I just read a post written by my dear friend, Loreena Yeo, titled "Real Estate Brokerage Culture and Agent Retention" and it inspired me to share my thoughts on this topic. As a manager of four different real estate offices, 2 Century 21 offices, a small real estate "mom and pop" and my current RE/MAX office, I've hired, trained and dismissed many agents.
There are many reasons an agent jumps from office to office, and I've heard all them. Usually the blame is placed on the office or the broker/owner, and rarely on the relocating agent!!! When hiring a seasoned agent, make sure they are moving from their office to yours for the right reason, or pass on hiring them.
If you're hiring newly licensed agents, you should fully expect the cream of the crop to leave you, unless you give them a reason to stay. There are the rare few who will be a natural at listing/selling real estate. That individual will be your shining star, and you will make money because of that person. She will absorb, retain and use all of the information and methods that she captures from you. She'll be your sponge that soaks up your talent and releases it to the public to secure business.
Why should she continue with you, if you are not providing her with a stepping stone to another level? Will there be a management position in the future? Will there be an opportunity for this individual to maintain her business with a very healthy commission split? If you're shortsighted with any of these answers, expect to lose her.
The young talented agents want to see light at the end of the tunnel. Some will be satisfied, as I was, with a management position and a healthy commission split. Others will want to hang their own shingle, and you should be very proud to see that happen. It's a compliment to you, the broker/owner who did the training and instilled ethics and developed this talented agent. I take that as a great compliment, and it's happened to me on one occasion. There are several agents who I trained and molded, in past years, who are now managing corporate real estate offices.
Do not expect an agent to remain with you forever. We all need to continue to hire fresh blood, and when we do, the weaker agents will leave on their own. As a result, the quality of your office just gained a few notches on that climb to the top. Recruiting is a full time job, in order to maintain a quality office, and you'll find that your ability to select the right agent improves with practice!!
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