In commercial real estate brokerage, you should be constantly looking for new talent within or for the sales team. This is an ongoing process and should occur throughout the year.
The identification of talent can occur through a number of different strategies such as:
- Connecting with the competitive agents and brokers in your local market currently. They may seek to move or relocate for a variety of reasons.
- Encouraging your existing sales team of agents and brokers to improve their market share and or skill base.
- Establishing a cadet program to grow the skills of new employees into competent and professional agents and brokers.
- Conducting of recruitment nights on a quarterly basis.
To get this process started, understand the type of people that you require and the skills that are essential to help you build market share. The top agencies and brokerages are those that offer comprehensive services and specialized skills. Determine exactly where your business will sit in that regard.
You can run an advertisement on the Internet for new people to join your team. You can also have an employment information package available on your website for download. Make it easy for people to understand how you do business and how they can connect with you for employment.
Given that the movement of top agents within the industry and particularly locally can be controversial and volatile, make it easy for those top agents to approach you confidentially and specifically. It can take many months to strengthen the relationship with a top agent before they will consider moving to your business. What benefits will you offer them?
Top sales performers and brokers will be looking for commissions and reward packages that allow them to reap the benefits of sales improvement and market share growth. They will also look for support in getting the paperwork done behind the ‘front line’ of sales and listings.
The commission structures that you offer to top agents should be very attractive based on performances over a quarterly or 12 month period. A quarterly assessment model works better than the 12 months model. The agent or broker can achieve some growth in income over a quarterly period; in a 12 month model many top agents reach a certain income level and then take a few months off on holiday. That being said, the equation does have some relationship to the type and size of property transactions that the person will do. Give the new employee the chance to reap the benefits and the rewards of sales and leasing success.
It is interesting to note that there are many different types of salary and commission packages available in the industry. Some of those packages will be influenced by industry regulation and standards. Those agents and brokers that are new to the industry will usually be employed on very basic and standard packages of salary and or commission. As they improve their results in commissions earned, the package should have the flexibility to improve. Protect and retain your good people in commercial real estate brokerage through productive employment benefits and commission packages.