You’re conducting a mid-year review of your brokerage and, hopefully, things are going great. You have a steady pipeline of new business, your local market is active, and your team is firing on all cylinders. Sounds like a dream scenario, right? Of course! When business is strong, it’s easy to think that things will stay that way forever. But as has proven true this year, sometimes you need to expect the unexpected. Introduction, broker metrics to start your planning process.
That includes everything from economic changes, external market impacts, and changes within your organization. If you’re not expecting and preparing for employee turnover and staffing challenges at your brokerage, you may find yourself at a competitive disadvantage. But with the right tools, this can be an easy problem to solve.
The key to preparing for any staffing changes is to always be considering the needs you may have in the future and be consistently engaging with area real estate professionals. Easier said than done? Perhaps. But as the saying goes, “there’s an app for that.” Or, more specifically, there are a couple of industry-leading technology tools for that. First, it’s important to understand the role that big data and broker metrics can play in your recruiting.
Big Data and Real Estate Performance Metrics
So much of running a successful brokerage is centered around qualitative factors. Knowing the right people, knowing your market, making the right connections. But in an increasingly digital world, there are quantitative factors you need to have mastered as well. Which parts of the market are heating up and by how much? How active are the real estate agents in your area and how are those trends evolving? Are you assessing the most important real estate agent performance metrics? Having a data set to answer these questions can elevate your business and put you in a stronger footing to make decisions in real-time. These real estate performance metrics help tell the story of each agent in your market.
Useful real estate performance metrics include everything from which markets to invest in to which agents to hire. Broker metrics as they relate to a broker’s activity level, sales, and overall productivity can help tell the story beyond what you might learn in an interview.
But gathering this data is only the first step in the process. What makes big data useful is knowing what to do with it. Knowing how to input this data into the right tools to draw useful conclusions is the next piece of the puzzle. By harvesting the right data and knowing what to do with the information once you have it, you’re already making more informed decisions.
Leveraging the Right Technology for Recruiting
One of the best technology resources in the business is BrokerMetrics—a tool from Terradatum. This resource leverages real-time data and analytics to help you understand your market, area talent, and current market trends. With this data at your fingertips, you can understand how your brokerage stacks up, where you should be pointing your recruiting efforts, and what the future looks like for talent in your market.
That said, no matter how impressive your data set is, it’s no help if you don’t know how to properly leverage it. That is where Brokerkit comes in. When you pair BrokerMetrics with Brokerkit resources, you’re combining best-in-class data with a custom relationship management solution. This allows you to most effectively engage with candidates and prospects, knowing exactly who you want to reach and how to reach them.
Sound easy enough? When you understand how these tools work and how to make the most of them, it really can all fall into place. We’ll help you explore the ins and outs of this resource, how to make the most of it for finding candidate leads, and how to tie BrokerMetrics in with your Brokerkit platform. Ready to take your recruiting technology game to the next level? Read on.
Terradatum is an industry-leading real estate software that leverages and simplifies existing MLS data to support decision-making. The key is to take advantage of the data and analytics resources that live in the Terradatum platform. The technology includes a suite of materials that helps with everything from recruiting and finding top talent to understanding where your brokerage stacks up in the marketplace. Whether you’re looking to sell residential real estate, take a deep dive into your local market, or put an emphasis on recruiting talent—there’s a Terradatum tool for that. We’re going to be focusing on Terradatum Broker Metrics.
Before you get started, you’ll want to visit the Terradatum website to learn the steps for creating a BrokerMetrics login and to learn more about Broker Metrics pricing.
What is BrokerMetrics?
BrokerMetrics is a must-have tool for any real estate professional looking to attract and retain top talent to their brokerage. It’s one of the flagship Terradatum products. At its core, Terradatum broker metrics leverage business intelligence to provide brokerages with the information they need to best engage with real estate agents in the area. More broadly, BrokerMetrics and its corresponding tools provide a big picture view of the area that provides insights into the complete real estate market. With this market view, brokerages are not only able to elevate their recruiting pipeline but better support clients as well.
Included within BrokerMetrics are several individual tools all querying real-time analytics beyond what is available in MLS. Within this data is analytics covering all aspects of the real estate lifecycle from agent performance to market dynamics. Also, each aspect of the tool is fully interactive, allowing the user to engage with the charts and materials and include them in presentations, printed collateral, and web content as needed.
How does BrokerMetrics work?
There are six primary components to the Terradatum Broker Metrics platform, each offering different functionality and key features. For any activity within the site, you’ll need to have a BrokerMetrics login and you’ll want to be sure Broker Metrics pricing fits within your budget.
