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Archive for profit and loss

You hired Joe six months ago. You trained him. You answered his questions. You spent hours trying to get him to go to work. He wouldn’t. Finally, you let him go. You just looked at your P and L for last month. You lost several thousand dollars. What does that have to do with Joe? He contributed to that loss!

What does that non-productive agent really cost you? I dona��t believe most brokers realize they are doing irreparable damage to their companies by hiring those who arena��t going to go right to worka��and keeping those who wona��t work. Here are the 3 biggest consequences to recruiting I see. What do you think?

Non-Productive Agents Kill your Recruiting Three Ways

1. Defeats the truism ‘likes attract’. How can brokers hope to hire that great producer when they have more than 10% of their office as non-producers? I can see it now. a�?Sure, Ia��ll come to your office. Ia��m a top producer, and I just love to be dragged down by those non-producers. It will be my pleasure to waste my time with them.a�? Not.

2. Kills your recruiting message. Do you have a training program? Do you use it to recruit? Herea��s the real message: a�?We have a training program. All our new agents go through it. We dona��t get any results from the program, so it really doesna��t work. But, join us.a�? You cana��t possibly show how successful your training program makes your agents because your training program cana��t possibly get resultsa��poor people in and no actions and accountability required.

3.A� Kills your agentsa�� desire to provide referrals to you. Your outcomes and hiring practices speak more loudly than you could possible speak. Why would one of your good agents possibly refer someone to you when your good agent doesna��t see those you hired starting right out and making money fast?

Will the Market Cure Your Hiring-Retention Problem?

In a fast market, a�?accidental salesa�� buoyed poor agents and made them look at though they were actually selling enough real estate to be a a�?mediana�� agent. When the market left, so did the agentsa�� a�?miragea�� of decent production. Even though the market is surging back in some areas, broker shouldn’t start resting on their laurels. Now, brokers, need to hire with purpose (using a stringent, professional interview process). Then, they need to put agents right to work with a proven start-up plan.

What do you think a non-productive agent costs the company? What isna��t in my line items that youa��ve observed? Click here for a document Ia��m sharing with you so you can see what I think the real costs of poor hiring and retention costs a company.