12 Real Estate Agent Retention Tips For Brokers To Keep Best Talents

You’ve finally got new real estate professionals on board to help you grow your business and close deals. Naturally, that feels great for a moment until you realize that agent retention is a challenge in itself.

So, the real question arises: how can you improve agent retention?

In a market that’s on the lookout for top hires, keeping talented agents on your team is difficult.

Employment doesn’t always guarantee loyalty, especially when recruiters contact both prospects looking for jobs and employed individuals. Plus, high turnover can be costly and disruptive.

But fear not! In this article, we’re going to explore 12 tried-and-true real estate agent retention tips that will help brokers keep the best talents in their ranks. Let’s delve right in.

1. Cultivate a Positive Work Environment

A happy workplace is a productive workplace. Plus, creating a welcoming atmosphere and a positive office culture will make everyone feel great about coming to work. But you already know all that, right?

What you probably don’t know is how to make it happen.

Productivity starts with the environment. Is it a place where agents feel welcomed and motivated to perform?

If you have doubts, here’s what you need to do to create a supportive real estate workplace:

• Encourage communication through an “open door policy.” Did you know that 63% of employees believe their employer has disregarded their input? To boost retention rates, you need to be the person they can come to with any concerns.
• Maintain a positive, strong organizational culture. Businesses that work on improving company culture are in for the long run. Statistics show that a positive culture can boost productivity by 12% and save $3,300 per employee per year.
• If you can, add a natural touch to your office. It’s no secret that exposure to nature boosts productivity and creates a sense of well-being.
• Invest in mental health for your agents. Offer resources like counseling and promote a healthy work-life balance. This is how you create a positive workplace culture.

2. Provide Competitive Compensation

Money talks, so ensure your agents are well compensated. Competitive commission structures and bonuses can go a long way toward retaining top performers.

If you want to stand out from your competition and retain your best agents, you’ll have to exceed their expectations.

Here’s what the most recent data says about numbers in the real estate industry:

• According to Indeed, an average real estate agent generates approximately $95,072 annually.
• The customary commission ranges from 5% to 6% of the listed price of a home, with some flexibility.
• Sometimes, the commission is between 1% to 10%, depending on individual agreements.

Therefore, offering competitive commissions is one of the best ways to improve agent retention.

But compensation isn’t only money-related. More and more United States agents are considering added benefits as part of their reasons for staying in the real estate business.

These benefits can include:

• Paid time off
• Health insurance
• A small fixed stipend

While these benefits aren’t popular in many brokerages, they still hold value for certain agents. If, for instance, health insurance is covered, they may reconsider their decision.

👉Note that with independent contractors, these benefits can’t be included, as you do not have an employee-employer relationship. They’re collaborators, which means they probably use a W2 form to declare self-employment revenue. Hence, that’s quite different from traditional employment.

Incentives for Top Performers

Recognize and reward outstanding agents with special incentives. This not only motivates them but also sets an example for others. This is why you also need to celebrate the wins of your high performers.

Here’s what you can offer your top talent to boost agent experience in your firm:

• A percentage of the profits (especially if you’re looking to turn them into partners later on)
• Vouchers, discounts, or free parking passes
• A commission increase
• A fixed bonus
• A paid trip

3. Provide Your Agents The Tools To Succeed

Agents should be selling, not struggling to market themselves or their listings.

One common reason why agents leave their current brokerage is that they don’t know where or how to start promoting their personal brands or marketing their properties. Nobody likes working with outdated, unbranded, or inconsistent materials, nor do they want to create those from scratch.

This is why most brokers use a Marketing Center. It has several benefits:

• Boost the agent’s productivity by streamlining and automating their marketing efforts.
• Grow your agent’s personal brand and online presence: when their business grows, so does your brokerage.
• Grow your brokerage’s brand awareness and credibility: consistent and error-free branded materials.
• Agents are focused on generating leads and closing deals.

👉 Book a 1:1 free coaching session with Xara and learn how to empower your team!

4. Establish A Strong Brand Identity

This is a crucial component of your retention strategic plan.

A positive reputation and a strong brand presence in the industry give agents a sense of pride and belonging. Your agents will be likelier to stay and commit if they feel connected to your real estate brand‘s values and culture. It also contributes to attracting successful agents who are seeking to associate themselves with a reputable and distinctive brand.

