Will talent acquisition challenges lead to a sub-par industry?
Approximately 36 percent of survey respondents said they are “not able to get top producers to apply,” and although many seasoned veterans are continuing to work later in life, many now have more flexibility to move to other firms that offer more competitive salary and benefits. This may put several agencies in a dire situation as they lose their top agents and are unable to recruit fresh talent. In addition to difficulties finding and retaining talent, some companies also listed a lack of quality in its applicants as an issue. Roughly a third – 33 percent – said that “too few quality prospects” was also making it hard to grow their business and remain competitive in an evolving market.
This scenario could also have implications not only for agencies, but for consumers as well. Agencies that retain or hire agents who are not properly trained, well-versed in real estate rule and regulations, and willing to fully disclose the terms of an agreement, may facilitate bad housing transactions that could lead to costly E&O insurance claims. The financial and reputational damage that can result from these lawsuits may only exacerbate agencies’ inability to draw more talent to their ranks.
In light of this data, many seasoned real estate agents are exploring new ways to recruit talent without sacrificing quality.
For coverage to protect yourself as a real estate agent, broker or firm against Errors and Omissions claims, visit Norman-Spencer.com/TopTier.
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