If you were to take a moment to read through the PwC Emerging Trends in Real Estate for 2020/2021, you would quickly realize that the real estate industry has gone through a significant transformation in the past few years. We felt the tremors, and now the forces at work are actively shaping the market.
For starters, millennials are set to buy the most homes in 2020, averaging 51% of the market according to CNBC. These shifting dynamics mean that the traditional way of selling property, while still immensely valuable, needs to be supplemented with something more in 2020 and beyond.
One of the best ways' brokerage firms and agencies are trying to adapt is to recruit top talent to help them ride these waves of change. It's no longer about having more boots on the ground, but rather about motivated, knowledgeable, personable, and relatable agents providing value to you and the clients.
The Ideal Real Estate Agent in 2020
Whether you're looking for new blood or experienced veterans, there are a few qualities you will want to be on the lookout for this year and beyond.
1. Market Knowledge
There's no doubt that the market respects an agent who knows what they are about. Basic knowledge of home architecture, the current legal framework, market trends, customer needs, etc gives the agent an edge in a market of informed millennial customers.
2. Good Knack for Technology
A 2018 annual real estate report stated that 49% of buyers found the home they bought online, and 31% through an agent. Given the volume of sales going through social media, internet listings, and the value of a website, this is a skill you will need.
There is no substitute for an agent who keeps their finger on the pulse. A good agent needs to know what laws are in the oven, what locations are great for diversity, which new land is being rezoned, and everything in between.
4. A Good Network
If you are gunning for experience, an agent who is already established is an instant asset. With a little support from your firm, they will add immense value.
5. Engaging Communicator
This always used to be an essential skill, but it's funny how many agents today are losing their fine touch. Social media, text messages, and emails tend to do that to a person. A good digital-age real estate agent needs their sharps no matter how they are communicating.
Of course, all the other skills like integrity, tenacity, problem-solving, self-motivation, and a whole host of others still apply, but these five qualities will serve you best in the digital age.
And now, here is how you can find the top percentile of real estate agents with top-notch selling skills.
How to Find and Attract Top Real Estate Talent for Your Brokerage
Unfortunately, these golden agents are not easy to find. The market is saturated with freeloaders, and the good ones get snapped up pretty quickly. The trick lies in how well you can identify wonderful agents and attract them to your team.
1. Utilize Your Own Social Media Skills
Social media is an excellent marketplace for real estate firms to find eligible talent. Even better, it allows you to filter potential candidates easily, create job boards, and even communicate with potential hires.
LinkedIn is one of the top places to start your search. With a custom search, you can bring up a list of potential candidates and evaluate their profiles before you ever contact them. Twitter, Google+, and even Instagram or Facebook are a great place to start.
In the same way, you will also need a strong and authoritative social media presence so that those searching for employers can find you as well. Optimize your job boards for the skills you are looking for and to showcase your unique attractions.
2. Focus on What's Important to Agents
The demand for good agents is vicious, and you will need to set yourself up to attract the top talent you are looking for. That starts with having the right culture, employee perks, and a positive reputation.
Three things that attract the best agents to your firm are money, work efficiency, and growth opportunities.
- Money — how you split your commissions, how fast and efficiently you pay agents, and additional perks such as retirement benefits and top insurance are all very attractive.
- Work efficiency — have you invested in new tools to make working for you easier and more efficient? Savvy firms will have tools to support marketing and make agent management seamless. How you manage paperwork and the overall back office environment can attract or rebuff your prospects.
- Growth opportunities — do you provide opportunities for agents to grow their career, improve their lives, and advance their skills?
3. Host Events
Hosting live events provides a great opportunity for current and potential agents to interact with your brand and see what you can offer. You can sponsor a recruitment night, an agent happy hour, attend community events as a brand sponsor, or have open-invite parties. (This of course is on the back burner for most given COVID-19, but we are hopeful we'll be back to being social again before too long.)
4. Poach Good Agents From Rival Firms
Ok, we'll leave it up to you as to whether actively poaching fits your values! But, the job market is highly competitive. If you can offer a better deal and attract good talent away, you get the benefit of having proven talent that is ready to hit the ground running.
5. Put Your Brand Culture on Display
Your brand culture is as important as personality is to a real estate agent. A great culture always wins, even if some of your other attributes may be opportunities for improvement. Brand culture covers things like your values, attitudes, and overall identity towards employers or customers.
Attracting the top real estate talent to your brokerage is an exchange of value. You've got to have something going for you as well in exchange. By focusing on the above, you invariably get a much higher ROI and save time on recruitment.
What Does Brokermint Have to Do with All This?
Brokermint is a complete back office solution that addresses several of the above suggestions. Accurate commission automation means agents get paid, correctly, on time. Agent onboarding and management means everyone's paperwork is in order, and everyone's pipeline is in view. And connecting MLS, transaction management, commissions, and accounting in a single system means no more manual re-entry of data; so no more human error.
It all adds up to accuracy and reduced bottlenecks. And that's something all agents seek.