In today’s digital world, brokerages across the real estate sector are turning to video as a powerful tool for communication and engagement. It can play a transformative role for brokerage owners, particularly in maximizing agent retention.
As the real estate landscape becomes more competitive, ensuring top-performing agents remain loyal to your brokerage is paramount. Let’s review the challenges and opportunities in the market for video.
The current challenge
Brokerages are no strangers to the challenge of agent churn. As agents become more seasoned, they might seek newer opportunities, better commission splits, or advanced technological support elsewhere. Brokers need to constantly remind their agents of the value they bring and why their brokerage is the best place for them.
The power of video
Here’s where video comes into play. It has been proven that video increases engagement and can significantly impact decision-making processes. It’s intimate, personal and connects on a level that written or verbal communication sometimes can’t.
1. Training and skill development
Continuous training and development are vital components in retaining agents. Videos can serve as the perfect medium for this. Imagine an ever-evolving library of tutorials, market insights, negotiation techniques, and more, all available at an agent’s fingertips. Not only does this serve as a valuable resource, but it also shows your agents that the brokerage is invested in their growth.
2. Building brokerage culture
Cultural fit is a significant reason why agents stay with a brokerage. Videos can amplify the essence of a brokerage’s culture. Monthly video newsletters celebrating successes, sharing testimonials of satisfied agents, or offering a behind-the-scenes look into the brokerage can create a sense of belonging.
3. Feedback and communication
While face-to-face meetings are invaluable, they are only sometimes feasible. Video messages offer the next best thing. Brokers can send personalized video messages to agents, acknowledging their achievements or addressing concerns. This practice shows agents they are seen and appreciated.
4. Market updates
In an industry where the market changes rapidly, agents value being in the know. Monthly or even weekly video briefs discussing market trends, shifts, and predictions can be an invaluable resource for agents. It saves them time and equips them with knowledge, benefiting their dealings with clients directly.
Implementing a video strategy
For brokers looking to incorporate video for agent retention, here are some steps to consider:
Invest in good quality equipment: While smartphones have impressive cameras, consider investing in a good quality camera and microphone. It doesn’t need to be overly fancy, but clear audio and video can make a significant difference.
Be authentic: Video is a medium where authenticity shines. Agents can tell when you’re being genuine. Share your vision, concerns and hopes for the brokerage with them.
Seek feedback: Encourage agents to share their feedback on the videos. It will help you refine your content and ensure it remains relevant to their needs.
Stay consistent: Like all strategies, consistency is critical. Ensure you regularly update your video content, training modules, market insights, or personal messages.
In the battle for agent retention, brokers need every tool at their disposal. With its power to engage and inform, video can play a pivotal role in ensuring that your best agents see the value in staying. By continuously offering value, fostering a strong sense of community, and maintaining open lines of communication, brokerages can significantly reduce their churn and create a more stable, loyal team of agents.
While the steps to implementing a robust video strategy might seem daunting, the benefits far outweigh the efforts. In a world that’s becoming increasingly digital, it’s time for brokerages to harness the power of video to keep their best agents right where they are.
Jim Turner is CEO of the Brokerkit growth platform for real estate brokers. Connect with him on Facebook and Linkedin.