Plus, loyal agents are a great way to enhance the brokerage’s reputation. Customers don’t want to work with a high agent turnover. So, it sets the brokerage apart from the competition. It instills confidence and trust both in agents and potential customers.

5. Offer Professional Development

Investing in professional growth will impact most agents in a positive way. In fact, it can also improve satisfaction and retention, studies say. Here’s what you can do:

• Provide Ongoing Training Programs. Offer regular educational sessions to keep agents up-to-date with industry changes and best practices.
• Support Certification and Designation. Encourage your agents to pursue professional certifications and designations. Research from the National Association of Realtors indicates that certified agents often earn higher incomes (up to three times more). They also have a stronger commitment to succeed in their careers.
• Offer Mentorship Opportunities. Pair new agents with experienced mentors, similar to a buddy program. This will help them integrate better and understand your company procedures.

6. Flexible Schedules

Flexibility is crucial for maintaining a work-life balance for your agents. Consider the following:

• Flexible Hours. Allow agents to set their own work hours within certain boundaries.
• Telecommuting Options. Offer the possibility of remote work, as it’s likely the future of the professional landscape. Remote work is a preference for many agents, so make sure to consider it, at least.
• Part-Time Options. Provide part-time opportunities for those who need a reduced workload.
• Family-Friendly Policies. Implement family-friendly policies like parental leave. Studies found that family-friendly policies improve employee satisfaction and retention.

7. Effective Onboarding for New Agents

A smooth onboarding process helps new agents integrate seamlessly and hit the ground running. So, here are the key areas to focus on when structuring the onboarding process:

• Structured Onboarding Programs
• Mentorship and Coaching. Assigning mentors or team leaders, or try using a “buddy program” to help new hires learn the core values of your company and adapt faster.
• Interactive Learning Platforms. Use the first few days to help agents learn everything they need to know about your procedures, internal rules, health & safety standards, and so on. Take this time to show agents all the valuable resources you offer (such as access to platforms like Udemy, LinkedIn Learning, Coursera, etc.)

Digital Asset Management with Xara

Incorporate Xara’s Digital Asset Management (DAM) system, which empowers new agents with easy access to various marketing resources.

This system streamlines the onboarding process and contributes to building the brand, as you can use it for any marketing materials you or your real estate agents employ.

In real estate, you can use Xara to streamline:

• Content creation
• Project management
• File storage and organization
• Collaboration on shared documents

And many more! 👉 Try Xara for Free Here.

8. Clear Performance Metrics

Setting clear expectations and performance metrics is vital for agent success. Here’s how to make it happen:

• SMART Goals. Encourage agents to set SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals.
• Performance Dashboards. Provide agents with performance dashboards to track their progress. When working on collaborative documents with your team members, consider Xara as your go-to tool. Use it to leave feedback, comments, and tags and track the live progress of projects.

Regular Performance Reviews

To conduct regular performance reviews, schedule one-on-one meetings with agents to:

• Set SMART goals
• Assess their progress (check KPIs, internal metrics, and social feedback)
• Provide constructive feedback (keep a professional yet friendly tone during feedback sessions)

Use clear metrics and SMART objectives, and make sure to encourage open dialogue. This is a great time also to provide opportunities for self-assessment.

9. Open Communication Channels

Imagine this: Your agent has a fantastic idea to bring forth in the meeting, but they’re hesitant to share it. Encouraging feedback empowers them to voice these ideas.

When agents know their input matters, they’re likelier to stay and contribute their best. In turn, your customers will feel confident in working with you.

Gallop found that highly engaged businesses achieve 18% more profitability. That can’t be a coincidence!

So, here’s how to encourage open communication among your agents:

• Lead by Example. Don’t criticize feedback once you receive it, and be open about it. Showcase a culture of constructive dialogue.
• Regular Check-Ins. Schedule frequent one-on-one meetings to discuss concerns, goals, and ideas. You can do it weekly on a day of your choice or make it a part of your daily check-ins.
• Feedback Forums. Host feedback sessions or brainstorming meetings where agents can express themselves openly.
• Recognition. Acknowledge and appreciate agents who share valuable feedback or innovative ideas. Showcase their initiative to leave feedback as a case study for your internal team.
• Act on Feedback. Show that feedback is valued by taking action on suggestions and concerns. If you don’t address feedback, your agents will not feel heard, and they’ll likely look for other opportunities in the long haul.

