Success Insights

(Video Transcript - lightly edited for clarity)

What is extremely important is to ask yourself “Why am I having a hard time, are there good quality people to choose from?” Remember we're only going to hire people that agree to follow your four tenants of a great business. People to embrace your mission statement, embody your core values, adhere to the five dysfunctions of a team and are self-managed, self-disciplined.

Before you begin recruiting, you better have this culture established on your team. The second question to ask yourself is would I just be better off focusing on increasing each of my agent's productivity. For example, last year for teams I coach, my average team size was 11 people. The average units per team member was 35.08 transactions. Think about that. 35 units for the average team member. The national average is less than five a year.

We teach my clients to quit focusing on just hiring more people. Let's start an inside sales division. We have in-house people, we use offshore people as well. We focus on increasing each agent on a team's productivity. So there might be another solution than hiring more people. Focus on increasing productivity per agent on the team.

Now let’s talk about recruiting. If you're running a team, I believe in the buyer specialist / listing specialist model. The reason I do is we take it from the business world. A specialist always makes more money. Who makes more money, a brain surgeon or a general practitioner?

You see, the most successful real estate teams bring the concepts of the business world into real estate. That's why I'm excited to see these new agents that are coming in the last seven, eight years. When there was a big downturn, we got a lot of great quality businesspeople in real estate who understood how to run a business.

I always say when you're hiring the agents to your team they must start as a buyer agent or they must start in inside sales because if they can't convert an inside sale, why do you want them as an agent. If you have buyer agents look at co-op agents. Yes, they're our listing partners but that listing partner might be a great team fit.

I find it extremely important for you as the Rainmaker or the team leader to call the co-op agent on an accepted offer and congratulate them on the accepted offer. Then I work with my client care division, my administrative team and say we're hiring looking to hire six more agents. What I am looking for is do these people fit my culture and you teach your client care person what to say so if they have a co-op agent who they really feel fits your culture let them say: “Hey you would make a great team member and love to talk to you when we close the transaction.”

The cool thing is when you call every accepted offer co-op agent, here's what happens. They go back to their office and they say “Wow, I can't believe so and so called me to congratulate me on the accepted offer!” That co-op agent becomes the seed planted in their brokerage because people will be impressed that you took the time, especially if you're a big fish in your market. Now you start the recruiting process. Most agents feel uncomfortable coming into your office so go meet in a neutral place like at a Starbucks.

Also, talk to your vendors, your lender, your title people you give business to. Say something like “Mr. Lender would you like to increase your production next year? Here's how I do it. I'm looking to hire four more buyer agents and if you are instrumental in me recruiting them you are hiring people now in allegiance to you because you open the door for them to come into our team.” Don't forget to work with vendors, they're a great source for you to get information on agents who are looking to make a move.

Those are the basics of recruiting. You can go out and you can place ads and indeed you'll get a gazillion inquiries. A better way is to start with what you have. Once you've mastered that you reach out to me and I'll tell you what's next.