Everyone in Real Estate knows that this is a cyclical industry and if you are a brokerage who has lived through the last 15 years, you’ve seen a lot. From boom times of high demand and rising home values to times of scarcity where homes sales are few and far in-between. Now, even in relatively good economic times, agents across the country are experiencing the unique challenge of low inventory and competition for those few listings is fierce. These circumstances flow through every aspect of your brokerage business. How well you can help your agents withstand these cycles can affect your ability to retain them, as well as attract new talent to your firm. How well are you prepared to help them?
By providing agents with the right ammunition to work through these market challenges, you position yourself as a resource to them, which elevates your value. Take the current low inventory trend for example. Weichert Real Estate Affiliates, Inc. Sr. Vice President of Consulting Services, Mark W. Hanna, sums it up: “…low inventory does not mean NO inventory. It means that there ARE listings, just not as many as buyers (and agents) would like. But instead of pulling out the phone and calling potential sellers, what many agents are really saying is, ‘I’ll let my competition get whatever listings there are and I’ll try to work with one of the many buyers competing for them and hope I win the bidding and/or timing game.’”
Sound familiar?
The franchise coaching team at Weichert has been working with many affiliate agents and offices over the past several months on how to meet this issue head-on. With just a little coaching and the right tools and systems, it’s been amazing how many more listings they have been able to capture, even in a market such as this.
Weichert Systems Help You Provide Value
The real question you as a broker need to ask yourself is “What am I doing differently?” Whether it’s low inventory or any issue your brokerage is facing, are you standing still or are you doing something about it? Weichert coaches its franchise offices and agents through a Listing Mastery program, outlines systems and activity plans for reaching customers through phone or direct mail and provides tools like its 2-Step DOORS Listing presentation. That, combined with its Weichert Lead Network to attract buyers and the WeichertPRO CRM system to manage contacts, helps ensure their franchise offices and agents stay in front of their spheres of influence and getting as many listings as possible.
By combining these proven strategies with effective tools and technologies and adding high-quality, local lead generation and exposure, your brokerage will provide value to your agents to strengthen your recruiting and retention efforts. Not only will this ensure that you attract and retain a high-quality, productive agent base, but it will also help you nurture and drive your existing team to be more productive associates.
And that’s good for everyone’s bottom line.
Original content posted on https://www.weichertfranchise.com/real-estate-broker-marketing/turn-low-inventory-challenge-recruiting-retention-strategy/
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