Broker's Corner: These Handy Tips Will Help You Grow Your Business
You have made your mark in property brokerage business after years of hard work and dedication, your clients believe in you, you are getting enough number of leads to keep the ball rolling, what next?
As an individual, you may have achieved great success. However, in order to take your business to the next level, you need to develop a team of professionals working for you. Getting the right talent is key to scaling up a business in the services sector. If you are on board with this thought, here are the three ways through which you can attract the top talent for your property brokerage firm.
Convey the potential of your business
Good employees tend to be a part of a high-potential business. When you interview prospective employees, make sure that you briefly share your entrepreneurial journey with them. Talk about the overall economic and business environment impacting the real estate sector as a whole and your business. This way, you will also get to know how well a candidate understands the nuances of working in a dynamic sector like real estate.
Just like any other sector, real estate also has its own sets of challenges and opportunities. Your employees should have understanding of both these aspects. They should be aware of your strategy to grab opportunities and handle all the potential issues.
Developing a three to five year roadmap could work here. Your employees will be much more confident in joining you once they believe in your approach towards business management and growth.
Map and project their career path
In order to attract top talent to your business, evolve career paths for various positions. Let’s say, if you are looking to hire an agent with one to three years of experience in the real estate sector, you should have some idea of what an ideal candidate can expect after two years of working with your brokerage firm.
You can develop career paths for all other positions. In this manner, you will also get clarity on what to expect from an employee once he or she joins.
Keep incentive plans simple
As you know, real estate brokerage business primarily runs on fees from clients and commissions from developers, and both the revenue streams have their own terms and conditions.
Developers may release commissions after a certain period of time after a client pays them and there could be several other points. There is indeed some complexity involved here and this may further complicate disbursement of incentives to your employees.
As incentives form a large part of your employee’s salary, this may impact their morale. Simplifying, even some part of the employee incentive plan if not full, can instill a feeling of mutual trust and loyalty.
Probably that is why legendary business tycoon Warren Buffett says, “Keep employee incentives simple."
Attracting great talent is an imperative to grow your property brokerage business. Presently, not many brokerage firms are focusing on human capital growth and management, and this rather presents an opportunity for you to differentiate your firm in the market.
Also read: Broker’s Corner: How To Sell Property Fast?