24 November 2008

Vendor Review: Cogent Step Recruiting

Part of my job includes evaluating and searching for new tools, services, ideas and partners for the Better Homes and Gardens Real Estate network. I am contacted by or make contact with about 10 vendors each week. I’ll admit this can be exhausting, but also very interesting.

Recently, I was contacted by Todd Shyiak who told me he had launched a new business and wanted to share the details with me. He pushed all my hot buttons when he told me his service would help brokers attract experienced agents and had a very measureable success rate and return on investment (two things that are usually missing from vendor pitches). With that, we set up a call to discuss.

Here’s Todd’s description of his service:

Cogent Step Recruiting brings Strategic RPO to the real estate industry. This professional, outsourced approach provides dedicated recruiting professionals to Brokers; applying proven process driven recruiting strategies with the experience, resources and expertise to meet a Broker’s recruiting demands today and long term.”

RPO stands for recruiting process outsourcing. Corporations all over the world use this as a common practice to source talent. Hire a third party, share with them your vision of your desired talent and send them to work to find potential candidates for your review.

More and more demands are being put on the local office manager to be the recruiter, trainer, coach, mentor, cheerleader, book keeper, etc. etc. etc. Being a jack of all trades usually means you get to be the master of none. One of the key areas that suffer is attracting talent, particularly experienced agents. Managers report they have the best intentions, but run out of time each day.

This is where Cogent Step Recruiting comes in. For a very reasonable fee they take over your entire strategy for you. And their compensation is directly tied to how many agents you hire.

It’s worth taking a look at.

4 thoughts on “Vendor Review: Cogent Step Recruiting

  1. Wendy,

    Thank you for mentioning us in your blog! We are very excited with our success to date and believe that it is largely due to our ‘third party’ status with agents. When an agent gets a call from an independent, professional executive recruiter, they are curious and we’re finding that they are (a) more likely to call us back and (b) much more likely to open up to us regarding their current situation, which then allows us to fully brief the broker on the agents issues/needs/wants. The follow up after the meeting is also proving to be key to brokering a ‘meeting of the minds’ and successfully getting the experienced Agent to transfer their license.

    Outsourcing, to be successful, must also provide the efficiencies of both scale and scope and ultimately we must prove that we can help a broker hire more agents for less. Which is what we are doing for 9 Offices (2 Companies) in San Francisco and Seattle.

    Thanks again Wendy!

    Todd Shyiak

  2. I had the opportunity to explore this concept with Todd prior to launch and it also hit the right buttons for us. First of all, I know Todd, so it had credibility on that end from the start. Second, I know what I am good at and I know what I’m not good at. Outsourcing things that others do better and more cost effectively are always a consideration. I know I only have so many hours in a day. If I can streamline any process and leave more time to focus on the things that I am really good at, and most importantly “pay the bills” then that is a good plan. Good brokers do this all the time with agents finding ways to keep them out of the office and with customers, since that is where the money is made. Brokers and even recruiting managers should question whether this is an area where the same should apply for them. Can they cover more ground using this type of service? What is their real cost in managing the entire recruiting process? Are they doing a great job? What is their success rate and ROI for those they have recruited?

    Time will tell whether those recruited via the RPO process have a higher success rate and bette ROI but even if it is equal to direct broker recruits it may make sense in terms of efficiency. WAV Group will certainly be watching this new service in the coming months.

    Good luck Todd and Wendy and keep us posted on your results!

    Mike Audet
    Founding partner, WAV Group

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