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April 24, 2014

Should Broker Models Change to Recruit Younger Agents?

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Should Broker Models Change to Recruit Younger Agents?

A quarter of the National Association of REALTORS®' membership is 65 and older, while just 6 percent are younger than 34.  Recruiting younger agents presents a challenge, brokers say, given that younger generations tend not to be interested in sales careers. 

Rather than try to recruit younger agents by telling them they need to farm, cold-call, build relationships, keep abreast of the latest inventory, and make themselves available 24/7, brokers should draw in entrepreneurs by creating structures that support business creation and growth, according to Inman News' Renwick Congdon. 

Under the limited liability company (or LLC) structure, agents would own their own businesses within a brokerage.  Instead of a team of equals, this structure puts the agent-owner at the top.  Although such a move could be disruptive to the industry, brokers likely would find it easier to recruit younger, savvy professionals, Congdon suggests.

Source: "A New Business Model to Attract Young Talent Into Real Estate," Inman News (June 1, 2013)

© Copyright 2013 Information Inc.

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