Creating solid retention rates with your real estate agents involves building strong relationships. Successful brokers understand that the essential factor is forming lasting connections at critical points in an agent’s journey.
If you don’t have a retention communication strategy, it’s time to adopt a more thoughtful approach. Reach out when it truly matters, offering support and guidance during significant milestones or when agents face challenging situations. By being present at the right moments, you can build a sense of trust and camaraderie with your agents, which has proven to be the foundation of a long-lasting and financially successful brokerage.
Embrace the blueprint. Below are our top moments when a call or coffee date is necessary to keep retention high.
After a Successful Transaction
At the close most agents tend to reevaluate their existing brokerage. Perhaps they’ve recently sealed their first deal after a lull, only to face unexpected fees, or maybe the process itself revealed a lack of seamless support. As a broker overseeing an array of transactions, these concerns might not appear paramount to you. However, for a fledgling agent in the early stages of growth, these challenges can translate into significant stressors, casting doubts about the adequacy of your support.
To initiate this communication, begin by offering congratulations for a job well done. Highlight a specific accomplishment or proactive action the agent took that contributed to the transaction’s success. Next, encourage agents to openly discuss any obstacles they encountered during the process. While you may have already been aware of these challenges throughout the transaction, it’s imperative for agents to feel that their voices are heard. Frame it as “I understand that we faced certain obstacles with x; let’s explore strategies to mitigate such issues in your future closings.”
Foster an environment firmly rooted in support, where your agents feel at ease sharing obstacles and seeking guidance for future improvements. Remember, while these concerns may appear repetitive, they hold immense value. Listen, and your agents will feel acknowledged. By establishing a platform for open communication and guidance, you are not only addressing immediate issues but also paving the way for long-term growth and collaboration.
When a Deal Falls Out of Escrow
A deal unraveling can send shockwaves through agents and clients alike. The repercussions are far-reaching, and underestimating their impact would be a grave mistake. Depending on the current market and your position within the deal, your clients might reconsider their real estate plans, which will impact on your agent’s financial stability. So, how should a broker navigate this intricate terrain?
As a broker, your role is that of a coach – a role demanding finesse and empathy. Initiate the conversation by delving into your agents’ emotional responses to the setback. Putting yourself in their shoes and grasping the clients’ motivations form the bedrock of meaningful dialogue. It’s crucial to tread the line meticulously, resisting the urge to assume complete control. The landscape here is treacherous, and overreach could expose you to unwarranted blame should client relationships sour. Instead, reiterate your commitment to support and guidance, ensuring your agents know they’re not embarking on this journey alone.
In situations where the fate of another new deal hangs in the balance, ready your agent for the prospect of disappointment. Guide them in crafting effective client communication, equipping them with strategies for potential follow-ups if the transaction needs to be postponed. The overarching objective is to instill a sense of readiness, fortified by your guidance, enabling them to navigate the complexities of client interactions.
Before & After an Office Training
In the days leading up to your training session, set aside some time to identify agents who may have shown less involvement in previous office trainings. A personalized approach can work wonders: take the initiative to extend a personal invitation to these agents and provide an introduction to the week’s topic. During this interaction, actively listen to their viewpoints on the subject matter and attempt to understand the reasons behind their reduced engagement.
It’s important to recognize that agents who are relatively new to the real estate industry might exhibit signs of disengagement when they feel discouraged. You have survived the same issues they are facing, share with them how you made it. Consider designing specialized training sessions for the unique needs of these individuals. By doing so, you can instill renewed enthusiasm and commitment among this subset of agents.
In instances where scheduling conflicts arise, record the training sessions and subsequently share concise bullet points in an email post-meeting. This proactive measure ensures that agents facing time constraints can access the training’s core content, thereby promoting inclusivity and knowledge dissemination.
After the training, select a small group of agents to follow up with for valuable feedback and potential supplementary training. As you engage in these post-training discussions, maintain a guiding and supportive demeanor. Avoid inadvertently conveying a tone of undue pressure or condescension, as the goal remains to guide and uplift, fostering an environment of mutual respect and advancement.
Before Contacting a Prospect
Opening a meaningful dialogue with your current agent about a potential new team member, like their co-op agent, not only showcases your genuine appreciation for their input but also underscores their vital role in enhancing the office’s dynamic culture.
However, it goes beyond appreciation; you are instilling a sense of belonging and purpose. When agents feel heard and their viewpoints are seamlessly integrated into decision-making a magnetic bond forms. This bond transcends the ordinary, shaping workplaces into cohesive communities where dedication is not just about skills, but an investment of the heart and mind.
Consider empowering your agent to take a proactive stance in recruiting efforts. Your agent might extend a personal invite to the prospective agent for an upcoming office event. To maintain engagement, follow up with an email or text expressing gratitude and recognizing their significant involvement. This small yet meaningful gesture can solidify loyalty and camaraderie within your real estate team.
Birthdays
In the realm of communication strategies, one message stands out as both effortless and impactful: the happy birthday wish. This seemingly uncomplicated gesture holds a key spot in your arsenal and deserves a prominent place in your playbook.
In a nutshell, the happy birthday message isn’t just a trivial line of text; it’s a powerful tool that can elevate your rapport with real estate agents. It epitomizes the essence of effective communication – simple, meaningful, and authentic. Don’t overlook this seemingly minor opportunity; incorporate it into your strategy and watch as your rapport flourishes effortlessly.