The first resource is proficiency metrics. This tool provides real-time data for every agent in your MLS allowing you to target recruits and candidates based on key performance metrics. The multi-layered data dashboard allows you to evaluate each agent’s production and understand real estate agent performance metrics. With this data in your back pocket, you’re able to build the team that best aligns with your organization, culture, and goals.
The second tool looks at market share totals, trends, and coverage. This multifaceted resource looks at offices across your market and shows you exactly where your brokerage stacks up. With an understanding of your market share in the area, you can strategize recruiting efforts based on how your office is viewed in the space.
The next tool focuses on market growth, giving you the crucial insights you need to build your business. It begins with identifying markets of interest to target areas with high potential for growth and a high volume of talented candidates. This tool generates reports and useful charts that can be shared to understand changes in the market.
The next tool is around Market Dynamics helps to take a broader view of the market and impacts as a whole. This analysis of the economic forces at work in the area provides crucial intel to share with other agents and clients to show an understanding of the big picture. Similarly, the Pricing Analysis resource helps demonstrate expertise in the space. This tool looks at how many properties have been sold, relevant price points, and overall pricing trends to create an overall picture of the market to ensure appropriate pricing.
Back Office Management
Lastly, the Back Office Management component provides a digital dashboard to drive efficiencies across your entire business. This includes Office Analysis and Agent Analysis to provide the insights and data to measure results and keep an eye on performance. This set of tools and technology resources provide essential data to recruit top talent and effectively market your brokerage.
While your business may just be getting started on the big data journey. And that’s OK! Having access to the full suite of BrokerMetrics tools can take you to the next level. Be sure to speak to a representative about which Broker Metrics pricing plan is right for you. Also, have them walk you through everything that comes with a Broker Metrics login.
BrokerMetrics and Real Estate Recruiting – Leveraging MLS Data
Any agent or brokerage is more than accustomed to living and breathing the MLS when it comes to keeping an eye on properties in your market. But when it comes to recruiting, keeping an eye on talent in your market, and understanding real estate agent performance metrics it can be equally effective. There are a few ways that the MLS can pair with BrokerMetrics to be a recruiting resource.
First, use the MLS to search for licensed, active agents in your area. This will help you gain an understanding of the talent pool in the market. Once you have this pack of data, you can sort to figure out who the top performers are in the area. This will help you identify your targets. The MLS provides contact information built-in, so you can reach out as soon as you’re ready.
In some areas, the multiple MLS systems are not fully in sync. This is where BrokerMetrics can help. Use your Broker Metrics login to run a search within the tool in the identified area. This ensures that you’re capturing the complete talent pool.
Once you have used all available technology to compile your group of targets, you’re ready to reach out. There are a few things to keep in mind to be sure you’re making the most of that connection. Top prospects—especially millennial candidates—choose their brokerage based on career growth opportunities, connection to the values of the firm, and company culture. So be sure to include these details as part of your pitch.
BrokerMetrics and Brokerkit
A match made in real estate recruiting heaven—BrokerMetrics and Brokerkit is a perfect pair. The key is to know how they integrate most effectively and how to put the best components of each service to work for you. This includes importing the best of BrokerMetrics data into your Brokerkit platform. It also includes using BrokerMetrics leads to create an easy and effective email and text campaign. In pulling together these two technology solutions, recruiting and retaining top talent becomes a seamless part of your business.
Be sure to have your Brokerkit and Broker Metrics login at the ready to start exploring the best ways to integrate these resources.
Also, be sure you are making the most of available Brokerkit tools and latest resources. Schedule a demo today.
Importing BrokerMetrics Data into Brokerkit
The first step to making the most of your BrokerMetrics and Brokerkit pairing is to learn how to import BrokerMetrics data into your Brokerkit platform. To start, use your BrokerMetrics login and select the Proficiency Metrics section. The next step is to search the areas you’re interested in. You’ll want to be sure to have a good understanding of your market and where you’d like to look. Next, you’ll pull out the contact information from the BrokerMetrics CSV. As long as you’re using an existing Brokerkit account, you can seamlessly upload this contact information into your account and voila! You’ll have a group of new contacts to connect with as you begin to strategize the next phase of your real estate agent recruiting.
As you’re wrapping up this BrokerMetrics import, be sure to be thinking through your strategies and goals for reaching out to these contacts. Do you want to connect with them directly? Would you want to fold them into an email campaign? Will you invite them to a company happy hour?
