Real Estate

Scared Of Losing Talent? 3 Tips For Better Retention

In real estate’s fast-paced environment, the fear of losing agents is real and ever-present. But instead of focusing on external factors and symptoms of greater problems, leaders should turn their attention to the things within their control. Here’s how.

The fear of losing agents is hardly uplifting, and neither are deteriorating margins due to the increasing needs for investments and higher splits. But what if this fear is combined with other frustrations — like employees not supporting agents as much as you need them to or increased employee stress levels, leading to challenging working relationships? You have two options: You can either pull your hair out or look for more fruitful solutions.

Trying to keep your agents happy and satisfied — and for everyone within your brokerage to provide cutting-edge support and resources despite all the challenges — might be on top of your solutions list.

After all, growing your business and attracting top agents while improving profitability is an outcome many brokerage leaders are dreaming of — yet not all are able to make it a reality in the current market and competitive environment. So, here are a few suggestions on what to focus on to start turning the ship in your favor. 

1. It’s about you, not them

It’s all too easy to find reasons and identify external obstacles that are removed from what’s within your control. However, that rarely leads to any results or meaningful change. 

Although there are certainly interesting competitive dynamics at work, it’s not helpful to turn your primary focus on competitors and what they’re doing to lure agents away. It might work for them, but those strategies might not align with your own unique strengths, ideal market positions or points of differentiation. 

It’s perhaps a much better use of your time to start focusing on your own organizational strengths and proven strategies that work. Identify and fill the needed gaps to provide an environment that stands out. 

2. Monetary measures are only part of the overall solution

If you’re relying to compete on primarily monetary measures, you’re missing an important component that has a major impact on your ability to attract top talent, run operations smoothly and improve your bottom-line results.

An overall organizational structure and culture that fosters mutual respect, personal and professional growth — one that’s based on a strong leadership foundation — has far-reaching effects that most leaders underestimate.

When there’s a healthy culture and an effective structure across all levels of the organization, people are motivated to work and perform better. They become more loyal than in other organizations where such factors feel like an afterthought.

3. Gaining clarity on what’s really going on is critical

It’s also all too common to jump to conclusions in the heat of moment — especially in a fast-paced environment like real estate that often requires leaders to react quickly. But when we do that, we run the risk of predetermining a problem that in reality could simply be a symptom of a different, unidentified cause.

Getting clarity on what’s driving certain behaviors and results is just as important as addressing challenges and difficult situations head-on. More often than not, what appears to be the issue is only a result of deeper frustrations, festering disagreements or ineffective processes and systems that were left unaddressed for too long.

Uncovering what’s really going on along with proper and effective resource planning paves the way for impactful changes that are long-lasting and sustainable. 

Next time you find yourself in either of these thinking patterns — of say, shifting the blame on your competitors for your decreased margins or your struggle to find and retain top talent — do yourself a favor, and focus on the things you can control.

Although at first sight it may seem they are few, once you dedicate your focus on finding solutions that go beyond monetary means, you’ll likely realize that there are far more areas and opportunities to influence and create meaningful change for the benefit of your brokerage.

Marion Weiler is a principal at Weiler International Business Coaching and Consulting in Windermere, Florida. Connect with her on LinkedIn or Facebook.

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