A Lesson Learned From Watching Real Estate Agents Leave Their Broker
In the age of reconsideration and resignation, there has been much written and discussed on the challenges of finding new employees. But what about the efforts of keeping those you have feeling satisfied and supported?
Real estate is one of the most visible businesses in our economy. Deals feature the big signs that sit on the end of our lawns proclaiming our house open for the taking … for the right fee, of course.
There are two featured components on most signs: The real estate broker and the real estate agent.
Have you ever thought about the relationship between the broker and the agent?
Well, the numbers show that more agents are doing just that. And switching brokers because of it.
When the National Association of REALTORS polled their members recently, they found many of the same issues stated as the reason for the broker switch, including the following business reasons:
- Inconsistent or escalating operating fees
- Lack of training for new agents
- Payout percentage that was too low
But one reason, in particular, stood out to me: General feelings of poor support for the commission that was shared.
So I reached out to a couple of agents I know and asked them about this. One had recently changed brokers and one was considering. And both mentioned feelings of poor support for the commission that was shared as the main reason.
Specifically, the proactive approach to communicating, sharing experiences, and offering to help without being asked was minimal or non-existent. I found it interesting that “money” wasn’t the primary reason for their discontent.
What’s the general lesson here?
As business leaders and managers, your people are thirsty for your attention and eager to learn from what you do. You don’t have to be in real estate to pay attention to that.
Even high performers need your help to be successful.
And, there are options available for employees that don’t feel like they get that attention from you. U.S. job openings are outnumbering unemployed people by a 2:1 ratio and many businesses are reporting that quality applicants are harder than ever to find.
Because of this, retention has become increasingly important, especially for those high-performing employees who align with your culture.
Are you giving your employees what they need to feel comfortable and confident at your company? Are you sharing experiences, doing internal training, practicing role-playing, and doing what you can to help them feel supported?
Looking for ways to do just that could be a key to increasing retention. And, just as important, a happy, satisfied, and engaged employee is one of the best recruitment tools out there.
This week, I challenge you to spend time finding at least one new way to give your current employees more of your time as a mentor, not just as the boss.