Like nearly all other businesses, brokerages have been deeply impacted by the shift to virtual life during the pandemic. Houses are increasingly shown—and even sold—without the buyer ever setting foot in the home. The National Association of REALTORS® recently reported that four in 10 homebuyers found virtual tours “very useful” before the pandemic. Now, that number has jumped to nearly six in 10, and open houses are commonly hosted on Facebook Live or Zoom, with potential buyers asking questions in the chat box.
To be sure, some of these innovations have been beneficial for agents and brokers. With virtual tours reducing wasted viewings by an estimated 40%, a perpetually running virtual open house seems like a no-brainer. But there are also drawbacks, most notably around the office. Brokerages around the country are seeing falling office attendance and lower agent retention rates, which take a measurable toll on business.
This is a serious problem. But fortunately, the holiday season is a great time to start reconnecting with agents who have been absent from your office. Brokers will benefit from implementing the same techniques that our coaching clients use for prospecting. Throwing fun events, using personalized touches and leveraging giveaways are proven methods for bringing prospects into the fold—and can be just as effective at getting agents to join or rejoin your office.
Holiday events large and small are a great way to show off all that your brokerage has to offer. Be sure to invite all your current agents, agents who have taken a break from real estate and agents who might be struggling at a competing brokerage. If you have recently adopted new tools or programs, demonstrate what kind of success they’re creating to try and recruit new agents.
Hosting a holiday party is an easy way to remind everyone of the value of in-person meetings in a digital world. The top-performing teams that Workman Success Systems coach demonstrate that being together breeds greater success, given that teams can leverage each member’s techniques and knowledge to further the goals of the team. Having top performers in the office provides inspiration to everyone who works from the office, as they can rub shoulders and develop important techniques and relationships. Successful agents and teams understand the importance of being together and make it a priority.
Verl Workman is the founder and CEO of Workman Success Systems, a real estate consulting company that specializes in performance coaching and building highly effective teams. Contact wssm@workmansuccess.com for more information and free downloadable resources.
It may be more difficult to identify feelings of isolation or lack of support in a virtual setting, but that doesn’t mean these feelings aren’t happening and they shouldn’t go unaddressed.