As the real estate landscape continues to shift, broker-owners find themselves grappling with a critical question: how can they keep their brokerage a local market leader? The answer lies in an area that may have been overlooked amidst the hustle and bustle of a hot housing market: training and education.
The value of training in the real estate industry cannot be overstated. It is a vital tool that can empower agents to understand the intricacies of the market, provide exceptional service to their clients, stay motivated, and, ultimately, drive success. By investing in training and education, brokerages can ensure that their agents are equipped with the knowledge and skills necessary to stay ahead of the competition.
What is the value of training?
This value is backed by research. According to a study from the National Association of Realtors (NAR), agents who participated in ongoing education had 11% higher incomes than those who did not. This shows that well-trained agents are not only more competent but also more successful.
Training can take various forms, ranging from in-person seminars and workshops to online classes and courses. The pandemic, in many cases, shifted the focus towards online education, as traditional in-person training was disrupted. However, while the market was hot, the onboarding process, which traditionally included in-depth training, was often expedited or even eliminated for new agents. This move was made to meet the heavy demand quickly, but it came with a cost.
The importance of training to broker-owners
In a recent Delta Real Estate Leadership Survey of more than 100 individual brokers, who are leading firms collectively responsible for more than 60% of all real estate transactions last year, real estate brokerage leaders gave themselves a “C” grade (74%) when asked to assess their training of new sales associates during the pandemic (2020 and 2021). Moreover, 60% of brokerage leaders said they would increase their coaching and training of newer agents in 2023.
As the market normalizes, agents, especially those who missed the initial training, are left grappling with a steep learning curve. It’s why most broker-owners are stepping up and re-establishing the importance of training in their onboarding process – and beyond.
Training is not only for new agents; established real estate agents also benefit immensely from continuing education. The real estate landscape is ever-evolving. Laws change, consumer preferences shift, and market dynamics fluctuate. To stay current and competitive, agents need to update their knowledge and skills continually.
Another compelling reason is the local licensing requirements. Many jurisdictions require real estate agents to complete continuing education courses to maintain their licenses. By providing these training opportunities, brokerages not only support their agents in meeting these requirements but also ensure they are always at the top of their game.
Training and continuing education are key
As we move into a post-pandemic world, brokerages need to reassess their approach toward training and education. The ones that will thrive will be those that prioritize their agents’ learning and development. Broker-owners should leverage various training tools available, including online courses, webinars, workshops, and even mentoring programs.
This investment boosts the competence and confidence of agents. It also fosters a culture of learning within the brokerage. When agents see that their brokerage values their growth, they are more likely to feel engaged, motivated, and loyal.
Staying ahead of the competition
Clearly, training and education hold the key to staying ahead in the competitive real estate industry. As a broker-owner, the time to prioritize education is now. Not only will this empower your agents to succeed in a normalized market, but it will also solidify your brokerage’s position as a local market leader.
Meeting the need for training has been a vital strategy at Form Simplicity, a leading end-to-end, digital real estate transaction management solution to expedite real estate contracts. In fact, during the pandemic, more agents were trained in a single year than ever before.
For brokerages powered by Form Simplicity, their agents have free access to a robust online training center. It offers live webinars, an online resource library and FAQs. Plus, the real estate’s No. 1-ranked tech support service, Tech Helpline, provides them with support in English or Spanish.
The bottom line
Broker-owners benefit when they ensure that training and education become an integral part of their strategy – and culture. By doing so, brokers can equip their agents with the necessary tools to navigate a rapidly changing market and maintain their competitive edge. Remember, a well-trained agent is an asset to the clients they serve and to the brokerage they represent.