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Top broker challenge? Recruiting younger agents


 

BELLEVUE, Wash. – Nov. 7, 2013 – Finding the right talent – specifically younger talent – is a top concern of real estate executives, according to the 2013 Imprev Thought Leader Survey.

Leaders of major brokerages were surveyed about the issues that concern them most, and 70 percent selected “recruiting younger agents” as their top business challenge. “Recruiting top talent” came in second, selected by 65 percent.

“The real estate business is aging out,” says Renwick Congdon, chief executive officer of Imprev, a real estate marketing software firm. “Broker-owners and other top real estate executives are under pressure to find new talent.”

National Association of Realtors data show that 6 percent of its membership is under younger than 34, and in the past 15 years, the percentage of Realtors in their 40s has dropped by one-third. Currently, more than 40 percent of all Realtors are older than 60 and 25 percent are 65 or older.

Key findings
 
• When asked the open-ended question, “What is your firm’s single biggest challenge today?” nearly 40 percent of the written answers cited recruiting. Profitability garners the second spot, cited by 14 percent of the executives, with 13 percent mentioning technology.

• More than one in three respondents said “recruiting younger managers” is a top business concern (38 percent), surpassing such business challenges as agent compensation, better use of social media, listing-syndication issues and the value of multiple listing service (MLS) membership.

• “Staying ahead of competitors” ranks as a top business challenge for 45 percent of those surveyed. The number is consistent with the responses in last year’s 2012 Thought Leader survey when 44 percent selected “staying ahead of the competition.”

• “Quality of leads for agents” emerged this year as a higher-profile concern by 41 percent of executives.

• “Agent satisfaction” rounded out the top business challenges.

According to Imprev, the survey respondents included more than 260 broker-owners and top executives responsible for nearly half of all U.S. residential real estate transactions last year.

The survey was conducted in late October after the government reopened. Nearly one-third of the 260-plus respondents are 61 years old or older; 38 percent are 51 to 60; 19 are 41-50; and 13 percent are 31 to 40. None of the respondents are under 30. Approximately 70 percent of the respondents run brokerages with more than 100 agents; 26 percent have more than 500 agents; 12 percent have more than 1,000 agents.

© 2013 Florida Realtors®

Related Topics: Business