Is a Retention Plan Really Necessary?

Last week we asked: Along with your written recruiting plan, do you also have a written retention plan? The responses to the last question surprised me. YIKES! So many NOs. Do so many people really think a retention plan isn’t necessary?

If you are a team, you have likely designed and built a culture that incorporates all kinds of ‘retention’ driven activities and recognition of particular accomplishments for your team. If you have done this then even though your plan is not labeled ‘retention’ it surely encompasses that responsibility.

Brokerages will always have a comprehensive recruiting plan (fingers crossed on this) however I’ve seen first-hand how neglecting to have a retention plan can create chaos and unhealthy attrition.

We, as an industry, are great at spending money to acquire new business. All well and good, however, if our focus is always on the new and shiny, then it’s easy to neglect what has been there all along. S.O.S. (Shiny Object Syndrome) is a BIG issue, especially with REALTORS.

Let’s begin to think about how to ‘woo’ our existing agents and staff. Here are some ideas that I see my coaching clients applying:

Recognition

In my opinion, the most powerful, gratifying and valuable thing you can do for your people is to recognize them. Recognition comes in many forms. Sales achievements, personal best, team player, team ambassador, the list goes on. Find a way to ensure your folks feel special and seen.

Goals + REWARD

We’ve created goals and shared them with the team. Now what will excite them to reach those goals? There are so many types of rewards but I believe the underlying culture helps identify what will drive action and excitement.

EXAMPLE: If you have built a close, connected team, then they will likely want to celebrate together. Take the team on a relaxing trip to the islands. Get on a plane and go somewhere exciting for lunch and shopping. To invest in luxury rewards the goal should be enough of a stretch goal that it’s not a walk in the park to accomplish.

Competition

This concept has gone by the wayside in the past few years but I would like to see it revived. I’m not a huge fan of individual competitions, but I prefer team challenges (listings, sales, door knocks, pop-bys). With groups of folks competing it should help balance skills and enhance commitment and loyalty to the team. The prize can be as simple as the old-fashioned Steak or Wieners & Beans luncheon which can be a lot of fun.

Growth Sessions

In-office scheduled activities such as meetings, lunch and learns, reading club, script and role play can help your folks bond together while improving their skills. Don’t fret if you only get a few attending at first. If it’s good, the word will spread and attendance will grow.

That’s just a quick smattering of ideas. I would enjoy hearing about what’s working for you. Be sure to message me at Ken@CoachKen.com

Have a perfect week.