How to retain talented sales agents for your company - by Richard Du

Richard Du, Agorafy, Inc.

“If you think it’s expensive to hire a professional to do the job, wait until you hire an amateur.” – Red Adair.

In an industry where competition is so widespread and good sales agents are always wanted by top players and companies, it is vital for business owners to value the importance of attracting and holding on to the best talent.

Sales agents are critical to the success of your company. The relationships they build with clients and customers create both the foundation of the organization and also the company’s overall reputation and growth. What do we do to find and retain top sales agents?

Meeting a Sales Agent Expectations

Technically speaking, sales agents act independently, but they must work on behalf of a broker and represent a brand. Incentives are important because the best agents are always looking to excel and be rewarded for their performance. Therefore, it is imperative that all of those perks that an organization can provide to a top sales agent – different commission structures, technology, flexible schedule, career opportunities and advancement, etc. – sets them apart from your competitors.

Treating Them Right

Your organization needs to treat people with respect and dignity. This is a fundamental premise that most certainly keeps your team engaged. The result? Loyalty.

“Treat other people the way you would want to be treated.” This is the golden rule. If we apply that simple, yet so often overlooked rule to our workplace, we will witness an amazing phenomenon. The process of attracting talent will be easier since you will also be known as a company that treats employees well. However, if you take the agents for granted, they won’t be around for long.

Successful Sales Agents = Successful Company

Within the real estate industry, salespeople come and go, but only a few become super-stars. It is very common to see how companies are constantly in the search for recruiting top salespeople, especially if your organization is thriving and growing. This means you will need more agents. So, how do you recruit and retain top players?

It is challenging to hire the right person unless you know exactly what you are looking for. Once you can determine what is most important for your organization, then you can be consistent with your selection. Experience and knowledge can help an agent thrive but this has to be complemented with the right set of qualities and aligned vision.

Opportunities! When you offer career and training opportunities, the chances of attracting the best candidates are higher. Training and recognition programs help motivate your team – this may include awards for ideas to help improve current business practices, leads generated, sales achieved, leadership, years of service, etc.

Remuneration - Commission Splits

If you have sales agents performing well for your company, you want to keep it going. In fact, many agents will choose a company based on the split that they will receive. Brokers should inform new agents that they shouldn’t focus too much on the commission split aspect. Why? Keep in mind that it’s not all about the split, as your overall income has to do with so many variables.  Agents should ask themselves: “How can I increase my income” and not myopically think “I want the biggest percentage.” Plus, it is common to see that as a sales agent produces more, their share of the commission split will rise.

So, let’s take mentoring and training from the right broker as one example of something that can help you financially in the short and long term - as opposed to giving excessive attention to the split.

The relationship between agents and brokers - It is all about mentoring.

There are so many services that are available from brokers and there may be other things that new agents can use to get a more positive start to their career. Most successful real estate firms cherish the top producers, but this should also be applied to new comers. In this case, mentoring and training from the right broker is a good example of something that can help a company to continue its financial success. Generally, mentoring comes with a cost, like a potential temporary lower split. Most new agents need lots of training in contracts, negotiating and procedures that are predominant in their market area to name a few.

The Power of Marketing

Any respectable businessperson will tell you that how much business you get is directly related to how much you spend on marketing. Choosing the right brokerage will generate strong leads. In some cases, there are brokerage firms that help agents with listings and may provide marketing services, but sometimes they are limited. However, top agents should not rely solely on the marketing provided by their firm, it just isn’t substantial enough.

A top agent must give themselves their own unique identity powered by their broker. Naturally, some agents want to spend the least amount in marketing, this way they can net the most from the sale. While it may seem like an ideal situation, it is important to invest some time and energy on their marketing efforts. A good company and broker will guide their sales agents through this process according to their specific market.

In conclusion, nurturing and retaining a motivated, engaged and successful sales team will guarantee a safe path to financial success. It is also important to treat your agents as if they were your most important customers. It is all about respect, career opportunities, financial success, and an organizational structure that keeps them growing and advancing professionally.

Richard Du is founder of Agorafy, New York, N.Y.