Moderator:
Kymber Lovett-Menkiti, President, Keller Williams Capital Properties, Washington D.C.; Broker Relations Liaison, National Association of REALTORS® (NAR)
Panelists:
Lauren Smith, Designated Broker, Windermere Real Estate, Seattle, Wash.
Gary Scott, President, Allen Tate, REALTORS®, Charlotte, N.C.
Lindsay Dreyer, CEO, City Chic Real Estate, Washington, D.C.
Kymber Lovett-Menkiti: From a broker’s perspective, the flight to quality as the market returns to more normal levels is all about catching our collective breath and focusing on elevating our value not just to our customers—although that is more necessary than ever—but also to the agents we support. There are conversations today around coaching and development, lead generation, and strategies that promote growth. As some agents drift away from the business, we’re also talking about recruiting strategies that will raise the standard of excellence that every broker strives for. Now is the time to talk about downsized floor space, a return from the virtual, and what comes next in real estate.
Lauren Smith: The good news for us is that we’re retaining agents. But we also know that new talent is essential for growth, so we’re actively and selectively recruiting. We’re looking for capable entrepreneurs with a full commitment to the profession—people open to the coaching that will help them get there, who want to feel a part of something worthwhile and part of a vital community.
Gary Scott: COVID reminded us how important it is to be part of something larger than ourselves. Our industry may be seeing a healthy cleansing of agents, but people are starved for community—for culture and close collaboration. Agents have been returning to right-sized offices, and they want be part of companies and brands that are strong, stable and proven. The broker’s ability to attract quality has never been stronger.
Lindsay Dreyer: We see the truth in that as we actively seek both new and experienced agents who are a good fit for our company. At the same time, because the flight to quality has never been more important, we’re also looking inward. We’re laser-focused on providing value to our long-term and most productive agents. We take a three-pronged approach to that. First, we ensure that the best tools and resources are at their fingertips. Second, we take more routine tasks off their plate in terms of marketing and transactional support. And third, we arm them with unique marketing tools that help them nurture their clients.
KLM: Can you elaborate a bit on that last one?
LD: Sure. We start with a customized moving kit they can give every buyer who goes into contract—sturdy moving boxes imprinted with the agent’s brand along with tape, box cutters, shrink wrap and more to help ease packing chores. Then, we contract with a company called Client Giant to send the client some very nice gifts every quarter for a year after closing.
GS: Customer care is extremely important because the flight to quality starts right there. As the market normalizes, every buyer and seller should have a qualified agent to negotiate and advise on their behalf. Customers who benefit from that kind of care will likely become long-term clients.
LS: At the same time, agents who feel respected, who know how much we value their expertise, want to remain part of the team. We aim to keep our people excited about their brand, excited to collaborate and excited to lean in shoulder to shoulder with their peers. That’s one of the reasons we’re delighted to get back to in-person meetings, awards recognition parties and day-to-day office socializing.
KLM: So, the flight to quality is, in part, a function of company culture.
LD: I think so. That’s why it’s important that the people we recruit are a good fit with brokerage values. A large part of an agent’s success is intentional collaboration.
LS: When it comes to recruiting, there are no sales gimmicks. We’re proud to be the company we are, to have navigated successfully though many years of market shifts. We want good people whose ethics line up with ours—career-minded people open to training and mentorship. In return, we promise to be nimble and responsive to any shift on the horizon.
GS: Agents today, as in any market, want clarity, vision and creativity plus the company culture and leadership talents to help them reach their goals.
KLM: Despite the debate about a real estate downturn, NAR forecasts 4.78 million existing-home sales this year. That’s still a lot of business for dedicated agents and for companies focused on quality and service. I would venture to say that any broker not actively delivering on their value proposition for agents is missing the boat.
For more information, visit https://www.nar.realtor/.
