Building a high-functioning commercial real estate brokerage takes work, time, and intention. But once you’ve got a great team in place and onboarded, don’t put things on autopilot. You want your brokers and support team engaged in their work and loyal to the firm.
Remember, the cost of losing a good team member is substantial. Sometimes you pay to put out an advertisement on various sites, and then of course there’s the cost of your time to review resumes, answer emails, interview and train. And whatever portion of this work you delegate to your team is time they’re not working deals.
So once you have everyone hired, how do you keep them?
While motivations vary somewhat among generations, there are reasons that people stay at their jobs no matter their age. Here are the top 10.
- Exciting and challenging work
- Opportunity for career growth and development
- Great coworkers
- Fair compensation
- Management that is supportive, not domineering
- Recognition and the feeling of appreciation
- Work that has meaning
- Pride in the organization
- Positive work culture and environment
You can see that these many of these reasons complement each other. Create a fun and supportive environment. Hire smart people that align with your values. Train them and give them opportunities to grow. Don’t micromanage; instead, demonstrate an interest in your employees’ personal lives, and let them take an interest in yours. Praise them publicly (and admonish in private, if needed). Show how you can achieve your goals by working together.