The More You Know, the More You’ll Grow
There is no shortage of responsibilities when running a successful real estate brokerage; however, as the lifeblood of any organization, recruiting should be a priority. There’s a proven philosophy called the 3-R rule that’s simple and true: recruit, retain, and repeat. A lot of brokers start off on the right path, but the one thing that’s often overlooked is how much you know about your own business and that of your competitors.
When setting up your recruiting plan and assessing your prospects, it’s important to understand all of your company metrics in order to recruit productive real estate agents. It’s equally important to understand where your competitors stand in the marketplace and what their offerings are, so you can be effective in articulating what value your company has over others.
Of course, people buy into people before they buy products and services, so you must establish a rapport prior to “strategically bragging” about your company offerings. Focus on what is in it for them versus making it all about you, and make sure you can answer these six questions to help successfully recruit the right agents:
- What is your average sales price, and how does it compare to your competitors in the marketplace? If your company’s price point is higher than average, think about the immediate benefit your prospect will see in increasing their average sales price above and beyond what it is now.
- What is your average per person productivity (PPP), and how does that compare to your competitors in the marketplace? Showing positive comparisons of your agents’ PPP demonstrates the support and value of your brokerage in making affiliated agents more effective.
- How do you effectively articulate your company value proposition? This should not be a data dump of everything you offer, but rather a conversation about what the prospect currently lacks and what your company provides to fill that void.
- What do your competitors offer in terms of commission plans? You need to know if you are comparable, higher or lower than what your competitors offer. This way you can utilize what you offer in terms of service that may make up for a few percentage points with the commission split.
- What tools do your competitors offer and how do they differ from yours? You need to make sure your tools are up to speed with the latest and greatest technology. You want to make sure your prospect is comfortable with your offerings as opposed to what they are already receiving at their current company.
- What are your prospect’s pain points and how can they effectively relieve that pain by joining your company? Make sure you have a targeted approach to what you are offering to help them receive what they are not getting at their current company, and be able to translate that into actual dollars.
By knowing your metrics and that of your competitors, you will have much of what you need to have a successful meeting with a potential new agent. No meeting should be exactly the same—understand what makes them tick and articulate your value proposition accordingly.
As vice president of Talent Attraction, Adam Lerman serves as a consultant to brokers within the Engel & Völkers North America network and is responsible for the growth of the overall advisor count and the development of tools and systems designed specifically for attraction efforts.
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