Real estate agencies often struggle to recruit top talent for their organizations, but the talent is what separates successful agencies from unsuccessful ones. Learning to identify and address the top challenges for real estate recruitment in your agency is the first step in beating the competition.
Common Challenges for Real Estate Recruitment
Let’s start by looking at some of the common challenges for real estate recruiting:
- Agent discovery. Finding talented agents worth hiring is a major obstacle, and the first one most agencies face. You’ll need some sort of platform to find new candidates, keep track of all their information, and evaluate them based on what they could offer your agency. Most agencies attempt to address this by choosing better marketing channels or using a better recruitment platform.
- Timing and replacement. Agencies function most efficiently when they always have a full team of available agents. But what happens when an agent quits? Most agencies scramble to find a replacement as quickly as possible, which is not the ideal approach to real estate recruitment. Even with ample time, timing new hires can be difficult.
- Differentiation. There are thousands of real estate agencies and brokers out there, and many of them will be in direct competition with you to find and recruit the best talent in the industry. If you don’t have a way to stand out from the crowd, candidates won’t have a reason to choose you over your competitors.
- Hours spent. You might have a solid process for recruiting new real estate agents, but how long does it take for you to go through the motions? If you spend too many hours on real estate recruiting, the end result won’t be cost-efficient.
- Retention. You may be able to hire talented agents, but can you keep them around? The cost or hiring and onboarding new agents is high, so you’re much better off keeping the ones you have instead of always being on the lookout for new ones.
7 Ways to Improve Your Real Estate Recruitment
Fortunately, there are several strategies that can help you overcome these challenges, and be more successful in recruiting and retaining great agents.
- Always keep recruiting. One of the biggest challenges for real estate recruiters is scrambling at the last minute to find a replacement for an agent who has left. You can easily compensate for this problem by adopting an always-recruiting approach. The basic idea is to always keep an eye out for new and promising agents, keeping them in various stages of the recruiting process until you’re ready to fully hire them. It can be a little difficult to juggle many leads, but with the right platform, you can manage an enormous pipeline with relative ease.
- Incentivize referrals. Across many industries, employee referrals remain the most popular source for hiring—and for good reason. Roughly 72 percent of interviews and 65 percent of external hires come as a result of referrals by employees. Referrals are easy to get, requiring no investment in advertising, and tend to produce higher-quality candidates, since your employees will serve as a kind of first-layer screen.
- Focus on your culture. It’s tough to differentiate your agency from others because the nature of the work is often the same, and your pay is likely competitive. You can’t offer much more money without jeopardizing your profitability, and you may not have wiggle room to change agent responsibilities. You can distinguish yourself by focusing on your workplace culture, however. What is it that makes your brokerage or agency different from those of your competitors? What kind of atmosphere can agents expect?
- Break the formula. Try experimenting with approaches that break the mold of traditional recruitment strategies. If you rely on a basic script or a template for your job description, you’re going to look like every other agency out there, and you aren’t going to attract the attention of top talent. Tinker with the headlines of your job ads, your placement strategy, and other variables to see if you can get better results.
- Choose your marketing channels wisely. There are many marketing and advertising channels you could use for your recruiting, including inbound and outbound options. Consider these options carefully; you may be tempted to blast your job openings on as many channels as possible, but it’s usually better to focus on quality rather than quantity. Evaluate your advertising sources based on cost, effectiveness, and appeal to your target demographics and favor channels with the best all-around benefits.
- Keep tabs on employee satisfaction. Your recruitment strategy won’t mean much if you have a high turnover rate. The best real estate recruitment strategies also pay attention to long-term employee satisfaction. How easy is it for your agents to integrate into your workplace culture? How happy are they with their position? How can you improve workplace conditions in the future? It’s almost always cheaper to keep a talented agent than to try and find a new one, so it should be your top priority.
- Get Brokerkit. Everything gets easier when you have the right tools to improve your productivity (and your results). One of the best tools available for real estate recruitment is Brokerkit, an intuitive recruiting platform designed for real estate brokers and teams. With it, you can keep track of every lead, manage your follow-ups, coordinate with your fellow recruiters, and onboard your new agents in a streamlined, easy-to-learn process. Brokerkit has been used to help agencies recruit more than 200 new agents in a single year, and is adding new clients all the time.
If you’re ready to turn your real estate agency around and start bringing in some of the best agents in your area, you’ll need the best possible tools to help you get the job done. Brokerkit’s real estate recruiting module is one of the best platforms available, and you can sign up for a demo for free. Sign up today and learn how Brokerkit can work for you!