This can include CRM systems and automated marketing platforms.
By equipping your agents with these resources, they will feel empowered to efficiently generate and manage leads.
Continuous training is also crucial for agents to improve their lead conversion skills. Provide regular workshops or webinars on topics such as effective prospecting, lead nurturing, and negotiation techniques.
Acknowledge and reward agents who excel in lead conversion. This could be through incentives, bonuses, or recognition programs.
By celebrating their achievements, you motivate agents to continue performing at a high level and create a healthy competitive environment.
Remember, lead generation is a vital aspect of an agent's success. By providing the necessary tools, training, and support, you can attract and retain top-performing agents who are motivated to succeed in your organization.
Hold Your Team Accountable
The secret to maintaining a healthy and positive culture is that everybody in the team stays accountable for their responsibilities.
Ensuring accountability is also crucial for maintaining a high level of performance and growing the company. Here are some ways to ensure your team stays accountable:
Set Clear Expectations: Establish clear expectations and goals for each agent. Clearly communicate them in terms of performance, targets, and milestones.
Regularly Track Progress: Regularly monitor and track the progress of your agents. Use performance metrics and key performance indicators to assess their performance objectively.
Provide Constructive Feedback: Offer constructive feedback to your agents regularly. Recognize their achievements and highlight areas where they can improve.
Address Challenges and Roadblocks: If an agent is not reaching their goals or milestones, it's important to address the situation proactively. Instead of blaming or criticizing, have open conversations to understand the reasons behind their struggles.
Have a Dream Success Manager or Leader
Another way to keep all your agents accountable is to have one person in charge of the follow-up and development of your team's dreams and goals.
All the little tasks and rocks are just stepping stones to reach a bigger dream. Having someone in charge of this will provide helpful assistance for your team and will solve issues with agents who are struggling with motivation or managing their goals and dreams.
Systems and Strategies
Implementing efficient systems and strategies is vital for the growth and improvement of your team.
Implement streamlined processes that go beyond everyday tasks. Create systems that make your team feel comfortable and empowered.
This could involve simplifying workflows, automating repetitive tasks, and providing clear guidelines. Regularly evaluate and update these systems to ensure they remain relevant and effective.
Understand Your Team
Take the time to understand each team member's working style and preferences, including your own. No team is created equally, and their processes may differ.
By being self-aware and understanding the strengths and weaknesses of your team members, you can optimize workflows and assign tasks that align with their natural abilities.
Natural vs. Adaptable
Acknowledge that team members have different natural and adaptable qualities. Identify what tasks or areas each individual is naturally skilled at and what they may need to adapt to.
By recognizing these differences, you can create task assignments that focus on their strengths, allowing them to work in their natural state and reducing burnout and stress.
Allowing your team to work in their natural state fosters a sense of comfort and happiness.
Regularly communicate with your team to understand their needs, motivations, and aspirations, and adapt your strategies accordingly.
Your Role as the Leader
We have talked a lot about strategies and ways you can make an inviting and positive culture to retain top talent. But what is your job as the leader?
As the leader of a real estate team, your job goes beyond just closing deals and ensuring a profitable team. Retaining agents at the highest level should be a top priority, too.
Your actions and behaviors set the tone for the team, so lead by example. Show dedication, professionalism, and accountability in your own work.
Take the words of your team into consideration, listen to what they need and what they struggle with, really empathize with them, and try to find a solution. This way, you ensure they feel valued.
So, as a leader, how can you achieve a culture of team building where people follow and achieve their dreams? In summary, here is the basic point you need to implement in your organization now.
Follow up with your team goals and dreams
Have dream managers
Hold your agent accountable
Connect tasks as stepping stones to achieve dreams
What If People Still Leave Your Organization?
Even with the best efforts, some individuals may still decide to leave your organization. It's important to understand that people may be attracted to other opportunities, thinking they can achieve their dreams more effectively with less while earning more money.
Rather than viewing this as a setback, keep an open-door policy for those who choose to leave.
Embrace new opportunities that departures can bring, such as fresh perspectives and the chance to make room for new talent.
Remember, great leadership involves understanding that individuals have unique paths, and you will find agents who aren’t ready to follow their dreams or still are unsure of what they want.
The important thing is to still provide a platform for the talent that genuinely wants to grow, learn, and become the best version of themselves to do so.
Grow Your Real Estate Agent Retention Strategy Today
Stop wasting your time and money on retention strategies that lead nowhere. Start spending your time smartly and grow your team and business.
Contact Elite Real Estate Systems today and start seeing results.