One important part of planning in any business, and specifically in the real estate brokerage business, is retention and acquisition of talent. When you think about it, talent attraction impacts everything.
There is nothing that makes a bigger impact to your office bottom line and Return on Investment (ROI) than attracting and selecting quality talent. According to Dan Schawbel, personal branding expert at Millennial Branding, “Companies adept at hiring talent have two times better profit margins that those who are less capable recruiters.”
In real estate, your ability to attract, and retain, the right group of real estate agents impacts your bottom line and your overall ability to grow your business. When thinking about talent attraction in your real estate business, the key is to focus on net agent count and per agent productivity.
At BHGRE®, we have created the Talent Attraction Scorecard. Note that this spreadsheet is just a suggested tool, and not mandatory, but it is a tool that helps our affiliated brokers set their own talent attraction goals and plans and track results every week. What I have found in talking to people across the country is a minimal number of brokers, or talent attraction directors, consistently spend 1-hour per day on talent attraction. Just like real estate sales, if you don’t consistently lead generate, you risk inconsistency in your business.
So, to anyone out there that says, “I really need to focus on recruiting this year,” I offer you a 30|30 challenge. The idea is to spend 30 minutes per day for 30 days on talent attraction. If you already spend consistent time, then add 30 minutes per day. Think of how simple that sounds. Personally, I love a 30-day challenge at the beginning of the year. As it relates to talent attraction, this time of year couldn’t be better to kick-start your recruiting efforts.
I ask, “What might keep you from spending 30 minutes a day on talent attraction?” What I hear from most people is they don’t know what to do, or they don’t know who to call. For those of you that fall into this category, here are a few suggested key steps to help you get started:
- Set up a talent attraction database using a CRM so you can automate your activities.
- Make a list of 25-50 agents in your local area that you would be interested in working with and add them to your database. Create an ongoing follow-up system
- Use your database to make phone calls, send emails, write note cards and send valuable content that is engaging.
Read the last two things you should spend 30 minutes every day doing to get you started with talent attraction in our latest Clean Slate post.
For more information, visit http://www.bhgrealestate.com.
