Your agents are eyeing your competition.
Here’s how to make them want to stay.
It’s no secret that agent retention is a longstanding issue in the real estate workplace. With an industry turnover rate of 87%, brokers constantly face the concern of agents churning and what it could mean for their business.
Brokers need to focus on how they differentiate themselves from their competitors – not by listing volume, or the strongest network connections, but by how they invest in their agents. Since the pandemic, there has been an increase in the workforce surrounding the importance of benefits, with 63% of employers noting that they saw an increase in employee queries around the topic.
By giving agents time, whether that’s work-life balance, or simply more time to focus on clients, and showing them that you care about their success, you’ll be setting yourself up to reap the rewards long term when your agents retain with your firm and drive revenue into your business.
Introducing an automated marketing strategy can be the simple benefit that will make all the difference in your agent satisfaction. Your team may already understand the fundamental importance of a strong marketing strategy, but they may not understand how to build this into their workflow, and frankly they shouldn’t have to.
Here are three reasons agents leave your firm, and how the benefit of a holistic marketing strategy can turn that around.
1. You aren’t allowing them time to focus on what they’re good at
Real estate agents aren’t marketers. By relying on your team to carry out their own marketing campaigns, you’re taking time away from their ability to sell. Not to mention, it’s likely they aren’t formally trained to build and maintain these campaigns, meaning it’s going to take them exponentially longer to execute a marketing strategy autonomously.
If agents aren’t seeing the direct benefit of running their own ads and marketing activities, they’re going to feel discouraged. They are outside their comfort zone after all, and may end up leaving for a firm where their focus can rely more heavily on prospecting and pursuing referral business.
2. There isn’t enough flexibility
This point brings us back to how the workforce evolved post-pandemic. Many companies transitioned to remote and hybrid work models, giving employees time back in their days – whether that’s to run an errand on their lunch break, or decrease windshield time on their daily commute. While real estate doesn’t fall into the traditional 9-to-5 work schedule, the benefit of work-life-balance still matters to your agents.
Winning new business is always going to come first to both you and your team, but if on top of listing presentations and pitching to buyer clients they’re spending long hours working on their marketing strategy, they’ll likely start to feel like they’re spending less time where it matters. They may even leave your firm for another that will provide them the resources they need to achieve their desired work-life balance.
3. You aren’t investing enough in their brand, or yours
Brand awareness is an extremely important part of running a real estate business. Whether you’re a franchise or an independent firm, it’s crucial that you maintain a well-known reputation in your local market.
For agents, their individual brand is just as important to them, and to bringing your firm business. Having their name and contact information readily available to prospects, likely through marketing campaigns, can make all the difference in their productivity level.
If you aren’t investing in your company’s brand, agents will recognize that the brand awareness isn’t present in the local community and will likely want to work for a firm who does have a high-caliber marketing presence that puts them in front of customers. Moreover, if you aren’t willing to invest in your agents’ individual brands, they’ll assume that you don’t care enough about your team to establish a strategy that propels both their business and the firm’s.
How an automated marketing strategy can help retain your agents
The bottom line is that your agents are the lifeblood of your organization. Adopting a holistic, automated marketing strategy is the easiest way to elevate your brand and save time. Adwerx Automated Advertising offers personalized advertising at scale by deploying personalized and customizable ads for each of your agents and their listings.
Adwerx is trusted by 300+ teams across the US and Canada. To learn more about solutions for your firm, visit adwerx.com.