4 Ways to recruit in a shifting market:
As the real estate market continues to boom, the tension of the impending change is only increasing. Get ready! The “new normal” always means a permanent shift in how agents and companies operate. If you’re feeling a little stifled by the same old methods for finding top talent, you’re not alone. If you want to benefit from this shift, it’s time to trade in old habits that have stopped working and adopt smarter & more effective strategies. Don’t be discourage—just like always there is an abundance of opportunities for anyone who is willing to focus on gaining momentum during a shift. After all, there are many ways to recruit agents in a changing real estate market.
The first step with is to keep in mind you cannot go wrong by building authentic connections with great agents in your market. I know that sounds simple enough, but it can be overthought and under executed by many busy brokers. Just take action! You can start by doing some basic engagement. Do the simple work, like writing back to social media posts and messages. Rekindle interaction via email, texts, and live connections that you receive from recruits in the past. The more genuine connections you have that you can turn into real conversations the better off you are in the long run from a recruiting stand point. Think about it like quick outreaches that can initiate or even nurture long term connections. Imaging yourself smiling and waiving at someone you know through a window as you are walking by and saying “hi”. It’s about being friendly and top of mind. With that said, don’t think you are going to “private message” someone into your office. Even if you heard a rumor from someone else that it works all the time! If they come that way they will leave that way! Once you have acted on the simple stuff pick a few more in-depth tactics and stick to them. Here are 4 that can shape your success at the market continues to shift.
4. Host meetups and events
Meetups and events are a great way to genuinely connect with possible new recruits. Whether it’s a local chapter of a networking group like AM Spirit, through your local real estate association, a meet-up for women business owners, or inviting people to live webinars just remember that hosting events is a great way to start conversations about meaningful topics. Keep in mind as well that the event doesn’t have to be massive with hundreds of people in attendance either. You could do something simple like host an agent appreciation lunch every quarter for agents who worked with the top 10% of your agents. Bottom line, if you’re looking to meet new people and keep the conversations flowing, events are a fantastic way to do it. The key is to host events that are relevant and helpful to the agents in your market. You can’t just have an event for real estate agents on contracts every week and expect to create valuable connections. Make sure the event is relevant. During a shifting market that should be easier than ever.
3. Leverage mobile apps
Apps are a great way to interact with new connections. Whether it’s a new app that you’re just learning about yourself and what to share what you are seeing or if it’s an old faithful that you are sharing how agents can use it differently, in the new market apps are a great conversation to have. It does not all need to be about real estate either. Do you listen to audible, what mapping app do you like best and why, what about Robinhood to help agents plan for financial future, or even your new banking application update that is more helpful than ever? Just remember to be yourself and stick with the facts. You might as well talk about applications they are here to stay. The best part, everytime that I dig into a conversation about apps with an agent, I learn something as I am getting to share. Everyone wins.
2. Create exclusive content
Content is one of the best ways to attract new prospects. Blog posts, videos, and social media posts all create content that can be used to foster new relationships and nurture current ones. Especially when it’s about a changing market, after all you’re reading this aren’t you!
A good tip that is often overlooked is to use the content you’ve already created and just refresh it! It might be a blog article that you’ve wrote a year ago, a video you’ve already recorded that you never posted, or even a post that is evergreen. So much of your content is still and could be relevant again with some basic changes. You can redo it with “updates”, talk about how your perspective has changed now that the market has, or you can add a clip to the beginning of it. With this repurpose technique, for example, you could redo a blog article on a seller’s market and add a prologue to create conversation on your social media feed.
“Hey can anyone believe that just 3 years ago (and one pandemic) that the market was trending into a sellers’ market? To all my experienced agent friends out there, what are you seeing now?”
Then, pay attention to the post and honor the responses that you get. Don’t think of this as a “when they answer I will pounce” that type of mentality is how you end a relationship not being one!
1. It’s about delivering value first
The most important thing you can do is focus on providing value to agents in your market. Agents are often focused on what is going to help them bring in the next commission and not much beyond that, because they are busy and stressed. It’s tough enough to plan beyond the day to day! As a broker you have to be above that and you get there by understanding the market and helping them by making it easier for them to plan ahead. That is value in a changing market!
Some examples would be market shifting “best practices” video series, offer insight on how to get leads in “the new market”, or even offer a free webinar to review business plans with market appropriate adjustments (cost reduction and lead procuring focus). The most successful real estate agents are the ones that understand how they can succeed and then execute on it. Help them do exactly that! The more you focus on providing value to them the less YOU dread connecting and following up. If it’s easier for you to follow up you’re most likely to do it which means everyone wins. At the end of the day, the most successful brokerages are the ones that attract and keep the talent that best fits their brokerage’s culture and values. And the best way to do that is to attract talent based on value first conversations.
You need to be creative in finding ways to connect and nurture quality connections with tons of great agents because you’re not going to get them all. Keep your focus on the coming market and continuously share what you see with great agents and you will maintain a pipeline full of talented prospects.
Keep in mind, a shifting market does not mean abandon what has historically worked for you in the past but it does mean take a look at it and see if it will work going forward. Is its effectiveness being diluted? Now is the time to break away from old ineffective habits and adopt new strategies that actually work going forward. Welcome to the new normal.