How to Reduce Failed Hires

by | Feb 17, 2023

Nothing’s more frustrating than executing the recruiting process flawlessly, and then seeing your new hire fail to launch and experience success on your team.

We call these “failed hires”, and they ought to be avoided at all costs.

At ThirdPool, we define a failed hire as someone who joins the organization and leaves within 90 days.

It’s common for real estate companies to experience a failed hire rate of 25% or higher.

If you’re struggling with failed hires, there could be several factors contributing to the problem.

One issue worth addressing right away is the first impression your new hires experience on or shortly before their first day on the job.

John Sullivan documented some best practices for making the most of your new hire’s first impressions.

Send them a thank-you note. Immediately thank them in writing for accepting your offer. Also reinforce the decision in that note by reminding them that they have chosen wisely by listing the factors that make your firm outstanding.

Send them “a startup package.” The starter package should include things such as frequently asked questions, a number to call if they have any questions or concerns, and a checklist covering everything to do–up to and including their first day.

Post a “joining announcement.” Announce they are starting at your firm on your social media pages and Twitter. This creates positive peer pressure.

Introduce them to their mentor. This shows them you’ll be supportive from the start. Have the mentor make contact and begin helping the new hire on or before the first day.

These best practices demonstrate your positive belief in the new hire’s decision to join the team and increases the chances they’ll follow through on their commitment.

The Simple Psychology of Real Estate Recruiting [eBook]

Unlock the secrets of effective real estate recruiting and learn how you can build trust, foster rapport, and understand the psychology behind candidate decisions. Discover techniques for converting acquaintances to hires and retaining agents by addressing their needs and aspirations.