How to Retain Your Best Agents in Times of Turmoil

The real estate industry faces a triad of challenges in today’s marketplace: continued low inventory, delivering fewer sales, stubbornly elevated mortgage interest rates and the potential impact of the commission lawsuits that have already begun to reshape the landscape. As a result, leading industry experts predict tens, if not hundreds of thousands of agents will leave the business in the coming years, with brokerages already reporting a significant decline in recruits.

Where do you focus?
In times like these, it’s easy to focus your efforts on retaining top producers. While they may generate the most production, they can also be the costliest to keep. Instead, savvy brokers are turning their attention to their core agents—the solid, reliable performers who form the backbone of their business. These are the agents who may not grab the spotlight, yet consistently deliver results and contribute to your brokerage’s long-term profitability.

How can your core agents remain engaged, productive and committed to your brokerage despite the turbulence? 

Here are some strategies to help you navigate the challenges ahead:

Invest in training and development
Learning and training are no longer optional—they’re table stakes. Your agents must know how to convey their value proposition to buyers, not just sellers. While they may have learned how to win over sellers over time, they need your help accelerating their learning curve to attract and contract with buyers. You can help your core agents develop the skills and confidence they need to succeed in any market by providing targeted training and coaching.

Choose the right tech stack
Digital technology is a double-edged sword for brokerages. On one hand, it can help your agents work more efficiently and effectively, freeing up time and resources to focus on relationship building. It also can be a significant expense. When streamlining your tech costs, cut the fat, not the muscle. Instead of removing tools and resources from your agents, look for ways to consolidate and simplify your systems. An all-in-one platform that integrates multiple functions can be a cost-effective way to provide your agents with the necessary tools without breaking the bank.

Foster a culture of collaboration and support
Your core agents may not be your flashiest performers, but they’re the glue that holds your brokerage together. It’s vital to foster a culture of collaboration and support to keep agents engaged and motivated. Deploy ways they can work together, share ideas and learn from each other. Keep internal tech from replacing high touch. Create regular opportunities for training, mentoring and networking. Recognize and reward agent loyalty because when your core agents feel valued and supported, they’re more likely to stick with you through thick and thin.

Change is inevitable—growth is optional
Retaining your core agents during tumultuous times requires a strategic, proactive approach. By investing in training and development, investing in the right tech stack, creating a supportive culture and recognizing loyalty, you can create an environment where your reliable performers can thrive. 

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