When it comes time to hire a real estate agent for your business, whether you are building a team or forming a brokerage, the choice is a big one.
And then deciding full-time or part-time agents immediately comes into play.
However, if you do the proper planning to explore what you want out of your real estate business, this decision will be a no-brainer. In this article, we’ll walk you through which option is a natural fit for your growth.
What Do You Want Out of Your Business?
This is a big question, but vital before you make the decision to add to your team. Without knowing what you want, there is no way to decipher full-time/part-time, compensation, goals, etc.
- Do you want a business with an exit plan in mind?
- Would you like to master your local market, and stay the go-to for that area and that area only?
- Or, would you prefer to expand into other markets? States?
- Don’t want to go crazy, but sustain the business you have now?
These are all questions you need to ask yourself. Your dreams, goals, and desires for a real estate business need to be established before you hire.
Change it up all you want in the process, but having goals from the get-go creates a confidence in your own goal setting, but also attracts better real estate agents to work with you.
Who Do You Actually Need?
Whether you are a one-person-real-estate-machine or adding to an already existing team, have you asked yourself what you actually need in this new agent or employee?
Because a part-time assistant is less expensive than a part-time agent, and could provide you with exactly what you need in terms of support.
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What Do Your Clients Want in a Real Estate Agent?
Second most important from what you would like in your own life and business, is what your clients want. Because after all, if you can’t please your clients, you have no business!
Consider your audience before hiring your first or additional real estate agents. Oftentimes clients don’t want to work with part-time real estate agents.
Your specialists won’t be working with clients directly all the time, but your agents are the closest connections.
You could oftentimes have a stronger, more agile team with fewer full-time agents than a large team of part-time agents. And your clients benefit from full-time attention.
Do You Have the Resources for a Full-Time Agent?
Don’t hire, before you are ready to provide the technology, leads, training, branding, and resources your new hires need to sustain an actual career with your business.
Whether part-time or full-time, these standards need to be in place. And you will attract and retain agents much better when you have your ducks in a row for employees.
Technology is a big factor. Particularly if that technology is involved in your lead generation efforts.
Agents, in whatever capacity, will not stay if they are not provided with these resources.
Case Study: Hiring Full-Time Real Estate Agents
Several of the BoomTown clients have transitioned to full-time agents over the years. Several of our top producers have found through the ups and downs of their careers, that full-time agents are looking for a career, not supplemental income.
Path & Post Real Estate in North Metro Atlanta have mastered their market with an agile team of full-time real estate agents. After 13 years with their franchise, eventually landing at the top national producer of this franchise, Path & Post transitioned to an independent team.
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Much of this was owed to the dedication and involvement of their agents in the process. Their agents have careers at Path & Post through in a full-time capacity.
Another example is The Cassina Group in Charleston, South Carolina. Through years of growing a robust team of full-time agents, this company thrives because of their professional team well versed in the Charleston area.
Since Charleston has a second home market, historical luxury market, retirement beach communities, along with commercial and residential for a wide-range of buyers The Cassina Group needs full-time experts for each niche.
Create Careers with Full-Time Employees
Our data shows that full-time agents will be more dedicated on a whole if you are looking to grow your team and retain employees.
There are always exceptions and to retain valuable employees, you need to roll with the punches of their lives when it comes to growing families, pursuing education, life transitions, etc. But all-in-all a more loyal work force will come from full-time real estate teams.
Provide a career path for your agents, and you will see a higher rate of return on their performance.
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