Brand recognition can only go so far without top talent, and that’s why Engel & Völkers invests heavily in recruitment.
The luxury brokerage works with its licensed broker partners to help them attract the best agents in the real estate industry. One tip, according to Adam Lerman, Engel & Völkers’ senior vice president of coaching and accountability, is to seek out top talent in your local market. Tailor specific messages to potential recruits, but also try to understand how they operate their businesses. Above all, research their reputations.
“People will buy a broker before they buy a brand name,” said Lerman. “Engel & Völkers is a beautiful brand, but if you don’t have a great broker in front, it’s very difficult to sell the brand. We make sure we recruit the best of the best, the best license partners, which are our brokers, and we feel we are the strength behind the brokers, but people will buy the broker before they buy the brand.”
Part of hiring the right recruit also involves putting them through multiple rounds of interviews. A single meeting puts a lot of pressure on the employer to make a hiring decision, however, having more runway mitigates the likelihood of making a bad hire.
Lerman also recommends crafting a message that concisely communicates value proposition by identifying what the recruit’s current brokerage doesn’t offer.
“We’re a company that strives for talent attraction by providing top quality mentorship,” he said. “It’s important that our brokers understand our value proposition so that they can articulate it in such a way so that the potential recruit will want to come to us. This will definitely help our brokers understand those people and recruit those people.”
Equity is important and that’s why Lerman advises never breaking commission structure in an attempt to woo a promising agent.
“You don’t want to have preconceived notions. What they’ve done at their current companies doesn’t mean they’re going to do it in your company. That could go both ways—they could be a huge producer at another company, or not so much, or a light producer at their current company, and more with us. I fully believe that with our fantastic company we can take anybody to the next level.”