In this highly competitive real estate marketplace, how do you find and hire successful agents—and what's the best way to prevent your top producers from switching to another firm? Effective recruiting practices include developing a marketing plan, creating targeted strategies for recruitment ads on various platforms, and recognizing your potential agents’ needs. Understanding and investing in your agents will lead to greater retention.
To attract millennial and gen Z agents, it’s important to keep up with current expectations around hiring and the workplace. Today’s younger agents want flexibility, opportunities for professional development, and a sense of fulfillment in their careers. Brokerages can benefit from younger agents’ fresh perspectives, enthusiasm, and willingness to learn.
The need for greater diversity in the real estate industry is apparent. Brokers can cultivate a more diverse and inclusive workplace by taking an intentional approach with their recruiting strategies. Connect with diverse candidates through targeted job fairs and mentoring opportunities. As a leader, understand that the commitment to diversity and inclusion comes from the top.
See References for more information.
AdvertisementNAR Library & Archives has already done the research for you. References (formerly Field Guides) offer links to articles, eBooks, websites, statistics, and more to provide a comprehensive overview of perspectives. EBSCO articles ( E ) are available only to NAR members and require a password.
Source: NAR Member Profile (National Association of REALTORS®, 2023)
Want to scale? Make sure agents feel like they can grow their business in a place that can accommodate their needs and grow with them. Learn about Anthony Lamacchia’s experience growing his brokerage by offering education and engaging resources to retain top talent.
“Over time, all teams and brokerages will lose agents. Attrition in this industry is inevitable…But fewer agents in your brokerage means lower potential revenue, and reduced revenue means fewer services available to your remaining agents. Even if you only want to add two or three agents a year, you need a viable recruitment plan. Recruiting the right way means building relationships. Creating trust and showing your recruiting prospects that you care ensures that you attract the right agents. It also increases your chances of retaining agents after you have invested a lot of time and money in onboarding and training them.”
“Agents who leave usually do so because of the culture—not the money. After all, net profits are not so different from brokerage to brokerage, explains Natalie Davis, founder of The Evolution Group powered by Keller Williams. That’s why it’s essential to create the best culture you can, she says. “It’s the culture that makes agents stay,” agrees Cole Slate, broker-owner at Slate Real Estate in Jacksonville, Fla…Here are some tips from Davis and Cole on how to make your brokerage a place agents won’t want to leave.”
“You have generated a great recruiting lead for your office or team. Whether you’re a broker-owner, manager, or team leader, your ability to conduct a successful recruiting interview will determine the ultimate success of your office or team.
A successful recruiting interview depends on how well you have prepared along with your ability to ask the right questions, assess whether the agent is a good fit for your company and to close the agent on moving to your office or team.”
“If you are great at bringing talent in BUT not great at keeping them, then there’s an issue. The time and effort it takes to acquire new talent are extensive. New talent energizes (if they are the right choice) and helps with growth. Attrition, on the other hand, must be kept under control, or you are wasting your time.”
“The real estate industry is in a perpetual state of transformation, shaped by the unique perspectives and contributions of each generation of real estate professionals. Gen Z and Millennial groups are a formidable force in the real estate landscape, introducing new approaches and evolving the field in unprecedented ways. What can more seasoned professionals learn from these younger generations? The greatest lesson we can glean from both groups is the importance of being true to oneself and embracing individual talents and preferences. It’s about finding your unique niche and excelling in it. If you feel your strengths align with more traditional home selling and buying tactics, embrace that. If your forte lies in word-of-mouth referrals over tech-driven advertising, find ways to tap into that.”
“The world is changing and so is the face of the real estate industry. As we navigate the ever-evolving landscape of business, it’s essential to adapt and prepare for the next generation of real estate professionals. Enter Generation Z, often referred to as Zoomers. Born from the mid to late 1990s through the early 2010s, these dynamic individuals are poised to reshape the real estate sector in profound ways.”
“Millennial workers, the future of the workforce, rate workplace flexibility as a prime reason for choosing a particular job. “Millennials at Work,” a global survey of workers age 31 or under, found that “flexible working hours” is the second most important workplace benefit, behind only “personal learning and development” and ahead of “cash bonuses.””
As Generation Z (born 1995-2015) enters the workforce, understand their needs for successful recruiting and retention. Gen Z workers look to feel fulfilled at work, want jobs that make a positive impact, and prioritize competitive benefits. Your brokerage will benefit from the fresh point of view a younger agent brings to the table.
“The Global Real Estate DEI Survey is the only corporate study of diversity, equity and inclusion (DEI) management practices and data benchmarking in the commercial real estate industry. This is a summary report of high-level results providing a view of DEI metrics relating to: DEI program structure, resources and ownership.; Policies focused on recruitment, retention, training and development, inclusivity, tracking and accountability, and pay equity.; Employee demographics by gender, race/ethnicity and nationality, across seniority and job function, as well as DEI hiring, promotion and departure trends year-over-year.”
“On the latest episode of RISMedia’s RealEdge Podcast, Julia Lashay Israel discusses improving Black representation in the real estate industry and how that correlates to improvements in service and successfully boosting homeownership in the Black community. Drawing from her work at Keller Williams, she details the strategies that she herself is implementing to improve the overall sense of belonging and inclusion among agents in addition to offering her insight as far as how viewers can do the same in their respective firms by creating a space for different groups to have the tools and resources they need.”
“Ask yourself questions in each of these areas:
The following eBooks and digital audiobooks are available to NAR members:
