H5game8

Real estate agent retention isn’t about locking people in, coach Verl Workman writes. It’s about building something they don’t want to leave.

Inman Connect

Invest in yourself, grow your business—real estate’s biggest moment is in San Diego!

Brokers love to talk about recruiting, but retention is where you keep the business you worked so hard to build. We’ve coached enough leaders over the years to know this: a recruiting win without a retention strategy well-executed is simply an expensive revolving door.

TAKE THE INMAN INTEL SURVEY FOR DECEMBER

Top agents don’t leave because another brokerage has a bigger name or a shinier flyer. Most of the time, they leave because the attention, coaching and leadership they were promised stop showing up. And when opportunity knocks — even if it’s a mediocre opportunity — they start to wonder if the grass might be greener.

Retain the way you recruit

Here’s a simple truth most leaders overlook: Don’t stop doing the things that earned the agent once the agent joins your team.

During recruiting, brokers roll out the red carpet. They send handwritten notes. They show up at open houses. They celebrate every win. They take time to listen. And then — after the signature is on the paperwork — more often than not, touches slowly disappear.

I’ve watched leaders invest more effort courting an agent before they join than supporting them after they do. It’s the business equivalent of planning a memorable first date and forgetting anniversaries for the rest of the relationship.

Retention isn’t a moment. It’s a system

Retention doesn’t happen because you “try harder.” It happens because you build a repeatable system for recognition and development:

Celebrate wins publicly, not randomly.
Track progress and report back to agents, the same way a coach reviews game footage.
Maintain touchpoints even when performance dips. That’s when they need it most.
Deliver on your promises and value proposition.
Admit shortcomings and fix issues quickly.
Don’t allow bad feelings to fester or disagreements to end in power struggles.

Success doesn’t stick to a brokerage; it sticks to a leader who keeps showing up.

Growth builds loyalty faster than perks

Agents don’t stay for snacks in the break room or a branded pen. They stay for growth, income and personal development they can see, feel, touch and spend.

When agents know exactly how they can earn more, do more or develop new skills — and they see you helping them do it — they won’t chase other offers. If your brokerage is the place where they learn to become who they want to be, are celebrated for their progress and success, and they see more potential in every area, they will stay. Many agents leave because they don’t see a clear path to personal or professional growth.

One independent brokerage I worked with tied its retention strategy to agent development sessions and collaborative masterminds. Not only did production increase, but agent turnover dropped dramatically; not because of higher splits, but because the team had something more valuable: momentum.

Compensation that drives loyalty

Of course, every recruitment or retention plan is going to involve money. However, a compensation plan should do more than pay people. It should make them want to stay plugged in.

I’ve seen brokers unintentionally create pay structures that discourage loyalty — particularly with high splits that leave no budget to provide tools, services and most importantly, presence. Agents don’t stay for a split. They stay because the culture supports them, encourages them and provides opportunities for them to grow. The right culture, services and opportunities should make agents say, “I’m more successful here than I would be on my own.”

Reward agents for recruiting agents

If you want agents to stay loyal, let them help build the environment they’re loyal to.

Some independent brokerages now offer small, ongoing bonuses to agents when someone they referred joins the company and produces. This practice came as a result of the “residual” recruiting models that are growing while others are losing agent count.

Recruiting can evolve from a broker’s burden to a team mission. Within a year, brokerages that successfully rolled out this type of model not only saw their agent count grow, but their retention rate became one of the highest in their market. Why? Because people are less likely to walk away from what they helped build.

The bottom line

Retention isn’t about locking people in; it’s about building something they don’t want to leave. Leaders earn loyalty by staying as invested after the signature as they were before it.

Agents don’t stay because of logos. They stay because of leadership. They don’t stay for perks. They stay for progress. They don’t stay for a split. They stay for growth.

Recruiting is Step 1 of a multi-tiered retention strategy. My four Rs of recruiting are recruit, ramp, reward and retain.

Recruit well; retain better.

Verl Workman is the founder and CEO of Workman Success Systems and author of Raving Referrals for Real Estate Agents. Connect with him on LinkedIn or Instagram.

Topics: leadership Show Comments Hide Comments Sign up for Inman’s Morning Headlines What you need to know to start your day with all the latest industry developments Sign me up By submitting your email address, you agree to receive marketing emails from Inman. Success! Thank you for subscribing to Morning Headlines. Read Next SMART goals and STUPID goals