Real estate recruitment can be a challenging task. Agent discovery can prove difficult, especially with other brokerages also looking for the best people to join their ranks.
Differentiation is also a pressing concern since you need to stand out among your competitors in order to be noticed and considered. Of course, retention is also an important element of recruitment. If you’re aren’t retaining top talent, there may be problems with your recruitment strategy.
If you need a bit of help in improving your real estate recruitment strategies, you can go here for some ideas. One of the most easily accomplished in that list is having an employee referral program. It’s one of the most popular sources of new hires, not to mention the most effective.
After all, your current employees have essentially pre-screened their referrals.
To make your current employee referral program more effective and to encourage your team to participate, consider giving them the following incentives:
Cash gifts are perhaps the most common form of referral incentives across the real estate industry and beyond. It’s very straightforward, which makes it so popular, not to mention highly motivating. After all, everyone can do with a little more cash.
What you can do is develop certain payout schemes to ensure the quality of the referrals of your current roster of agents.
For example, if you’ve promised a referral incentive of $1,500, you can give an initial $500 once the candidate gets an interview. You can give another $500 once the candidate is hired and the last $500 if the referral lasts more than six months on the job.
Paid Vacations or Days Off
Just like any other job, being a real estate agent is rewarding but can also be stressful. Offering paid vacations or extra days off can therefore be good motivators for your people to refer talented agents to the brokerage.
There are many ways to approach this kind of incentive. There is, of course, the most obvious one: an all-expense-paid trip. You can also book a staycation at a local hotel, or even book a spa day and conclude it with a sumptuous dinner.
Experiences are also good options, such as nature trips or a hot air balloon ride. Of course, you can also give your employees paid days off and let them decide what they want to do with their free time.
There are people who prefer giving to others instead of receiving gifts. In this case, you’ll do well to give your employees the option to donate to a charity of their choice. Remember: helping others can make people feel good about themselves.
What’s even better is that when you give this kind of incentive, you’ll actually be giving the opportunity to help twice. The first is the referral itself since they will be helping a friend find a job and the brokerage to hire talented agents.
The second is, of course, the donation in their name. You may even make a day out of it. Instead of just sending the check, try to arrange a personal visit and have the employees hand over the gift themselves.
Let’s face it: attending conferences, trade fairs, and similar events can be quite expensive. As much as you would love to give everyone the chance, it simply isn’t possible for many brokerages.
Thus, incentivizing your successful employee referrals with the chance to attend conferences and workshops could be quite appealing. If you can afford it, choose a national or global real estate event and sponsor the employee’s entire stay. Virtual workshops and conferences are also an option.
What They Love
Many people enjoy many different things during their downtime. They may play video games, dance, knit, or paint. You can therefore incentivize your employees by allocating a budget to show your support for their passions.
For gamers, you can buy a game they’re interested in or even a console. For painters, a new set of paints and brushes can go a long way. Giving this type of incentive also reinforces your commitment to your employees’ well-being by helping them cultivate their interests.
A Physical Gift
This is another straightforward incentive, much like a cash bonus. The gift can be anything, from a new gadget like a smartphone to a high-end accessory like a watch or handbag. To make sure that your employees will truly appreciate and use the gift, present them with choices and ask them what they would like to receive.
Remember that your people are your greatest assets. Without them, your brokerage will not enjoy the success it has today. As such, your focus needs to be two-fold: you need to hire the right people and you also need to reward the employees who help you accomplish that.
Establish an employee referral program, if you don’t have one yet, and make sure to explain its goals and benefits. Soon enough, you’ll be working alongside a group of the best real estate professionals.