To help make your commercial real estate brokerage successful, you will need the right people with the right skill mix. This then involves a high degree of strategy and a focus on human resources.
In every moderate size brokerage, you will have roles to fill within the following categories:
- Sales and leasing specialists
- Property management specialists
- Administrative support
- Accounting support
- Marketing support
- Team leaders
In any period of 12 months, it is not unusual to have agents and brokers come and go from the team. That is the nature of the sales industry and certainly commercial real estate operates on the same basis. That being said, there are some things that you can do to attract the right people to your real estate business, and help retain the ones that you currently employ.
The strength of your brokerage will be driven from the quality of people that you employ. They are a magnet for retaining current clients, and attracting new ones.
Good people always bring a degree of knowledge and experience to the table when it comes to complex property situations and challenging marketing requirements.
Here are some tips to help you attract new agents and brokers to your commercial property business or brokerage:
- A successful brokerage will attract the interests of your competitors and potentially some of the top agents and brokers within those competitor businesses. Make it easy for those people to contact you confidentially and directly, and find out more about your business. Provide a portal on your website for employment and careers opportunities. Provide generic but attractive information to encourage people to contact you directly.
- On a quarterly basis, run career nights at your office or a local venue where new people to the industry can find out more. Some of your top agents can support the functions through stories of industry experience as part of a formal business presentation.
- The branding of your office locally will underpin the attractiveness of employment. New brokers and agents like to see that they are being employed by a top agency with a good market share. The reputation of your office locally will be important to attracting the right people.
- Provide all the necessary points of support and attraction to make it easy for someone to work for you. That will include administrative support, marketing initiatives, commission incentives, holiday and leave structures, and leadership support.
So the key message here is that you must attract and employ the best people wherever possible. Every new recruit to your office should be checked completely and thoroughly for business integrity, skills, knowledge, market share, and enthusiasm. A poorly selected candidate can destroy and destabilise the existing office staffing structure. They can also put your agency of risk from a liability point of view.