Part of learning how to become a broker is finding real estate agents to join your team. Your goal is probably to create a brokerage that’s relevant and strong. To do that it’s important to know where to find the best new agents and how to convince them that your brokerage will match their goals.
There’s no specific way to get started. Every broker you talk to will probably have a different style that works for them. There are, however, some methods that top brokers swear by. We’ve identified three key strategies they’re using to find team members who will be a great match for the future of their business.
1. Offer benefits or help stabilize real estate income
Not earning a salary can be an adjustment for some agents. It can be difficult for agents to plan financially in a commission-based role. When you’re looking at how to become a broker, one of the first decisions you’ll have to make is how to compensate your team members.
A traditional real estate brokerage usually doesn’t offer benefits or salary-style compensation. Then again, our research shows that 83% of brokers have trouble attracting new agents. Less than 20% of brokers offer benefits like health care or a 401(k) plan but these are benefits that could help new agents greatly.
There are some brokerages that are beginning to adjust to a growing number of agents who are vocal about their desires for more. The brokerages that are offering benefits or salaries believe commission-based compensation ultimately hurts the client and providing some financial stability for the real estate agent makes sure every client receives the same amount of attention.
Your challenge as someone who is learning how to become a broker is to decide which strategy is best for you.
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2. Help agents balance work and family needs
Finding a good work-life balance is important to real estate agents, many of whom were attracted to their careers because of the flexible jobs. The more you can appeal to agents who are trying to balance families and careers the better luck you’ll have attracting top performers who are looking for a brokerage that has it all.
This tip from Jane Towle, a RE/MAX broker in Maine, stands out as an anecdote to consider.
Jane’s tip: It’s quite simple really… I have found my best recruiting tool has been to create a children’s playroom in my office building. It gives incentive for stay-at-home moms or dads who are interested in professional development with a real estate career to become licensed and work for my brokerage. The set up offers a safe environment to bring the children, parents can still be nearby and hands-on and our training/conference room has a view into the playroom, completely outfitted with children’s entertainment. I’ve offered high school students who need volunteer hours to come and play with the children after school in exchange for a reference. The agents stay loyal to me because of this excellent benefit!
It’s clear that Jane has found a creative solution to help parents balance their career aspirations with family responsibilities and as a result, she has a devoted, loyal team. Finding ways to serve your agents can pay dividends for you down the road.
3. Provide mentorship opportunities
Agents want to know how you’re going to help them progress in their career. Many of them might want to learn how to become a broker from you, or they could have ambitions to be a top producer in your market or niche. Whatever their career aspirations are, the best new agents are going to be looking for a brokerage that has a track record for mentoring new agents.
Since agents are primed to ask you for concrete examples of how you help new agents succeed in their careers when you’re learning how to become a broker it could be helpful to start developing a plan for how you’ll mentor new agents. If you can make your plan concrete and actionable it could give agents more security in choosing your brokerage out of the other options available to them.
Learning How to Become a Broker Means Helping Others Succeed
Real estate is already a job that’s about helping others, but as a broker that responsibility is heightened. When you’re an agent your focus is on helping people make strong real estate decisions. As a broker, you’re still focused on that but also need to pay attention to how you’ll help your agents do their best in their careers and reach personal goals. Keep paying attention to how you’ll help those around you succeed and chances are you’ll reach your own goals at the same time.