It is an ongoing task to find and replace agents and brokers within your real estate brokerage. In commercial real estate it is all that bit harder due to the exclusive and special nature of the property type.
So when you are looking for new brokers to employ you have a few alternatives. Here they are:
- Find someone that is totally new to the industry and is looking for a job
- Getting someone who is wanting to move from residential to commercial property and is willing to learn
- Putting a ‘cadet’ with the experienced brokers to learn the role and the job
- Poaching another top agent or broker from your competitors (not such a bad idea if you can find the right person)
- Taking one of your existing team members and elevating them to the new position with its property type and territory
So what choice is correct? They all are depending on your brokerage circumstances and just how you can apply resources to the role and the new person.
What should be said here is that the mindset and sales character of the person you employ are perhaps the most important factors to check out. It is one thing for a new salesperson to say they ‘know the industry’ and ‘will do a great job’; it is another for them to take the required action and convert the listings.
The biggest factors to consider when you employ a new agent or broker are the ‘mindset and the focus’ of the person. You want someone that has the drive and dogged determination to professionally find the listings and the new clients to serve.
It is best to seek a candidate that is a driven performer with the necessary property knowledge and the skill to support the process.
Here are some ideas that I would use in finding a new broker or agent to employ in my brokerage:
- Check out their knowledge of the property type. This will require a deep questioning approach about marketing, rentals, prices, prospecting, and negotiation.
- Review their documentation skills. Some salespeople are litigation ‘bomb sites’ when it comes to documentation. They are more dangerous that useful. Do you really want to employ a person that will send you to the lawyers every few months with legal claims?
- Let’s go back to the points of drive and ambition. Great brokers and agents have a mindset of achievement and top service. They know what they have to do and they get it done. Not all new people will have those vital elements of personality and action. Get a ‘character test’ done through an employment agency with your job candidate before your make the final decision on employment. The essential character of the person should be that of a ‘top salesperson’ with the knowledge to support it.
- Prospecting pays an important part of the role. Question them on how they would prospect and check out their willingness to do the hard prospecting things.
- Get a job history about the person and speak to previous employers. Are there any ‘problems in the past’?
So you have a few things to work on here. Make the right choices with people you employ in commercial real estate. Not everyone will fit or qualify with the required skills and knowledge.
Don’t rush into employing the first person that comes along looking for a job. Mistakes like that cost money, clients, and commissions in the long term.
John Highman is a leading commercial real estate coach who has helped many commercial salespeople and agents around the World promote and grow their real estate business. You will find a full archive of helpful commercial real estate tips and strategies at http://www.commercial-realestate-training.com/