How fortunate we are to live in an era with a wealth of new, young talent reshaping the real estate industry! Nonetheless, that new workforce cannot be taken for granted. The landscape to recruit and retain skilled new workers is increasingly competitive. Real estate companies need a concerted effort to attract and keep their best dealmakers. What steps can we take to grow our talent?
Recognition for hard work on a job well done pushes the team forward, but it’s not the only way to motivate professionals to reach new benchmarks. No two employees are driven by the same incentives.
“As a leader, I can provide direction, clarity, and resources, and I can try to figure out what motivates an employee and then try to appeal to their motives,” Carter Cast, former Walmart.com CEO, said. “But ultimately they have to find a way to tap into what drives them. In the case of high-potential performers, they’re usually highly motivated and it’s more about tapping into it and directing it.”
New professionals seek professional development opportunities to expand their knowledge base. However, a one-size-fits-all development program does not work for every employee. What are their goals? If one day they would like to move from agent to broker, what education will be necessary? Perhaps their plans call to earn $1 million a year in commissions. What knowledge will help them lure and close high-end deals? Work together to add to the talent’s skills base.
Offer competitive benefits
Competitive pay and special benefits are part of what retains talent, but millennial workers generally have different values from the generations before them. While salary matters, millennials are more likely to equally value flexibility and access to resources. Brokerages with mobile and online tools to help manage the workflow, help with back office, or track their earnings are especially attractive.
View feedback not as a critique of skills. Don’t just focus on what they did right or wrong. Give actionable steps in areas to improve. Give constructive feedback. Better yet, connect the talent with a coach or mentor that can give frank advice to help achieve their long-term goals.
“Feedback is the single most important thing that drives satisfaction and success, and it’s not expensive,” says Robbie Kellman Baxter, author of The Membership Economy. “The problem is that most managers are afraid to be transparent—to share the bad and good.”
Keep your talent
Just as real estate professionals focus on delivering personalized service for our clients, approach employee development and nurturing with a customized plan. Across the board, employees value competitive pay and benefits, but what “competitive” and “benefits” means could differ between individuals. By embracing and nurturing the next generation of real estate professionals, we all benefit from their talents and creative thinking.