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No Gold Watch, you Say?

In almost every career and company across America employees come and go. Especially after years of service, companies are usually shocked and surprised that an anchor of that company is deciding to move on. After the shock, many companies or groups of friends start planning their going away festivities. Parties, happy hour, Lunches or dinners. That employee leaves with a great feeling of being loved and accomplished. Not in Real Estate. Unless an agent has worked for 1 company their whole career and they are retiring from the business, agents are forced to plan their departure according to their game plan as once they inform their Broker, they are immediately treated like a traitor.

This is one of those unfortunate parts of our business.It seems as if all of the great years, work and company dollar is forgotten in an instant. Now, I am not naive to the fact that they want to minimize damages and don't want an agent or Broker leaving and taking many others with them but the issue is that companies in Real Estate have very short memories.

Brokers and companies focus their efforts on recruiting, Coaching and Training and most (not all) spend little time and efforts on retention. We have seen many formulas that compute the cost of turnover for a company with regards to the hard and soft costs. The amount of money it takes to recruit, train and support a new agent far outweighs keeping the existing agent happy.

Can't we all just get along?

Posted by Jim Hirschhorn, GRI, Real Living - Orlando on 11/01/2007 09:27 AM

Comments (12)

12 Comments on No Gold Watch, you Say?

NOV

2007

Jim, I definitely agree with you that there is a huge retention issue within our industry. The best point that you make is the idea that companies spend an extraordinary amount of time and money recruiting and training when they can retain their employees for the same (if not less) cost! Nicely done with the post!

Good point. I think many companies are missing the point. Franchises tend to be worse than independents.

Some companies are just interested in filling desks and collecting desk fees. It's a hard reality that you're fine as long as you produce, but when the music stops, an agent is thought of as nothing but overhead.

I agree with Brandon that franchises tend to be a lot more callous in this regard than independents.

Thanks Andrew.

Brandon, This was my experience when I left a company after 4 years of service.

Eric, The company that I left actually cleaned house without new agents filling desks. This seems crazy to me as the office now looks like a ghost town. (what i have been told by friends still there.)

I think there is a huge retention issue in the industry. There are also people that have or develop unreasonable expectations. I get DAILY emails from a variety of brokers trying to recruit me. But, if I talk to agents at those brokerages, they face the same problems I face.

Jim - how timely. I just found out that an agent from my office left by seeing her name crossed out of the directory. No one mentioned it. I am not sure it's a question of the cost of retention. My 2c: it seems to be how brokerages operate, there will be many more to fill this agent's spot. If it's a top producer -it's totally different -the broker's business is materially effected. It's a long conversation.

A lot of managers are not trained very well in retaining quality agents. There are some many companies out there courting agents now-a-days that managers need to learn this. On the other hand though this is an extremely transient business. Every time the Realtor and MLS dues come out (yesterday was the deadline in Orlando), a whole bunch of Realtors drop out.

"Can't we all just get along?" We can't us others quotes with out giving them credit.

Irrespective of how you fell about him, "Can't we all just get along?" are the immortal words of Rodney King.

Properly quoted:

"Can't we all just get along?"

- Rodney King

Lane - Clearly each agent needs to make the best decision for themselves while gathering all of the facts. The good thing about this business is that there are many choices and a bad decision can be reversed easily.

Faina - Isn't it funny that when an agent leaves, it as if they never even existed. "They have decided to pursue other avenues"

Rob - You are absolutely right. If you polled many Managers and Brokers about their experience, some of them maybe stood still while the others took 2 steps back :)

Ntsike - Lighten up. I am sure that the Blog police would give me a free pass for a statement that has been used about a thousand times.

NOV

2007

Jim, just “wanna” give the brother some credit. No the blogging police won't handcuff you! Here is the funny thing about it those so now common words were not a part of our everyday vernacular until Rodney spoke those words.

I’ve practiced a lesson I learned over 30 years ago in college, never intentionally use words known to be quoted from another without giving the author credit for them. When you read a much as I do you’ll notice a pattern in others writing. If someone wants to sound important or authoritative they quote the author, when they want their writing to have a jazzy flavor they forget the quotes.

You get your FREE pass and it is always light in my corner.

Enjoy your day, enjoy your life. Much love to “ya”!

Same as in your conversation, brokers give you no love when leave their firm to join another!

Whew... Glad to hear it. Blogging can be so stressful! :)

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