How to Reduce Recruiting Friction in Q3

by | Jul 8, 2024

Over the weekend, Inman reported the results of their most recent Intel survey on recruiting.

The survey attempted to draw contrasts between large franchise companies and independent brokerages.

While the survey highlighted some small differences in agents’ perceptions between these competing business models, the overall trends were more interesting and insightful.

Here’s a quick summary of the top five insights:

Value the Most: When agents were asked what they value the most, the top three responses were Culture (about 30%), Perception of the Brand, (about 25%), and Technology/Educational Opportunities (about 15%).

Top Business Concerns:  About 70% of agents reported Lack of Inventory and Mortgage Rates as their top business concerns. Only 10% reported Lawsuits/Settlements as their top concern.

Production:  About 20% of agents reported closing 20 or more transactions per year (the Pareto Principle is still alive and well in real estate).

Commission Splits:  About 25% of agents are on commission splits below 80% (i.e., about 75% of agents are at 80% or above).

Leaving the Industry:  About 30% of agents have considered leaving the industry in the last 12 months because of market conditions.

As you head into the third quarter, do a quick inventory of your recruiting messaging.

Make sure you’re focusing your attention on the things agents care about most and find creative ways to address their most pressing concerns.

When you’re offering what they already want and need, making a move won’t feel so difficult.

 

The Simple Psychology of Real Estate Recruiting [2nd Edition]

Unlock the secrets of effective real estate recruiting. Revised to include actionable frameworks for sharper execution and to help you turn psychological theory into a repeatable recruiting system.

Creating Pacts to Avoid Distraction

Creating Pacts to Avoid Distraction

Notice the two parts to Nir’s formula: a pre-commitment and an external force to keep you accountable to that commitment. For recruiting setting goals and time-blocks in your schedule is not enough. Most people need some kind of external accountability, as well.

Look for Individuals Who Want to be Measured

Look for Individuals Who Want to be Measured

It’s not that people with a growth mindset don’t experience failure—they just see failure as an opportunity to learn new things, to be challenged, and to experience curiosity. This is an important topic to cover during interviews and follow-up conversations with your prospects. If you find someone who likes being measured, you’ve likely found someone who will push through the inherent failures of growing a real estate business and experience long-term success.