by Taylor Anderson | Apr 14, 2025 | Industry, News Feed
Recruiting and retention outweigh interest rates, regulation and other obstacles as top business challenges brokers face now, according to the latest results from the Inman Intel Index survey.
This report is available exclusively to subscribers of Inman Intel, the data and research arm of Inman offering deep insights and market intelligence on the business of residential real estate and proptech. Subscribe today.
When a trio of Keller Williams franchises filed a lawsuit against an eXp team leader last week alleging a member of her team was improperly recruiting agents, it would have been easy to pass it off as yet another legal spat between rivals.
But the objection actually tapped into a much deeper concern in the real estate industry, particularly among brokers who are fighting to grow their businesses by attracting top producers and holding onto them once they’re in place.
Recruiting and retention is cited as the most challenging aspect of today’s business climate, according to the latest results from the Inman Intel Index survey of real estate professionals in March — and there are early signs that it may be a growing concern.
Outweighing interest rates, margin compression, regulation and other concerns, more brokers reported last month that recruiting and retention is their top challenge.
The survey was conducted before economic turmoil caused by the Trump administration’s tariff whiplash, so it’s possible brokers now have a new concern.
But the results show that attracting new agents and holding onto them remains one of the biggest challenges facing industry leaders today.
Come, stay a while
The Inman Intel survey has long shown that brokers are on the hunt. 74 percent of agents who responded to the survey said that another brokerage tried to recruit them within the past two months.
More than half of agents said they’re typically recruited at least once a month.
- 42 percent of brokers told Inman Intel that recruiting and retaining talent was the No. 1 most challenging part of today’s business environment.
- 20 percent of brokers said interest rates are the most challenging aspect of business today, significantly fewer than those who said recruitment.
- Recruiting and retention is becoming more intense. In February, 32 percent of brokers told Intel that recruiting was their top challenge.
This could be why some brokerages spend millions on their recruiting efforts. @properties spent $7.3 million on recruiting and retention in 2023. Fathom Realty reported spending $2.7 million on recruiting the same year.
During an intense battle for market share, brokers are feeling the heat and the temperature is apparently rising.
- In March 2024, 23 percent of brokers said recruiting and retention was their top challenge. At that time, recruitment and retention was tied with other, unspecified concerns.
- A year ago, broker concerns were spread fairly evenly, with 20 percent saying their top challenge was interest rates, 17 percent saying it was regulation, and 17 percent of brokers saying their top concern was regulation.
Heating up?
Brokers also expect recruiting to remain a challenge. Perhaps for good reason: three out of four agents say they’re frequently being asked to jump from one brokerage or franchise to another, according to the survey.
- 74 percent of agents said that a broker tried to recruit them at some point in the past two months.
- That was down slightly from February, when 76 percent of agents said they’d been recruited in the past 60 days.
- Still, there may be signs that activity is picking up: 21 percent of agents reported in March that brokers try to recruit them at least once a week, up from 17 percent in February’s Inman Intel survey.
The results give another indication that fighting for agents is heating up. In March 2024, 71 percent of agents said they were recruited within the past two months. 19 percent said they were recruited at least once per week.
What agents want
What are agents looking for from their brokerage? The Inman Intel Index asked agents what they value most from the company they work for, and the results aren’t cut and dry.
- 26 percent of agents who responded said they wanted to make sure their company was a cultural fit for them, which was the top category.
- 24 percent said they most valued the firm’s technology and education.
- 22 percent of agents said they most valued the consumer’s brand perception of the real estate company.
- Just 16 percent of agents said they most valued their firm’s commission split.
It wasn’t just talk, either. Of the agents who responded to the survey, 10 percent said they switched brokerages at some point in the past year. 47 percent said they did so because the new firm was a better cultural fit for them.
Email Taylor Anderson
Methodology notes: This month’s Inman Intel Index survey was conducted March 18-April 7, and received 412 responses. The entire Inman reader community was invited to participate, and a rotating, randomized selection of community members was prompted to participate by email. Users responded to a series of questions related to their self-identified corner of the real estate industry — including real estate agents, brokerage leaders, lenders and proptech entrepreneurs. Results reflect the opinions of the engaged Inman community, which may not always match those of the broader real estate industry. This survey is conducted monthly.
This post was originally published on this site
by Taylor Anderson | Aug 21, 2024 | Industry, News Feed
Publicly traded real estate software company reAlpha Tech Corp (AIRE) has hired a new chief financial officer. William Brent Miller will start his role immediately, taking the reins from Chief Operating Officer Michael J. Logozzo who’s been reAlpha’s interim CFO since July 12.
Whether it’s refining your business model, mastering new technologies, or discovering strategies to capitalize on the next market surge, Inman Connect New York will prepare you to take bold steps forward. The Next Chapter is about to begin. Be part of it. Join us and thousands of real estate leaders Jan. 22-24, 2025.
Publicly traded real estate software company reAlpha Tech Corp (AIRE) has hired a new chief financial officer. William Brent Miller will start his role immediately, taking the reins from Chief Operating Officer Michael J. Logozzo who’s been reAlpha’s interim CFO since July 12.
Giri Devanur | Credit: reAlpha
“We are thrilled to welcome Brent Miller to the reAlpha team,” CEO Giri Devanur said in a prepared statement on Wednesday. His experience, particularly during his tenure at [Kohlberg, Kravis and Roberts], will be instrumental as we continue to execute our strategic vision and bring the reAlpha platform to market.”
