If you’ve been following the news at all, you’ve likely seen headlines about the Great Resignation. The Bureau of Labor Statistics recently stated that some 4.3 million people quit their jobs in August alone, and a Joblist report found that nearly 75% of workers were actively thinking about quitting their jobs in Q3.
At the same time, the real estate industry has been experiencing a period of strong growth. National average home prices are up 8.6% from a year ago, and nearly 25% from 2018. Also, homebuyers under age 40 continue to make up the largest share of buyers, and Gen Z is showing early signs of pursuing homeownership—all of which indicates a strong long-term projection for the future market. This means that despite the disruption brought on by the pandemic, it is still possible that your team has done substantial business over the past couple of years.
As a team leader or brokerage owner, what are you supposed to make of this—a strong market on one hand and a potential staffing crisis on the other? The data tells us that many agents—potentially as many as three in four—are thinking of calling it quits. It is also telling us to prepare for a vigorous market for years to come. To prepare for the potential effects of the Great Resignation in the real estate industry, you’ll need to engage in active retention and targeted recruiting so that your team and business can weather the demands of a changing workforce while enjoying increasing success.
At our most recent coach training retreat, Workman Success coaches put their heads together to discuss how best to approach recruiting for real estate teams under these circumstances. Here are some of the strategies they discussed:
– Keep your recruiting engine turned “on.” It’s always the right time to bring on an A-player, and just like prospecting for new clients it’s more efficient to keep the machine running than to turn it on and off according to urgent need.
– When meeting a new recruit, make sure you express a clear value proposition. What value are you providing, and what do you expect to get in return? This will help both parties avoid needless friction that results from unclear expectations.
– Stop giving headspace to the myth that “nobody wants to work.” Yes, many workers are re-evaluating their expectations and priorities for work, but that means the choices they make about where they want to work are intentional.
– Learn how to be a great interviewer. Interviewing can be intimidating, but just like with any skill, the more you intentionally practice it, the more proficient you will be. Develop scripts and role play with other agents to find the processes that work best for your personal style.
– Finally, listen. A person might quit for any number of reasons, but many times it comes down to avoidable frustrations that aren’t communicated. Take the time to regularly talk with each member of your team and give them a platform for expressing their concerns—before they become urgent. Most of the time, a deal breaking issue starts out as something much more manageable, and actively listening to the “small” things is the first step to resolving them before they metastasize.
With so much turmoil in the current job market, you can’t afford to take a passive approach to recruiting and retention. And remember, each perceived weakness presents a new opportunity for growth. If you are experiencing higher-than-normal turnover, it might be time to re-examine the culture and priorities of your business. There is a path of growth out of the Great Resignation; we just have to be thoughtful and intentional about how we walk it.
Verl Workman is the founder and CEO of Workman Success Systems, a real estate consulting company that specializes in performance coaching and building highly effective teams. Contact firstname.lastname@example.org for more information and free downloadable resources.