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Broker Open Houses Gift Card Drawing for Recruits?

Is it a good idea to hold a Gift Card drawing at a Broker's Open House, for the sole purpose of recruiting? Has this been working in areas that it is standard practice? Locally, I know this is being done as a part of a tour, to generate traffic at multiple broker open houses, but would it work as a recruiting tool?

Here, brokers and branch manager's attend broker's open houses for the purpose of collecting names for their prospect lists, and just tend to speak with the hosting agents. I like the idea of the drawing, but if you knew that recruiting is the only reason (besides the chance of winning) you are placing your business card in the basket, would it hold you back? Would you be more or less likely to give me your card if you knew that recruiting, not previewing the listing was the reason you were doing it?

My thoughts are:

•a) I most likely have their names in my recruiting database anyway

•b) If it's done for recruiting purposes, agents may not enter.

•c) It may generate buzz for the company but...

•a. Would it be good buzz?

•b. Or bad buzz?

•c. Make the company seem desperate or creative?

•d) Would better results be received if we just hosted a lunch instead?

I would really love to hear from an agent's perspective, if this would be effective. Has anyone put their card in for a drawing and decided to change companies after they were contacted?

Posted by Allison Werner on 05/21/2008 12:12 PM

Comments (10)

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10 Comments on Broker Open Houses Gift Card Drawing for Recruits?

MAY

2008

I would say that some people would be scared to go to a hosted lunch. Especially in my market. The walls have ears and eyes! The drawing may work better.

Hi Sarah, great point... I know some brokers are having "afternoon teas" for recruiting, but I'm not sure of the turnout they are getting. Thanks for the info on Twitter too! That's exactly what I was looking for!

I get recruited heavily and consistently by several different brokers. I have no intention of leaving where I am and I find that I start to get annoyed by the constant barrage of letters, e-mails and phone calls. I love previewing properties, it is part of my job and if brokers start haunting the tour sites to gather names for recruiting purposes, I would be annoyed.

Like you said, most agents who you might want to bring on board are probably already in your database.

Just my two cents :-)

Hi Lori, Thanks for the input, and you noted one of the reasons I am hesitant. It would be annoying to some of the agents. If you were considering a move, would you rather put your card in a basket, or contact a broker you are considering directly?

Allison -- I am a direct contact kind of girl. . .if I am considering a move, I do my homework and decide where I want to hang my license. The way to attract my interest and attention is to close a high number of transaction sides per agent, have a responsive, professional group of agents working there and provide excellent information and communication as a cooperating office.

I also think it is important that I see professional marketing materials, excellent photos and wide web marketing of the listings your office handles.

In essence, I think the most effective recruiting is done by having a very productive, successful office with a great reputation among other agents and the community.

I get a gazzillion calls from one particular broker and when I check stats for the office, closed transactions per agent is really low. It makes me think the broker's time would be better spent training and growing the agents that are already there.

Of course, I am looking at this purely from an agent's perspective, I am not a broker and have not had to recruit. I can imagine it could be a very difficult process. If I were to open an office, my preference would be to have a smaller number of highly successful agents. We have one chain of offices in town that has a roster of 750. . .they averaged one transaction side per agent last year. Alot of dead weight in my opinion.

Sorry for being long winded, but I hope it helps :-)

Hi Lori- I was hoping for an agent's perspective, since as a recruiter, I understand that some agents are truly happy where they are. Other agents are interested in making a move, but the timing isn't right or there are other obstacles to them joining our company. Some of the agents we have recruited were prospects for 1-3 years before they were recruits!

Even though you have not recruited, it's very similar to the way agents farm and prospect for clients. We tend to be very specific with the agents we pursue, and each of our 16 offices have a different culture within the office. I am glad to hear what is important to you (from an agent's perspective), thank you again for sharing!

In my market this approach would have limited effectiveness - the top agents aren't the ones attending open houses. They are too busy working with clients! I've found that most of the people who attend open houses are from the agents' own company, or they are non-busy agents looking for a free lunch; i.e., not the people I want to recruit.

Allison:

I have to agree with the comment just above. The TOP producers are not out looking, they are the one holding the Brokers Opens. I must admit the only one I have attened in the last year have been those put on by agents out of my office.

Yes, a free lunch is nice; but I am saving $3.85 a gallon for the times I have a client in the car. I know this sounds counter productive, I would have knowledge as to where to go or not go; when I did have them in the car.

MAY

2008

Hi John, Yes I have heard the same, *some* of the agents that are attending very often are not typically the agents our offices would look to hire. Not every office is right for every agent, and not every agent will be comfortable in any office. This may work for some areas, (Like Sarah's comment above) but may not work in all areas/ situations.

Hi Bob, Some of our offices have a lot of traffic from other companies at our Broker Opens, so that is why I was considering it. Some offices don't have the same attendance levels, so in those areas it obviously wouldn't work.

JUN

2008

I would NOT do that, personally. I like to recruit one on one, not in a group setting.

And I think it would make the agents reluctant to attend.

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