We all know how important recruiting is. Let's face it - there is so much competition out there that's just dying to get ahold of our agents. This begs the question, what are you doing to retain your agents?

I have been lucky, I guess. In the past year I have only lost a total of three agents. Yet, we have managed to recruit 8, so our net is up. However, I worry constantly about the competitors who are moving into the neighboring towns. Companies like KW present a pretty attractive package to agents, patricularly the higher-producers. Sometimes it's better for an agent to move, often it's not as they have to re-establish their business.

We try to focus on the important things like training and recognition. We host quarterly company-wide meetings for the agents to rally together, have live training, discuss ideas and give out company awards. This seems to help a lot.

What is everyone else doing to retain agents in this competitive marketplace?

We all struggle with this question. But it's a combination of many things. If I had to list the most important things that we do--

1)Relocation--If you can get into Cendant Relocation then do it. It is huge for your company and it is huge for the agent's that participate.

2)Hire or be a great broker. If your agents love their broker then they are likely to stay. In todays complex, litigous world having a broker that knows the ins and outs of agency is huge.

3)Be competitive on your splits. This is a tough one but know your competition and you can figure it out.

Cheers!

Yes, being a great broker is key. I have found that just having a presence in the offices on a daily basis is critical. So many companies have the "absentee broker" mentality lately. I have actually sucessfully recruited on this basis alone.

Our market is really unique. The vast majority of our buyers purchase lakeshore and second homes. Basically, in terms of splits, we are still in 50/50 territory at most of the companies. When we came to town offering 55/45 and 60/40, we got a lot of really qualified folks. Just having criteria for future increases has been great.

When you mention Centant Relocation, are you referring to Cendant Mobility? I've had calls from those folks in the past wanting me to join. I have not seen the value there since we are not in an area served by many corporate clients. However, we are members of CGRN, and have gotten several qualified referrals that way. It works well.

Thanks for the feedback.

Yes Cendant Mobility. I am just used to calling it relocation. If you're splits are 50/50 on average then you are in good shape. Our market is overly saturated with agents and brokers with most of them starting agents at 70/30 and some independants offering 90/10 and up.

Relo gives a huge advantage though since we can continually feed our agents new business which is obviously a good thing for both of us. We have had nearly 60 closings already this year just from relo. We don't have the highest splits but once you factor in all the business provided to our agents via relo many end up making over 100% of their self generated business commission. If that makes sense.

Definately worth looking into. You can participate even if you are not a primary.

Regulator, Do you have a link for finding out more about getting into Cendant? I have been on their website, but can't find a page on joining.

When you do loose an agent, what is generally the reason? I have only been doing this for a year, so I don't have much experience with this. I have had 2 leave. I moved out of state, and the other decided to stay home full time with her kids.

The attitude of the broker can have such a huge impact here.

I know that we have a local brokerage here that is still an independent, but very successful.

They tend to lose some very talented people because some of the brokers are... quite frankly... jerks.

There are three brothers that run this operation and some very successful agents I have worked with used to work at one or more of their offices. The treatment they have described paints a picture where one of the brothers is great to work for and the others are just horrible.

Normally, I would just chalk this kind of thing up to a "disgruntled" former agent and move on, but I have now heard the same kinds of stories on several occasions. The clincher was when I met one of the less loved broker/brothers.

Now, what this demonstrates in the impact the style of the broker can have. The one "good" brother has an office with very little turn around and from what I hear, a very friendly working environment. Not the same story with the other two brothers and the locations they oversee. This despite the fact they all operate from the same business plan, compensation structures and policy manuals.

R

I think it is all about the broker/leadership. Even on a crummy split, good leadership is key. That is lacking in this industry.

Higher splits are good but if someone comes for the money they will most likely leave when some joe schmoe comes in offering slightly better.

I have had agents complain that their previous brokers never stood behind them and/or defended them. This is why I left my first company. I left the second because there wasn't a real office culture or leadership. It was high split too. I left there to start my own company.

Learn how to help them grow their business. As part of my franchise fee, I was given access to a top real estate coach (the kind agents pay big bucks for). He coaches me so I can pass it down to them. Priceless. You are saving the agent a lot of money & giving them value. You want to offer the same value to your agents that you tell them they need to offer to get customers.

In 6 months we hired 14 & lost 1. I tend to feel if I lose an agent it's probably because of something I did or didn't do (in most cases). However, this agent never came to trainings or meetings. She was new to the business & went to an office that provided leads (and we all know how that goes!).