This strategic thinking is essential to making the most of your BrokerMetrics data. Having the data is great, but knowing what to do with it makes all the difference. Spend some time thinking about who these contacts are. Consider where they are in their career. Contemplate what type of outreach may be the most effective.
The options are open and we can help walk you through a few of them.
Using BrokerMetrics to Find Leads
Now that you have a great list of contacts the next step is to figure out how to turn that list into a batch of effective recruiting leads. In cases like this, Brokerkit leverages its best in class CRM system to narrow down this information and perform a custom search for leads. Make your way to the search feature and decide how you want to focus your search. There are basic options around the name, email, or company names, and also a batch of “advanced search” options. By refining in this way around type, labels, or last activity, you can narrow your candidate list in a much more deliberate way.
The biggest question to ask before starting your search is, who exactly are you looking for? Are you in the market for experienced, high-performing agents? Try an advanced search around production value. Are you looking for young agents who are just getting their start? Try an advanced search around birthdays.
The more you play with the search features and search functionalities, the more your lists will narrow and evolve. This gives you the ability to use data to conduct highly targeted and focused recruiting campaigns. Rather than casting a wide net into a large pool of candidates, you’ll be reaching exactly who you need. Also, you’ll have the real estate performance metrics to back these decisions up.
Sending Campaign Emails to Your BrokerMetrics List
You have leveraged Broker Metrics to create a list of real estate recruiting contacts. Next, you have imported that data into Brokerkit. Then, you have leveraged the Brokerkit CRM to turn this data into an effective list of leads. What comes next? It’s time to reach out to them and turn these leads into recruits.
Your existing list of contacts can be paired with the Smart Campaigns tool in Brokerkit. This will automate and facilitate your recruiting process. You can use Smart Campaigns to create an email campaign or a text campaign either from scratch or using an existing template. Follow the steps and fill in the necessary fields to share what you want to say. Then, simply save your campaign and set up when it will be sent out.
You can use the Recruiting or Retention screen to identify leads or other contacts you would like to be included in this campaign either individually or in bulk. This is the perfect place to leverage the target list you’ve already created with your Broker Metrics data imported into Brokerkit. You can then select a start date and a follow-up date to automate the complete process. Done and done!
A few things that make this tool so great and the perfect recruiting CRM. First, the campaign is sent at a random time during your assigned window and sent to each contact at a different time. This keeps your note feeling natural and authentic. Next, messages can be programmed to automatically insert the lead’s name into the message and ensure it comes from your email address. Giving it the look and feel of a personal email. Lastly, the campaign can identify the multiple steps—first step or follow up—and be sure to never send the same message twice.
With the seamlessness of the Smart Campaign tool, the final step is to ensure you’re creating the most effective and most thoughtful campaign. Learn how to develop the perfect email reach out.
Creating a Top Email Campaign in Brokerkit
For some email campaigns, you may know exactly what you’d like to say. You have your outline all mapped out. You have your content ready to go. In those cases, you can create a Smart Campaign from scratch and be on your way.
Other times, you can use a bit of help getting started or organizing your ideas around the right message. For that, Brokerkit offers a Campaign Library with templates and other resources for creating your recruiting and retention campaigns. To work within this tool, select the “Campaign Library” button within Smart Campaign. From there, browse campaigns, preview any of interest, and then copy your preferred campaign into your profile. Then you will be able to access it, customize it, and ensure the messaging is in line with your voice and tone.
When leveraging the Brokerkit Campaign Library, be sure the content and messaging ties into the audience you have created in the previous steps. An email campaign targeted at young, inexperienced brokers will sound different than your messaging to seasoned agents. In the same way, how your draw in brokers will evolve as your business evolves, month after month. Perhaps you have a new training program in place or you’ve launched a new technology tool to your brokers. Be sure you’re including all of the latest and greatest information as part of your recruiting email campaign.
Taking the Next Steps
There was once a time when brokerage recruiting existed through networking and a handshake. You had your list of contacts and your connections around the market, and this was enough to sustain a business. While we would never discount the value of personal connection and relationships, it’s not enough of a strategy in a digital world.
To recruit in a modern marketplace and attract the best talent, you have to be able to show technology and data-savvy that sets you apart from the herd. Once you have your recruits in the room, that’s when the interpersonal skills come into play. But to get them there, you have to know who you’re looking for and how to leverage data to get them there. A modern brokerage with a full pipeline of business and an active market has to be able to work with the best industry tools and market data to make informed decisions in real-time. It’s not always an easy transition to shift into the big data space, but it’s crucial to be able to lead the pack in recruiting and retaining real estate talent.