I remember it like it was yesterday, it was the first week of January and we were officially back to work and ready to take on a new year. That was until my two top agents walked into my office and told me they were going to a competitor. I had not seen it coming and was devastated.
In some areas of the country a broker gets a notice from the state letting them know an agent has left their company and transferred their license to another brokerage. Gone are the days of an uncomfortable conversation and the attempt to win the agent back.
There is a point of no return. Once an agent reaches it with their current brokerage, it is almost impossible to retain them whether they talk to you in person, send you a text or simply transfer their license.
As a brokerage there are some leading indicators you should be watching to give you hints 30, 60 and 90 days in advance of an agent or team actually leaving. The more proactive you are with having the retention conversations the better the odds of retaining the agent or team.
Here are some things to look for:
- If an agent who normally has pendings on the books seems to have all their closing stacked around a date on no future pendings. They might be leaving!
- Pay attention to new expiry dates on listings or withdrawn listings. Also, if an agent who consistently brings in new listings goes dark on new listings. They might be leaving!
- If an agent who is normally involved in sales meetings or other events goes MIA. They might be leaving.
- It is becoming a common practice for team members to move before team leaders do. Watch closely the attrition on your teams. Talk to a team leader when you see they have lost an agent to the competition. Listen to your intuition, they might be gearing up to leave.
- Track where every agent that leaves you goes. This is useful information for a lot of reasons but looking at this exit lane will help you diagnose the problems and opportunities you currently have in your business.
I suggest a monthly review of all the data related in agents who have left you. This should be part of your regular monthly operations review by the way. Data allows you the insights to develop the strategies to keep your business growing. By ignoring the data or looking at lagging indicators NOT leading indicators you are always behind the eight ball as they say. And that is a costly and frustrating place to be.
Action items after reading this blog:
1) If you don’t already, set up a report to track the leading indicators that could give you a heads up that an agent is planning to leave, start with pendings, active listings and engagement metrics.
2) Schedule a recurring monthly review of all of your leading and lagging indicators.