Utilizing Culture to Attract and Retain Top Real Estate Agents for Free!
Resource Library Broker & Team Leadership Business Strategies

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.

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Resource Library Business Strategies Tactics for Agents

BoomTown Success Managers Share Tips for a BOOMing Business

Some of your BoomTown Success Managers had the opportunity to attend Bob Corcoran’s Buyer Agent BootCamp and gain some great insights to help our clients create a BOOMing business in 2014 and beyond! Bob knows just how to get you to be #1 and stay #1, and here are even more tips from our trip this year: 

1. Step up or Step out!

  • 80% of all sales are made from the 5th to 12th contact
  • 45% of leads are not contacted at all or contact is stopped after the initial touch
  • Remember: you have a 50% chance of getting what you want if you ask, and a 100% chance of not getting it if you don’t. 

2. Create a successful team and communicate effectively

  • Have your team take a DISC profile assessment (http://www.corcorancoaching.com/behavioralstyle.php) to learn communication tips for each personality
  • You have to know how to talk to different personalities, not only leads, but also on your own team.
  • The nuances of a word are very important when communicating with different personality types.
  • For team structure, Bob recommends a diverse array of personality types. 

3. Foster a healthy office culture

  • No one should work more than 50 hours a week.  Make weekly schedules and stick to them!
  • Have core values that specifically define your mission/team and be sure that each team member lives by these values – In team meetings, repeat the core values!
  • Have a sales board in office! 

4. Hold your Team Accountable

  • Create Daily Activity Reports to be turned in by 9:00 a.m.  the following day 
  • Set consequences “that hurt!”  (For example: No commission!)
  • To Agents:  “If you are not working leads, then you are wasting my $$”
  • Time Wasters: “OHIO” Only Handle It Once

5. Ensure your team gets the call right! Here are some clever ways to remember to check all the right boxes:

  • Build a rapport with your lead! Talk about what your lead’s wants and needs are.
  • Use short sentences, but be sure to get a lot of information. Use clear and concise questions and slow down when you are speaking. Be deliberate with your communication.
  • You don’t need to know everything – just where to get the information: “that’s a great question; I’ll look into that and get back to you.”
  • Always show care and concern.
  • LPMAMA – Use for all prospecting calls: 

Location – Where do they want to live?
Price – How much house can they afford?
Motivation – When can they move in?
Agent – Have they signed a buyer agency agreement with another Agent?
Mortgage – Paying cash or will they need a mortgage?
Appointment- Close for the appointment!

For more information about Bob Corcoran or Corcoran Coaching please call 1-800-957-8353 or email info@CorcoranCoaching.com

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