TAKE THE INMAN INTEL INDEX SURVEY FOR AUGUST
“Brent’s proven leadership in financial management and his deep understanding of the real estate investment landscape makes him the ideal person to help guide reAlpha’s financial strategy moving forward,” he added.
Miller has two decades of experience in real estate finance, with chief accounting and financial officer roles at KKR Real Estate Finance Trust, Fortress Investment Group and New Residential Investment Corp. Most recently, Miller was the chief accounting officer for Sunlight Financial Holdings Inc., a point-of-sale home improvement financing company.
William Brent Miller | Credit: LinkedIn
“I’m incredibly excited to join the reAlpha team. reAlpha’s innovative approach to overcoming affordability barriers to home ownership and simplifying real estate investment using AI technology is truly inspiring,” Miller said in a written statement. “I look forward to contributing to its continued growth and success.”
In addition to hiring a new CFO, reAlpha launched its “super app” aimed at offering commission-free artificial intelligence-powered onboard title and escrow services. ReAlpha will connect homebuyers with a licensed sales professional if they need more assistance than what Claire, its AI model, can provide. ReAlpha also has a home search portal that covers listings in Palm Beach, Miami-Dade and Broward counties in Florida.
“This launch is timed to coincide with the real estate industry’s shift in light of the National Association of Realtors’ (NAR) recent settlement to eliminate the standard 6 percent sales commission when purchasing a home,” reAlpha said in a release about its super app on Tuesday. “These rule changes went into effect Aug. 17, and reAlpha believes such changes make its commission-free offering to be even more compelling for property buyers.”
Email Marian McPherson
by Taylor Anderson | Aug 1, 2024 | Industry, News Feed
HAPPENING NOW! At Inman Connect Las Vegas, July 30-Aug. 1, 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will be revealed. JOIN US VIRTUALLY.
Inman Connect wouldn’t be what it is without debate and discussion on the myriad of ways technology impacts the business, people and places that make up the industry.
Per usual, there’s never a clear consensus or right answer on what will work for your business, but the lineup of panelists at Wednesday’s two-hour multitopic tech track did manage to land on one agreement — it all revolves around serving the consumer.
Problem solving
Marq CEO Owen Fuller | Photos by AJ Canaria Creative Services
In his presentation titled “Can Technology Solve Our Biggest Problems?” said flatly, “No.” And he didn’t float his take through a cloud of vagaries or specious talking points.
Fuller ticked off a six-item list of how to shore up a business when the storm starts knocking it around:
- Get grounded personally
- Clarify your vision
- Choose a differentiated strategy
- Strengthen your team and strategy
- Accelerate through Technology
- Give back as you succeed
Tech trends
Left to right: Kendall Bonner, Alpa Lally, Chris Cox, Sean Wheeler | Photos by AJ Canaria Creative Services
For those who need help with Fuller’s fifth list item, frequent Inman Connect presence Kendall Bonner assembled a team of tech talent to help the audience understand what’s on the horizon in “The Future is now: The most influential tech trends for 2024 and beyond.”
Keller Williams’ Chris Cox offered up some hints on where the big brand is headed, leaning into internal AI models that will help new and growing agents do more faster, while Alpa Lally of Rocket Companies reminded the afternoon crowd that machine learning models have been around for quite a while, it’s the accessibility of data that’s energizing the models. In fact, the future is all about data.
“The more you democratize data, the more you can put into your model,” Lally said. “It’s that modernization of it that will get us to the next level.”
Sean Wheeler, Lone Wolf Technologies’ CTO, confirms that his company is also looking to data to create a new future for real estate. The company just released a massive overhaul of its platform, calling it Lone Wolf Foundation.
“I was told when I was much younger that technology changes but the data stays the same, and that seems to be true,” Wheeler said. “But you can’t really do anything unless you understand the data, integrate it and structure it the right way.”
Tomorrow’s homebuyers
Left to right: Kendall Bonner, Nikki Miller, Michael Lucarelli | Photos by AJ Canaria Creative Services
In the “Connecting with tomorrow’s homebuyers” panel, RentSpree CEO Michael Lucarelli urged the audience to look to the rental industry to fill your pipeline.
“You have to meet consumers where they’re at and we’re increasingly a nation of renters,” he said. “Future first-time homebuyers are renting today, so agents out there should consider representing landlords, representing renters. Most importantly, you’re developing dozens of relationships. Put consumers in a better position; they need help.”
Vice President of Lever by Movoto, Nikki Miller, said that working with renters is one way to meet the buyers of tomorrow, but her company’s research is finding that agents are finding consumers in all kinds of ways and that there isn’t much consistency.
“They’re all connecting with consumers in different ways, so you have to identify what it is you’re willing to do, and ask the consumer how they want to be communicated with.”
Miller said generations want different methods. Some prefer calling, others email, but she made sure to advise people calling on her to not leave a voicemail.
“I’ll think you’re a psychopath,” she said. “Just shoot me a text, right?”
Tech fuels expansion
In chatting with ERA Venture Founder Clelia Peters during the “Brokerages Talk How Tech Fuels Expansion” panel, Jeff Polashuk, Regional Vice President of Compass, said the No. 1 thing agents can do to expand their business is to stay in touch with clients, “in the best way.”
“Your client really is the most valuable thing you have, so when you’re evaluating technology, please, please, please make the focus staying top of mind, and move at a faster pace,” Polashuk said.
His fellow panelist, Michael Valdes, CEO of LPT International Realty, augmented Polashuk’s take.
“It’s the idea that the client, in the end, is what brings us all together, that’s why we’re in the room,” Valdes said. “It’s what our industry is all about.”
Email Craig Rowe
