Are your agents getting the right support to perform?

As an educational institution dedicated to the holistic development of real estate professionals, we are firm believers that the nurturing of staff should be egalitarian. We advocate for a balanced investment in all agents to ensure sustainable growth, a collaborative environment, and a more resilient business model.

The undervalued potential of lower-performing agents

Lower-performing agents often have an untapped reservoir of potential that can be harnessed with the right support and guidance. Many may possess unique skills that are overlooked due to their current sales figures.

When agencies invest in these individuals through training, mentorship and personal development, they not only improve the skills of these agents but also contribute to a more versatile and adaptable team.

Moreover, lower-performing agents bring new perspectives and ideas. They might be more attuned to the challenges faced by newcomers in the industry and hence can contribute significantly to refining training programs and operational procedures. Through nurturing, these agents often demonstrate considerable improvement, which can have a morale-boosting effect across the entire agency.

A culture of collective success

Emphasising collective success over individual accolades fosters a positive work culture. When the focus shifts to team performance, it creates an environment where knowledge sharing and collaboration are encouraged. High performers have valuable insights from their experiences which, when shared, can be instrumental in upskilling lower-performing colleagues. In return, high performers may learn fresh approaches and alternative strategies that newer or lower-performing agents may bring.

A culture of inclusivity and shared growth ensures that all agents feel valued and integral to the agency’s success. This not only enhances job satisfaction but also reduces staff turnover. In a sector where the costs of recruiting and training new agents are significant, retaining well-nurtured staff is a clear economic benefit.

The long-term view: Building resilience

Real estate markets are subject to cycles and shifts. Agencies that have invested only in top performers may find themselves vulnerable during downturns. Those high-flyers, often on commission-based structures, might seek greener pastures when listings and sales dry up. In contrast, agencies that have cultivated a broader base of well-supported agents will find themselves with a committed team that’s prepared to weather market variability.

Developing lower-performing agents helps in building a robust pipeline of talent that is ready to step up when high performers leave or when the market changes. It ensures that the agency’s future is not tied to the fortunes of a few individuals but is instead distributed across a skilled, loyal workforce.

Diversity and representation

In the diverse Australian property landscape, representation matters. Agencies that have a varied team can cater to a broader client base, understanding different cultural nuances and preferences. Lower-performing agents often include individuals from varied backgrounds who, if nurtured, can help an agency expand its market reach and appeal to a wider array of buyers and sellers.

For instance, an agent with a specific linguistic or cultural competency might currently underperform not due to a lack of skill, but perhaps because they haven’t been provided with the right opportunities or platform. Supporting these agents can open up new demographics and territories for an agency.

Customer service and satisfaction

Exceptional customer service is the backbone of repeat and referral business in real estate. While high performers may excel in closing deals, a comprehensive approach that ensures all staff members provide excellent service can significantly enhance an agency’s reputation. Lower-performing agents, when supported, can often dedicate more time to individual clients, offering a personalised service that leads to higher customer satisfaction and, ultimately, more business.

Case studies: The power of inclusive support

Let’s consider the case of an Australian real estate agency that decided to focus on nurturing its less visible talent. After implementing a mentorship program pairing lower-performing agents with experienced mentors and providing access to a wider range of professional development opportunities, the agency saw a marked improvement. Not only did the sales figures of these agents increase, but there was also a notable improvement in client satisfaction surveys.

Another example is an agency that diversified its team by investing in agents who had deep connections within their local communities, although they weren’t the highest sellers. This strategy broadened the agency’s reach and allowed for a more robust portfolio of listings, capturing markets that were previously untapped.

The path forward

Investing in lower-performing agents requires patience, resources and a commitment to long-term growth. It should start with a clear assessment of each agent’s skills, challenges and potential. Tailored development plans, regular check-ins and a culture that rewards progress and effort are all crucial components.

Furthermore, agencies should leverage technology and data to identify areas where each agent can improve. Tools such as CRM systems can help agents streamline their workflows and focus on areas where they have the most room for growth.

So, while high performers will always be an essential aspect of any real estate agency, the benefits of nurturing lower-performing agents are clear. A more well-rounded team approach to success not only contributes to a positive workplace culture and improved customer satisfaction, but also prepares agencies to be more adaptive and resilient.

In an industry as dynamic as Australian real estate, an inclusive approach to staff development is not just preferable; it is imperative for sustainable success.