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8 October 2015

The Right Recruitment Strategy for Long-term Success

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When recruiting for your firm, you have to carefully balance making a compelling argument without beating your chest and trying to convince new real estate agents that you are “the best.” Trying to lure new agents with features, perks and incentive packages, or even prospective career growth data, may seem good in the short-term, but it is not the key for long-term success. In addition, savvy agents aren’t buying these tactics anymore.

Rapid growth for your firm does not come from offering better splits and other incentives. This strategy can create divisions within your organization due to the discrepancies in deals each person receives. It can also create a rate war with local competitors, which then becomes a race to the bottom.

So what is the right recruitment strategy? By building an authentic trust between yourself, your firm and your potential new hires, your business can grow on a cultural foundation intended for long-term success.

1. Eliminate the Mystery

Before taking on a new job, everyone wonders what it’s really going to be like to work there. Indeed, no one wants to jump into a lake without knowing how deep it is. This is why one of the most valuable things you can do, from a recruitment perspective, is to show new recruits exactly what they can expect at your firm.

Invite potential new agents to attend a sales meeting at the office so they can experience the atmosphere first-hand. While you’re at it, invite them to your company’s training sessions, too. Finally, allow outsiders to attend your broker education programs and seminars.

Exposing recruits to the inner workings of your company, your office culture and your leadership style, will allow them to gain a sense of what it will be like to work for your company. Further, the more transparency you can create, the more trust a potential new broker will have, and the easier it will be for him or her to take the plunge into your firm.

2. Talk About Risk with Prospective Hires

Everyone knows it takes a risk to get a reward. Rather than ignoring those risks, address them. Most experienced agents worry they will lose sales during their transition to a new firm. New agents worry about the time they need to invest before making any money, and about their position at the bottom of the firm’s pecking order. There is no way to eliminate these risks, but by having answers and talking about the issue, you’ll demonstrate your commitment to their success. You’ll also help to foster their trust in your leadership ability.

Ask new hires if they have ever met failure after taking a risk in the past, and their concerns about joining your company.

By having an honest conversation with agents, you will start building a valuable relationship of trust with new recruits—hopefully a more meaningful relationship than they have with their current employer. These types of conversations build rapport, and show recruits how you will be there to help them overcome any hurdles they encounter in their new position.

Conclusion: It’s All About Trust

What do both of these techniques have in common? They build rapport and demonstrate a supportive, honest working environment. Most importantly, they build trust.

During conversations with prospective hires, invite them to your company and educational events. Remember to be transparent, and show concern for their worries and challenges. As a leader, offer valuable solutions that agents can use regardless of if they join your company.

Don’t worry if a prospective agent doesn’t seek to join your company right away. It is likely they will find value in the advice and supportive guidance you provided and return to join your company down the line. As with any area of life, when people start to trust you, they will crave your leadership and want to be a part of your winning team for the long-term.

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