FOR MANAGERS
Viewpoint

Keeping your top talent . . . and surviving their departure

Tom Drever

It’s no easy task managing mega-agents.

The bottom line for a harmonious relationship between brokers and top producers is the value they bring to one another.
From the broker-owner’s perspective, the value the top producers bring to the table can often be measured in terms of an increased company dollar, market share, and enhanced recognition in the marketplace. From the associate’s vantage point, the value attained from the relationship comes from recognition, association, the service package provided by the broker, and an effective place from which to conduct business.

It’s important for brokers to realize there’s more to a top producer’s perception of value than higher commission splits and lower fees. Here’s how you can capitalize on and enhance your value to your heavy hitters:

Recognition--More than money, and just about anything else, the majority of top producers seek and thrive on recognition. A broker can take an active role in helping mega-producers attain the recognition they so dearly strive for. You will endear yourself to them by helping them gain that recognition in the local media and in regional and national trade publications.

Association value--Capitalize on what it means to be associated with you, the other associates in your office, and your regional and national affiliations. Make your top performers a part of your team, and when possible, ask for their assistance and advice when making critical decisions that will affect them and the rest of your office.

Productivity assistance--Many brokers are looking for ways to replace the need that top producers have to hire multiple assistants. Developing a for-fee service center that assists in coordinating listings, transactions, desktop publishing, and marketing will help bind them to your office.

Office enhancements--As associates grow their business, adjusting space along with communications connectivity is an ever increasing problem. Hire a professional planner to help you design their space to be more efficient and effective. Make sure they have all the phone jacks and power needed to run their operation.

There are no guarantees, of course: At the end of the day, you could still lose your top producer. And that presents a whole new set of challenges and opportunities for your operation.

You still have your company to run, but you have to apply your energies and resources to growing your business in other ways. Some options to consider: Hire a star from another company. Boost the productivity of your midrung associates through new, high-powered training programs. Or, recruit four new associates and put them in the space previously occupied by the departed mega-agent.

And develop one of them into a new megastar.

Tom Drever is president of Real Office Solutions Inc., based in Louisville, Colo. For the past 22 years, he has been active in working with the real estate brokerage community in the areas of facility consulting and strategic planning. You can reach him at tdrever@cs.com.