2024 Report Highlights Recruitment Trends In A Changing Real Estate Market
2023 was a challenging year for real estate professionals, with interest rates and home prices skyrocketing. It’s possible 2024 will be no different.
These difficulties have made brokers reconsider what they’re looking for in the agents they recruit.
But what are brokers searching for in new real estate agents in today’s market? That’s the question we posed to over 80 top brokerages in a two-week survey.
In our survey, we asked brokerages to rank their favorite agents from the popular Netflix show, Selling Sunset.
The agents featured in the show have demonstrated their ability to work during the tough times the market presented to them in 2023.
Drawing from the distinctive strategies of the Selling Sunset agents, we identified the key qualities that brokerages prioritize when hiring new agents.
In this report, we’ll share the findings from our Selling Sunset survey and unpack what brokers value most when recruiting new agents.
Our Selling Sunset Survey Methodology
We created an online survey with four key questions that determined:
- If they’ve seen Netflix’s Selling Sunset.
- Which of the Selling Sunset agents were their favorite, ranging from one to seven based on their preferences.
- The most important traits when recruiting a new agent.
- How the current market has affected the way they recruit and support agents.
This survey was then distributed to brokerages across the U.S.
Our Findings
Our survey revealed that brokerages are changing their approach to hiring new agents, especially in the current market. They’re being more selective in who they recruit and are looking to draw experienced agents with established networks.
Here are the main trends we identified:
The most important traits brokers look for when they recruit agents
Our survey found that almost 30% of brokers feel honesty and creativity are the most important traits they look for in new recruits.
14% of brokers said that they prefer agents who are friendly and well-connected.
An additional 14% of respondents said hardworking and experienced agents are a priority for their brokerage.
The Selling Sunset agents that brokers preferred most
We asked our survey participants to rank seven agents from Selling Sunset based on their preferences. Let’s unpack how each agent was ranked and what unique traits they offer:
Chrishell Stause
Key characteristics:
- Charismatic.
- Hardworking.
- Ambitious.
Result:
According to the brokerages who participated in our survey, she is the most preferred agent on Selling Sunset by 43.5%.
Mary Bonnet
Key characteristics:
- Exceptionally professional.
- A strong work ethic.
Result:
In our survey, Mary received a mix of rankings and has resulted in being our respondents’ second favorite agent by 30.4%.
Chelsea Lazkani
Key characteristics:
- Confident.
- Straightforward.
- Assertive.
Result:
Chelsea received a range of rankings from our surveyed brokers and came in at third position.
Emma Hernan
Key characteristics:
- Welcomes a challenge.
- Strong entrepreneurial spirit.
Result:
The brokers we surveyed ranked Emma in fourth position and indicated that she was less favorable than Chrishell and Mary.
This might be attributed to her more assertive style, in contrast to Chrishell’s friendlier and more personable approach.
Amanza Smith
Key characteristics:
- A unique ability to stage homes for Hollywood’s elite.
- Commitment to projects.
- Honest and open communication with clients.
Result:
Amanza is the fifth most favored Selling Sunset agent according to the brokers we surveyed.
Breana ‘Bre’ Tiesi
Key characteristics:
- In-depth understanding of the Southern California real estate market.
- Ability to highlight the best aspects of Los Angeles to prospective buyers.
Results:
Our survey reflected that Bre was not any of the participants’ first choice and she received a ranking of sixth place.
Nicole Young
Key characteristics:
- Solid work ethic.
- Drive.
- Dedication.
- In-depth understanding of the marketplace.
Results:
The results of our survey show that Nicole was the least preferred agent by brokers overall, ranking seventh compared to the other Selling Sunset agents.
Key trends in recruiting and supporting agents in the current market
We asked our surveyed brokers how the current market has influenced their recruitment and support strategies for agents.
The results showed four noteworthy trends:
More agent training and support
The most significant trend we identified is that brokers are more focused than ever on training and supporting their current agents.
One respondent said their brokerage is currently prioritizing training agents on new systems, both online tools and core real estate resources.
Another respondent said: “We’ve altered our training to better suit the market.”
Brokers are also honing in on the professional development of their agents. “[We’re] educating them more on loan products, lead generation, and proper negotiating,” one respondent said.
This emphasis on education and training is crucial to helping agents navigate the challenging real estate landscape. “Agents need to be supported in knowing how to pivot their business to be able to maneuver through changes in the market,” one of the brokers mentioned.
“We don’t recruit, but spend a lot of time supporting our agents with weekly sessions and one-on-one time,” explained another respondent.
A focus on networks and relationships
When recruiting new real estate talent, brokers are looking for individuals with strong networks and solid relationships.
Many of our respondents said leveraging existing relationships is crucial to surviving this challenging market, as other lead-generation tactics aren’t as effective anymore. “Lead generation sites are not cutting it currently,” one respondent explained.
Brokers are looking to recruit agents who can take a more creative approach to lead generation by leveraging their connections and networks.
One broker said that when they recruit, they mainly focus on finding agents who are willing to “work their network.”
Another broker said that their business is currently looking to recruit agents that they can train to build strong relationships to succeed.
Increased selectivity in recruiting
Another emerging trend is that brokers are far more selective when recruiting agents. This is largely due to the changes in the current market.
“We have gotten more picky with our recruits,” one respondent said. “We have lots of people interested in our company and we have gotten much more selective.”
Brokerages are looking for agents who:
- Have experience in specific niches.
- Are willing to take a creative approach and think outside the box.
- Are willing to put in the hard work required to succeed in the current market.
According to the results of our survey:
Brokers are still actively recruiting
One might think that in this tough market, recruitment wouldn’t be a priority for many brokerages. However, as is evident from the results of our survey, this isn’t the case. Many brokerages are recruiting more aggressively than ever before.
Another respondent said: “Our brokerage is actively recruiting realtors as the commercial market is strong and vacancy rates remain low.”
Other recruitment trends identified by our survey
Aside from the four key trends explored above, our survey also found that:
- Brokers believe personal branding for agents is more crucial now, especially if they want to make a career move.
- Financial considerations are significant for brokers who are recruiting and supporting agents.
- Brokers are placing greater emphasis on recruiting agents with experience and who have strong systems and existing networks in place.
How Paperless Pipeline Helps You Recruit and Retain Top-Notch Agents
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Automation means you spend less time on administrative tasks, freeing up capacity to train and support your current agents. This keeps your agents happy and could result in better performance and retention.
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Our tool lets you dedicate more time to the recruitment process, allowing you to be highly selective about who you hire and the networks they bring to the table.
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