Retaining Younger Agents in Your Brokerage

Crystal 

Walker

Content Writer

The retention of agents has become an increasing challenge for many brokerages. One study found that almost 40% of agents surveyed were considering switching companies. Jason Waugh, president of Coldwell Banker Affiliates, states that, “Given today’s challenging landscape, many agents have become more open to leaving their current company and working with a partner who best supports their personal and career goals.”

The younger generation of agents, like Millennials and Gen Z, bring a fresh perspective to the real estate industry, but they also have modern expectations for career development, digital resources, and the ever important work-life balance. As the real estate environment evolves, so do the needs of these newer professionals. If you want to attract and keep these up and coming industry leaders on board, you need to focus on three key elements: flexibility, technology, and training.

Flexibility: Embrace a Healthy Work-Life Balance

As a society, we’ve shifted to prioritizing our mental health, rather than adhering to a rigid, micromanaged schedule. Individuals shouldn’t have to sacrifice their personal pursuits in order to excel professionally. How can you offer flexibility to your agents?

Remote Work

Real estate is inherently a field that requires on the ground action, but administrative tasks, lead generation, and client meetings can be conducted from virtually anywhere. Offering even part time remote work can go a long way in increasing morale amongst your employees. 

Commission Options

The newest generation of agents are often more entrepreneurial in their pursuits. The classic 9 to 5 desk job just won’t do and they want commission structures that jibe with their target driven goals. Get creative with your compensation packages. This could be performance based bonuses, tiered commissions, draw against commissions, etc. Providing options that fit their work style is sure to boost productivity and motivation.

Personalized Working Hours

Rather than fixating on a static schedule, focus on the outcomes delivered. Younger agents value result driven jobs, allowing them to create balance within their home lives. Here’s your chance to foster a sense of trust and loyalty by not asking them to sacrifice their down time. A supported agent will work even harder knowing that as long as they are getting things done, it doesn’t matter which hours they are sitting behind a desk.

Technology: Equipping Agents for Success

The rise of tech across the real estate sector has picked up a lot of steam over the last decade. New agents, having grown up with smart devices, social media, and streaming platforms, expect innovative tools at the ready to make work easier and more efficient. Here’s a few resources to bring your business into the next generation:

Virtual Tour Platforms

When you need the most eyes on your properties, virtual tours are the way to go. Sites like Zillow 3D Home and Matterport let agents reach buyers from anywhere in the world. Gone are the days of wasting time and money driving around town. Reach is everything, and giving clients access to an immersive home viewing experience puts everyone on the path to a quicker and smoother transaction.

CRM Systems and Supplementary Tools

CRM software is absolutely necessary when getting your business organized. You can manage your leads and track your workflow, as well as take care of automated marketing tasks. Some offer data analysis tools to help you gain insights on your customer base. 

Don’t overlook the benefit of adding complementary tools to get the most out of your CRM. While CRMs streamline your operations, they’re not stand alone solutions that are able to take care of the other side of real estate: building relationships. IRIS by PrimeStreet offers a blend of personalized support and AI technology to qualify and nurture your leads from start to finish. Not only are your clients getting fast, personalized engagement, they’re getting what your CRM can’t offer, human connection. Combining these powerhouse tools allows your agents to focus on closing deals.

Training: Priming for Long-Term Success

Brokerages must invest in the continuing education and development of their new, younger agents in order to set them up for lasting success. Real estate is a continuously evolving field, and every agent needs regular opportunities to hone their skills and stay up to date. Here’s how you can facilitate career growth for them:

Onboarding and Mentorship Support

A well structured onboarding program is necessary for helping your agents understand your brokerage’s culture, procedures, and expectations. Assigning a seasoned mentor with valuable guidance will also help them feel comfortable and make their transition much smoother.

Ongoing Skill Development 

Regular training keeps your agents in the know and ready for anything. Provide resources and allot time for webinars and workshops on an ongoing basis. Putting an emphasis on continued education shows agents you are invested in their growth and see them as an important part of your team’s future.

Niche Market Focus

Every agent is different, so allowing them to find their niche and personalize their career trajectory is a great way to advocate for them. Seek out training in their areas of interest, whether it be luxury homes, investment properties, or working with first time home buyers. Giving your crew autonomy when developing their skills empowers them to work hard for themselves and their team.

Empower the Next Generation of Agents

Retaining younger agents in today’s market calls for a strategic approach that blends flexibility, heavy tech use, and regular training. You want to create an environment in which they feel not only valued and respected, but in charge of their own futures. Ensuring that your agents have the resources, guidance, and autonomy they need will help secure a loyal, motivated, and high performing team for years to come.