Are you planning to hire new agents this year?
If you’re looking to grow your brokerage, you likely need more agents. While some of your hires will be seasoned, others will be brand new. These new agents have a lot of potential for success. However, 87% of new agents quit within their first 5 years.
So, how can you help your new agents be successful and become top contributors to your brokerage? That’s what we’ll cover in this post. But, first, let’s take a look at the top reasons new agents fail.
From a lack of commitment to unrealistic expectations, there are many reasons new agents fail. You can’t do much about agents not being committed. But, by putting better systems and tools in place, you can prevent some of the other top causes of failure.
One such cause is poor time management. Agents have a lot to do every day – from prospecting, to working with clients, to managing paperwork, and more. If agents don’t manage their time well, they won’t get everything done, leading to failure.
Another reason new agents fail is a lack of support. New agents don’t know how to market, find the right prospects, communicate with clients, gain better market understanding, and other crucial skills. Without someone to show them how to do these key tasks, new agents will fail.
New agents also fail when they don’t have the right tools. The right tech (like a predictive CRM and modern back office software) can make everything easier for new agents. This tech can also boost efficiency and productivity while giving new agents a leg up on competitors. If you don’t provide the right brokerage tech to new agents, they’re more likely to fail.
New agents failing because of poor time management, a lack of support, and having the wrong tools is preventable. Here are some steps you can take to avoid new agent failure:
Your onboarding process is one of the first interactions new agents have with your brokerage. If it’s slow, cumbersome, and frustrating, it sets the wrong tone for new agents.
A clunky onboarding process can also create compliance issues. If new agents don’t know what forms they need to fill out or what documentation they need to upload, they won’t upload everything needed to be compliant. This creates headaches down the road for both your brokerage and new agents.
Plus, a difficult onboarding process can make it hard for new agents to learn what they need to know about your brokerage. So, new agents might not know how to use brokerage systems and tools – making it impossible for them to be successful.
To avoid these new agent challenges, you need a smooth onboarding process. The easiest way to create a seamless onboarding experience is with back office software with agent management features. With this tech, you can create onboarding checklists that ensure new agents upload all required documentation. And, these checklists can ensure new agents learn what they need to know about your brokerage.
By creating a smooth onboarding process, you can set new agents up for success from day one.
To help agents manage their time better, you should also set and track goals.
New agents can find it difficult to know what to focus on. While prospecting and working with clients are obvious focuses, new agents can often get lost in the weeds. So, your new agents spend all their time organizing prospect info into a neat table – instead of actually working with prospects.
To keep new agents on track and help them prioritize the right tasks, you should set new agent goals. You should set specific and achievable goals with a clear timeline. That way, your agents know exactly what and when they need to do.
But, it’s not enough to simply set goals. You also need to track new agent progress to make sure they’re set to hit their goals. This extra measure of accountability can help new agents better learn to manage their time.
The easiest way to set and track new agent goals is with back office software. This software makes it easy to set goals, view agent progress, and see how new agents stack up against other agents with a few clicks. That way, you can help new agents with goals – without having to spend hours a week on it.
Setting and tracking goals can help new agents manage their time better for a higher chance of success.
Another way to set agents up for success is to have a mentorship program.
One of the main reasons new agents fail is because of a lack of support. Without the right support, new agents can’t develop the processes and habits they need to be successful.
To boost new agent success, you need to make sure they have a support system. Simply setting loose new agents after onboarding is a recipe for failure. Instead, you should create a mentorship program that pairs new agents with already successful agents. If you have time, you could also work one on one with new agents to help them understand your brokerage better.
In this mentorship program, established agents should show new agents what their daily schedule looks like. This helps new agents know how much time to spend on different activities and manage their time better. Your experienced agents should also share strategies on prospecting, working with clients, understanding the market, and other key tasks. That way, new agents know how to do everything needed to be successful.
Creating a mentorship program ensures new agents have the support they need to thrive.
You can also set new agents up for success by providing the best tech tools.
Manually managing prospect data, marketing, client paperwork, closings, and more can be a huge time suck for experienced agents. For new agents, manually managing so many tasks can be so overwhelming they give up before they’ve had a chance to be successful.
To avoid this, you need to equip new agents with top-of-the-line tech tools. You should provide a predictive CRM that makes it quick and easy to generate leads, manage prospect info, and convert prospects to clients. That way, clients can close more deals faster and with less stress.
In terms of the back office, you should provide agents with a complete back office platform. This platform should handle all aspects of the back office (transaction management, agent management, accounting, commissions, and reporting/analytics). This back office software should have features (like goal setting, checklists, and progress tracking) that help new agents stay on track.
Plus, your back office software should make it easy to calculate commissions and pay agents promptly. Quick payment ensures new agents are happy with your brokerage. That way, your new agents won’t leave for a different brokerage as soon as they’re successful.
Any front or back office tech you provide new agents with should feature automation. By automating tedious tasks (like data entry), agent tech with automation can help new agents get more done and focus on high-value tasks. This automation can improve new agent time management and make new agents more successful.
Your tech should also be cloud-based. That way, new agents can access everything they need from anywhere on any device. This improves time management by eliminating unnecessary trips to the office. And, it ensures agents have supporting documents and info wherever they are – increasing their chance of success.
And, your agent tech should be easy-to-use. Hard-to-use front or back office software prevents new agents from accessing the tools they need to be successful. So, instead of helping new agents achieve success, your hard-to-use tech could be another reason they fail. To avoid this, you should choose tech with an intuitive user interface, easy-to-understand dashboards, and other user-friendly features.
Providing new agents with the right tech can be the difference between success and failure.
New agents are crucial to growing your business. And, with the right investment, new agents have the potential to grow into your top-performing agents. However, new agents can’t thrive without the right support and tools.
That’s why it’s important to have a smooth onboarding process, set and track goals, create a mentorship program, and provide agents with the best front and back office tech tools.
If you’re looking for the top real estate back office software to set new agents up for success, Brokermint is the way to go. Brokermint’s modern, cloud-based, and easy-to-use platform can help your agents get organized and can streamline their workflow with automation. Plus, with 5 modules, Brokermint provides everything you need to manage your back office like a pro.
Book your Brokermint demo today to set your new agents up for success.
Schedule a demo and see your back office with Brokermint.