Retaining your best sales associates may be your most important job. If agents feel your office is stagnant, they may look for a more dynamic alternative. Here are five ways to boost your chances of keeping your best and brightest associates at your side.
“Unethical recruiting is rampant these days because of desperate brokers,” says Dave Tina, general manager of Realty One Group in Las Vegas. “I’ve seen brokers saying that the company the sales associate works for is going bankrupt when it’s financially solvent or that it’s been bouncing commission checks when it never has.”
Getting loosey-goosey with money. Real estate lawyers are seeing more brokers get into trouble by dipping into their escrow account to cover short-term expenses or by having such weak financial controls that sales associates have gotten away with asking clients to write checks directly to them, rather than to the company.
Check out the findings from the 2011 NATIONAL ASSOCIATION OF REALTORS® Legal Scan, a biennial study based on interviews with real estate commissioners and brokers, a review of cases, and a close analysis of recently enacted state statutes. The report seeks to identify current and emerging legal issues and risks.
If you want to increase your office’s sales figures, the obvious solution is to prospect harder for new business. But, that’s the wrong approach, some industry pros say. It’s better to give outstanding service to the clients you have. Word will spread, and business will come to you.