ShareThe task of building a brokerage business that lasts is all about recruiting and fostering new talent. The ‘hows and wheres’ for the task were covered in this session, moderated by Emily Line, RPR® VP of Commercial Services, and Jean Maday, NAR Director of Commercial Real Estate Development and Services.
Jean Maday started by asking the panel with a poignant, but simple question about baby boomers aging out of commercial real estate. “How are you attracting younger professionals?”
Fred Schmidt, President and COO of Coldwell Banker Commercial, answered for his firm: “We’re finding millennials are looking for job experience. You have to create an experience for them. Not job hopping, but job experience.” CBC’s retention rate, said Schmidt, was 65 to 70 percent.
Mike Reagan, SVP Business Alliances for RE/MAX Commercial, added a point about mentoring: “For the first time in American history, four generations are working together. It creates a lot of interesting interaction [and opportunity for mentoring].” Reagan also touted his firm’s work with the University of Colorado’s Real Estate School, whose Executive Director is Mike Kercheval, a fifteen-year President of ICSC.
The rewards for building a bustling brokerage were maybe best exemplified by Schmidt, who jokingly let the room know he owned a pleasure boat. Its name? “Full of Schmidt,” he said with a smile.
EXPERT TIPS:
1. “Find opportunities in retail contraction trends. Notice shopping center footprints are being turned into infotainment districts.” — Mike Reagan, RE/MAX Commercial SVP Business Alliances
2. “Settle on a limited suite of tech tools to support your team. Our preferred brokerage software tools are ProspectNow and ClientLook.” — Mark Moreno, KW Commercial Director
3. “Establish a mentoring program to attract and retain younger professionals.” — Fred Schmidt, Coldwell Banker Commercial President and COO