Utilizing Culture to Attract and Retain Top Real Estate Agents for Free!
As more and more real estate teams are embracing online lead generation, your market share isn't the only thing that is getting competitive these days. The hiring market is too! You might already be recruiting through signing bonuses, coaching opportunities and innovative tools, but what do you do when the brokerage next door is doing the same thing? What if I told you there was something only your team could have and that it would lead to not only attracting top talent, but retaining it too? Oh, and it's free.
…Interested? I thought so
Well I'm talking about culture, people! Before you roll your eyes and say “yeah, yeah, we do team happy hours all the time and so does every other team in my town,” listen up! (Because I guarantee your competition thinks that's all there is to culture and this is where you gain an opportunity.)
First, a poem. Just kidding, some numbers. A study from Career Builder states that:
- 69% of employers say their company has suffered from a bad hire.
- 1 in 4 of those employers said that bad hire cost them more than $50,000!
- 33% said that hire negatively affected employee morale
- 19% said that hire had a negative impact on clients
Among the primary characteristics of “bad hires” was having a negative attitude and not playing nice with others. When asked what mistake the companies made during their hiring process, “I needed to fill the role quickly” and “I don't know” ranked amongst the top. So how do you hire for culture? First you have to define it.
Define Your Culture
Don't start by scribbling down the culture you want, instead understand the culture you have. Culture isn't nerf guns and happy hours. Those might be symptoms of your culture, but culture is who you are. It's who, as an entire team, you are. It's how you treat each other. It's the level of service you provide for your clients. It's how you represent yourselves in the community. It's what you stand for, it's what guides your business decisions, and it's what you're willing to hire and fire by.
Most likely you already have a great culture, you just need to discover and define it. When defining our culture at BoomTown, we used the Mountains and Valleys exercise that Zappos founder, Tony Hsieh, talked about in his book, “Delivering Happiness.” This highs and lows exercise will help you discover not only your personal Core Values, but also your tribe's. You can see the Core Values that Mountains and Valleys helped us define here. Of course, this isn't the only way to define your culture. Maybe a good old fashioned conversation will work for your team, or using a whiteboard to sketch out what is most important to you. Whatever tool you use, just make sure you put your values into words that can be communicated within your team, to your clients and to your community. Draw your line in the sand for what you stand for. For more insight into BoomTown's Culture and what it means to us, check out our blog posts featured here.
Stay tuned later this week for my follow up post. We’ll cover how to keep your culture at the forefront of your business and how to hire, fire and live by it.