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Profitable Compensation Programs - Know The 9 Principles

iBroker and The Profit Centre - Compensation Programs

Before designing a compensation program it is important to first identify who your customer truly is before you start recruiting. I believe that many Brokers do not have a defined outline of the REALTOR® they want to attract. Given the challenges of recruitment, Brokers tend to be seduced by the physiological win of a new heartbeat as opposed to being focused on acquiring the right REALTOR®. The result is often the development of compensation programs designed to attract them on price.

Brokers, When You're Recruiting, Stop Selling Price

Often when I ask a Broker to role play and try to recruit me as an agent, I find the following fundamental challenges in their approach:

  • They do not have an agenda.

  • They do not ask any (or enough) questions.

  • They try to tell me too much, which is overwhelming.

  • They focus on price primarily.

  • If they discuss value, it is not focused on what I want or how it benefits me.

Let's tackle the first observation.