Category Archives: advertising

Demystifying the “How Many Agents” Question

Introduction:

In the realm of real estate recruiting and advertising, brokers often approach ad agencies and marketing experts with a burning question: “How many agents will I be able to hire?” While it may seem like a straightforward inquiry, the truth is that the answer is far from simple. In this blog post, we will delve into the intricacies of real estate advertising campaigns and explore the multitude of factors that influence recruitment success. By understanding the complexity behind this common question, brokers can gain valuable insights into setting realistic expectations for their recruiting endeavors.

The Simplistic Question and its Limitations:

Many individuals unfamiliar with the intricacies of social media advertising expect direct and specific answers to seemingly simple questions. However, the reality is that real estate recruiting campaigns encompass numerous variables, making it impossible to provide a one-size-fits-all response. For instance, questions like “What’s a good starting budget?” or “How many agents will I get if we spend $30 per day?” depend on a myriad of factors, including the effectiveness of the ad, compensation models, website performance, competitive landscape, and more.

Understanding the Meta Ad Auction:

Meta, the company behind Facebook and Instagram, is one of the leading platforms for real estate advertising.  Meta employs an ad auction system to determine the optimal ad to display to users at a given time. The winner of this auction is selected based on various factors, such as bid, objective (leads, traffic, reach), and ad quality. Therefore, the success of a recruiting advertising campaign depends not only on the budget but also on the overall performance of the campaign, which is dictated by the following factors:

  • Audience size: The size and demographics of your target audience affect the potential pool of agents you can reach and attract.  There are fewer agents looking to consider changing brokerages in a pool of 3,000 agents than there are in a pool of 300,000 agents.  The larger the pool, the greater the opportunity for the Facebook algorithm to optimize for your expected result.
  • Ad copy: The quality, messaging, and relevance of your recruiting ad copy impact its ability to resonate with potential recruits.
  • Creative assets and resources: The availability of compelling visuals, videos, and other creative assets can significantly enhance the performance of your ads and is the key determining factor in getting the user to stop scrolling and engage with your advertisement.
  • Tracking mechanisms: The utilization of tools such as the Meta pixel, event tracking, and the Meta conversions API allows for accurate tracking and measurement of campaign performance.  These all feed into the Meta algorithm to optimize your campaign performance.

The Multitude of Factors at Play:

Beyond the direct Meta platform factors, there are a number of external factors that also impact your recruiting efforts.  To gain a comprehensive understanding of the outcomes and expectations of a real estate recruiting advertising campaign, it is crucial to consider the following key elements that can significantly impact your recruiting efforts including:

  • Compensation plan: The attractiveness and competitiveness of your brokerage’s compensation plan can influence the number and caliber of agents you can attract.
  • Training provided: The quality and comprehensiveness of the training programs offered to agents contribute to not only their desire to consider you as a destination brokerage but also their success with you and your retention rate of the agents.
  • Brand reputation: A strong brand reputation in the real estate industry can be a significant driver of agent interest and recruitment.  If a potential agent recruit has no knowledge of your brokerage, then they are much less likely to even consider inquiring.
  • Digital Identity: How an agent perceives your brokerage when searching online.  This includes social media sites such as Facebook, Instagram, and TikTok.  It includes reviews that both agents and buyers and sellers have left for your brokerage on platforms such as Google and also includes your recruiting website.
  • Recruiting Website Effectiveness: The functionality, design, and user experience of your recruiting website play a crucial role in communicating your brokerage’s value proposition to potential agents and in converting prospects into actual appointments on your calendar.
  • Available budget: The financial resources allocated to the recruiting campaign dictate how many agents can be reached in your audience and how frequently you will be able to target those individuals.
  • Competitive landscape: The level of competition within your local market can influence the effectiveness of your recruitment efforts.
  • Seasonality: More agents tend to reevaluate their choice of brokerage leading into the end of the calendar year and at the start of the new year as they take stock of their effectiveness for that year. 
  • Commitment to recruiting: The duration and consistency of your recruiting efforts can influence the long-term success of your recruiting campaigns.  Recruiting real estate agents for your brokerage is a process that occurs over months and years of time.

The Nuanced Nature of Expectations:

Given the multitude of factors outlined above, it becomes evident that expectations regarding real estate recruiting cannot be uniform or predictable. Each brokerage and advertising campaign possesses its unique combination of circumstances and resources, making it impossible to provide concrete numbers or guarantees. Real estate recruiting is a nuanced endeavor that requires careful consideration of context and all of the variables outlined.

Work with an expert partner:

Navigating the complexities of real estate recruiting and advertising campaigns can be a daunting task for brokers. Understanding that there is no one-size-fits-all answer to the question of “How many agents will I be able to hire?” is the first step towards setting realistic expectations. By acknowledging the numerous factors that influence recruitment success, brokers can approach their recruiting campaigns with a more informed perspective.

