Recruiting: 3 Things to Expect in 2023

The new year is right around the corner and I’m receiving a lot of questions about what to expect from recruiting in 2023.

 So, here goes…

 These are the three things I expect to see next year:

 1.) Support will become increasingly important

 Over the last couple years agents could put up a listing, get the price in the right ballpark, do little to no marketing, and expect to receive multiple offers.

 Those days are largely over.

 And that means newer agents will need to learn how to price accurately, ask for and get price reductions, market listings to the right buyers, and so on.

 Experienced agents might need refreshers on those skills.

 And those are just the skills on the listing side.

 Agents working with buyers will also need to adjust to the transitioning market.

 So, coaching, training, marketing assistance, and the availability of a manager/broker to answer questions will become increasingly important.

 Brokerages that don’t offer those types of support will struggle to recruit and retain.

 2.) Lead generation will be critical

 As the market slows, agents are going to need to take more listings to generate the same number of closings they’ve had the last couple years.

 The same is true of buyers.

 Agents will need to have a larger base of potential buyers because many of them will take a wait-and-see approach to interest rates.

 Brokerages that can help agents with lead generation through coaching/training, providing leads directly, or both, will attract more recruits (I’ll go deeper on this in my next email).

 3.) There will be movement. And lots of it.

 We’re already seeing an unprecedented number of producing agents switch companies.

 Expect that to continue next year and especially in January, February, and March because those are historically the best months for hiring.

 We’ll also see a significant number of people leave the business.

 How many people will leave is anyone’s guess, but it wouldn’t surprise me if the Realtor population shrunk by 10% - 15% in 2023.

 Stay tuned on Thursday for my next post where I’ll cover what you can do to prepare for recruiting next year.