Anonymous Feedback

According to Forbes, 74% of employees are more likely to share feedback on their company when they’re guaranteed anonymity. Hence, try to offer channels for anonymous feedback to make sure even the most hesitant agents can share their thoughts without fear.

👉 Use our feedback form templates to create your document in minutes. Once it’s done, export it and share it across your internal platforms on a weekly basis.

👉 If you’re curious to see what your clients have to say about you, check out these anonymous open-house feedback forms!

10. Streamline Administrative Tasks

Agents should be selling, not drowning in paperwork. Streamline administrative tasks to lighten their load. Your job as a brokerage owner is to simplify administrative tasks to reduce their workload.

Start by implementing automation tools for administrative tasks such as paperwork and documentation. Consider CRM tools like Hubspot.

McKinsey shows that the real estate industry has an automation potential of 40%. Are you exploring these options to increase productivity? Our take is: not so much.

So, here’s what you can do today to automate and streamline some administrative tasks:

• Document Management. Use document management systems like Xara for seamless contract handling, internal files, and other assets.
• Appointment Scheduling. Consider using appointment scheduling tools like Calendly to automate appointment booking and management.
• Expense Tracking. With an advanced data visualization tool, you can do much more than just track expenses. You can manage them, create visual charts and graphs to understand them and share progress with team members.
• Task Management. Use task management tools to automate task assignment and tracking within your team.

11. Healthy Work-Life Balance

To ensure the well-being and retention of their real estate agents, it is crucial for brokers to prioritize a healthy work-life balance. By fostering the right mindset and implementing effective strategies, brokers can support their agents in achieving a fulfilling and sustainable career.

• Prioritize self-care and personal time: encourage your agents to take regular breaks and vacations to recharge.
• Establish flexible working hours to accommodate personal commitments.
• Initiate conversations about stress management and understand their needs and concerns.
• Encourage personal development: support your team in pursuing hobbies and interests outside of work.

12. Community Involvement

The next step is to ensure that your brokerage is involved in the local community. This will make it easier to establish stronger connections with potential customers, generate leads, and create a positive reputation for your brokerage within your neighborhood. Not only will this benefit your agents’ businesses, but they will also appreciate the opportunity to work for a recognizable and trusted company.

So, here’s how to do it:

• Engage in community events and sponsor local initiatives: Participate in local events, such as charity fundraisers or neighborhood fairs, to increase visibility and demonstrate your commitment to the community. Consider sponsoring events or organizations that align with your brokerage’s values and target audience.
• Collaborate with local businesses and organizations: Forge partnerships with local businesses, such as home improvement stores or interior designers, to offer joint promotions or referral programs. Additionally, consider partnering with community organizations, such as homeowner associations or local schools, to provide valuable resources or educational workshops.
• Leverage online platforms and social media: Showcase your involvement in the local area. Share content highlighting community events, local attractions, and success stories of your agents helping customers find their dream homes.
• Create localized content: Develop blog posts, videos, or podcasts that focus on the unique aspects of your local area, such as highlighting popular neighborhoods or providing tips for first-time homebuyers in the area. This type of localized content can attract potential customers who are specifically interested in your target market.

Become the Best Employer in Your Area

Retaining the best talents in the real estate industry is a multifaceted challenge, but it’s also a key factor in the success of any brokerage.

Investing in your real estate agents means investing in the success of your brokerage. To turn your real estate business into a place where agents thrive, you need to create the kind of workplace that you’d work at. Then, you need to improve it even more.

Now, you know how to retain real estate agents. The more you automate, the better it gets. The more resources you offer, the more time your agents have to focus on new opportunities for the firm. Don’t just think of admin automation.

With Xara, you can streamline:

• Content creation and distribution
• Team collaboration
• Asset management
• Social media marketing (including posting on social media platforms)

…and so much more! It’s only the first step!

👉 So, make high agent turnover a thing of the past. Invest in Xara as your go-to real estate marketing center. Then, watch your agents’s productivity and retention skyrocket while leads flow in.

FAQs

What is agent retention in real estate?

Retention in real estate refers to the ability of brokerages to keep their real estate agents within their organization by providing them with incentives, the right support and resources, and a positive work environment.

How can brokers adapt to market changes in the real estate industry?

Brokers can adapt to market changes by staying updated on industry trends, investing in technology and marketing strategies, providing ongoing training and support to their agents, and fostering a culture of innovation and flexibility.