(Video Transcript - lightly edited for clarity)
Every single one of you out there who has had a top producing agent leave, you know exactly the fear I am talking about. How do we retain those top producing agents on our team? Number one, you've got to know what your competition is offering.
Is your top producing agent leaving you to start their own company or team? Are they leaving to join another team? You need to understand the root cause of their desire to leave.
Also, despite being independent contractors, you want to make sure they sign a Non-Compete.
Have your attorney draw up an enforceable non-compete so if this agent leaves the team, they may have some restrictions. All of my clients do this. We've actually collected hundreds of thousands of dollars from people who have left their team, gone out on their own. They pay our clients on a monthly basis based on closings.
However, let's not focus on poverty mentality. Let's focus on a mentality of abundance. We want to encourage high producing team members to stick around. So how do we retain them?
I have clients that started a title company and they make that high producing agent and their team a partner in the title company. Some of them have gotten into buying rental property with top agents to help them build wealth for their retirement.
Another way possibly is if your team is big enough, maybe you need a sales manager. Now, top producing salespeople sometimes don't want to be a sales manager because they're making more money. However, it's not always about the money.
Top agents, you need to spend more time with. The number one complaint I've seen in my 30 years of doing this is from top producing agents that say their manager is so busy dealing with other people that aren't producing. Every time they have a question, they’re never there. That is when they start thinking of leaving.
What you want to do with these top agents is to speak to them more often than you normally do right now and look to partner with them in different aspects of your business. Ask them what would help motivate them.
What is their long-term plan? Sit down together, create a long term strategy where they will be with you for years to come.
Another thing about a top agent is that they may be a great person to start developing your exit strategy around. Take this to heart. Think about it. Implement it.