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Pulse is a recurring column in which we ask for readers’ takes on varying topics in a new one-question survey and report back with findings each week.
Last week, we asked readers: “How could your brokerage be improved?”
Suggestions varied, but they largely boiled down to three themes: better treatment, more support and less recruiting. Read on to hear about changes that rank and filers wish their brokerages would make.
Focus on quality, not quantity
- Focus on retention, not recruiting. The problem in my office is that the manager’s primary job is to recruit. I believe management’s zeal to recruit and get as many “butts in the seat” as possible is misguided. My belief is that management should focus on getting the “right butts in the seats” and then keeping them there. It appears that management has no standards. My belief is that management has an obligation to the office to be more discerning. In my office, there has been a massive recruitment effort. It has succeeded. Problem is that the agents (some brand new; some poached from other brokerages and other jurisdictions) know nothing about this community. They don’t know the basics, such as the streets and neighborhoods. They don’t know the schools. They don’t know how the local government works. They were enticed by the fact that the price of real estate in this community is high, which, to them, means the prospect of greater commission dollars. This carrot is dangled in front of them as an incentive to join. These new recruits occasionally get a lead from the office manager/broker. Receiving the lead/s may incentivize the new recruits to stick with it as they run out of money paying for lockboxes, board dues, E&O insurance, etc. The payoff for providing leads to the new recruits is two-fold. They may stick it out longer, and, if the lead/s result in closed business, the brokerage retains a higher split than it would if the lead were directed to seasoned agents on higher splits who have a greater likelihood of getting the job done. Bottom line is that upper management is happy with the high recruitment level achieved by the office manager/broker and the morale of the seasoned agents in the office is low because the new recruits are clueless and, in all likelihood, just passing through until they get discouraged and quit or go elsewhere. Quantity of agents does not necessarily mean an office will be successful.
Better treatment
- Treat agents equally and respectfully.
- Leadership could do a better job consulting with me about how to grow my business.
- Start celebrating the individual agent, not just teams and groups.
- More one-on-one with the agents. Better relationships with management and staff.
Better support
- Provide administrative support, such as a transaction coordinator to free up time.
- More hands-on, up-to-date training from brokers.
- Figure out how to do technology that lasts more than a month!
- Increase market awareness regarding the agents.
- Collaboration with locals and NAR to help with over-saturation of referrals and lead “schemes.”
- Older agents are not taking full advantage of social media because they really need a hands on, in-house coach to set up the accounts and some hand-holding to encourage daily updates and input to the various sites. Most are not hiring an advisor separately and even if they wanted to, finding an experience social media manager who is available may be difficult on the east end of Long Island.
- My brokerage is providing less and less, and since it is a regional brokerage, it tends to focus and provide information based upon a neighboring state and real estate market. We have been given a novice managing broker with little knowledge and skills. I don’t feel like we are being heard, and I see more branding of the brokerage name and less help with agent branding.
- Actually providing the support to agents they claim to provide.
Better marketing
- We should have the office opened on Saturdays and evenings.
- A real branded app like the one my competition uses.
Editor’s note: These responses were given anonymously and therefore are not attributed to anyone specifically. Responses were also edited for grammar and clarity. Inman doesn’t endorse any specific method and regulations may vary from state to state.
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