While the intricacies of real estate advertising may seem overwhelming, seeking assistance from an expert recruiting firm can make a significant difference. Here at XL Technologies, we specialize in helping brokerages streamline their recruiting efforts and maximize their advertising investments. With our in-depth knowledge of the real estate industry and expertise in digital marketing, we can provide valuable insights, tailored strategies, and comprehensive solutions to help brokers attract top-tier agents. By partnering with us as your recruiting partner, you will gain a competitive edge in the ever-evolving real estate recruiting space.

Final Thoughts:

In conclusion, real estate recruiting and advertising are multifaceted endeavors that require careful consideration of various factors. While there may not be a definitive answer to the question of “How many agents will I be able to hire?” understanding the complexities involved and seeking assistance from professionals can significantly enhance recruitment outcomes. Embracing the nuanced nature of real estate recruiting and leveraging expert resources will empower brokers to make informed decisions, optimize their campaigns, and ultimately build a thriving brokerage.

Choosing the Right Advertising Platform

Pros and Cons of Facebook, Google, YouTube, TikTok, and LinkedIn Ads

A Beginner’s Guide to Navigating the World of Digital Advertising

Introduction:

We know that advertising is a critical component of any marketing strategy, but with so many platforms to choose from, it can be challenging to know which one is the right fit for your business. In this post, we’ll explore the pros and cons of the most popular advertising platforms and help you make an informed decision. Let’s dive in!

Facebook Ads

When it comes to social media advertising, Facebook Ads is one of the most popular options. With over 2.8 billion monthly active users, Facebook is a goldmine for businesses looking to reach a large audience. Here are some pros and cons of using Facebook Ads:

Pros:

  • Advanced targeting: Facebook Ads allows you to target users based on demographics, interests, behavior, and location. This means you can reach the exact audience you want.  Although Apple’s privacy changes in recent years have effected this, Facebook still knows more about most people on the planet.
  • Cost-effective: Facebook Ads offers affordable advertising options, with a minimum budget of just $1 per day. This makes it a great choice for small businesses with limited advertising budgets.
  • User-friendly: Setting up a Facebook ad campaign is relatively easy, and the platform offers many helpful guides and resources to help you get started.

Cons:

  • Aging Demographic: Facebook is known as your parents and grandparents social network and it may be difficult to reach a younger demographic.
  • Ad blockers: Some users may use ad-blocking software, making it harder for your ads to reach your target audience.
  • Privacy concerns: With recent privacy concerns like the Apple changes mentioned earlier, Facebook may become less popular, leading to a decrease in advertising effectiveness.
Facebook ads concept

Google Ads

Google Ads, specifically search ads is the go-to platform for businesses looking to reach users actively searching for solutions on Google. Here are some pros and cons of using Google Ads:

Pros:

  • Advanced targeting: Google Ads allows you to target users based on keywords, location, device, and audience. This means you can reach users who are actively searching for real estate or a brokerage like yours.
  • High intent: Users searching on Google have high intent, meaning they are actively looking for a solution to their problem.
  • Flexibility: Google Ads offers a wide range of ad formats, including text, display, and video ads.

Cons:

  • Competition: Google Ads is highly competitive, meaning you may have to pay more for keywords in high-demand niches.
  • Cost: Depending on the keywords you target, Google Ads can be expensive.
  • Complex: Google Ads can be difficult to set up and requires a more in-depth understanding of advertising and analytics than some other platforms.

YouTube Ads

Although YouTube is also a Google property we treat it separately as YouTube is the second-largest search engine in the world, making it an excellent platform for businesses looking to reach a massive audience. Here are some pros and cons of using YouTube Ads:

Pros:

  • Video: YouTube Ads allow you to create video ads, which can be more engaging than other types of ads.
  • High intent: Users on YouTube have high intent, meaning they are actively looking for a solution to their problem.
  • Targeting: YouTube Ads allow you to target users based on demographics, interests, behavior, and location.

Cons:

  • Cost: Creating high-quality video ads can be expensive, and running them on YouTube can be costly, especially if you are targeting a broad audience.
  • Ad skipping: If your ad content is not engaging some users may skip your ad, meaning you don’t get the full value of your investment.
  • Video production: Creating a compelling video ad requires a high level of skill and resources, making it difficult for small brokers to create quality content.
YouTube Ads Concept

TikTok Ads

TikTok is a relatively new social media platform that has taken the world by storm, especially among young users. Here are some pros and cons of using TikTok Ads:

Pros:

  • Young audience: TikTok’s primary audience is young, making it an ideal platform for businesses targeting this demographic.
  • Trendsetting: TikTok is a platform where trends are born, making it an excellent place to showcase new and innovative approaches to solving problems.
  • Video: TikTok Ads allows you to create video ads, which can be more engaging than other types of ads and allow a more personal human element.

Cons:

  • Limited targeting options: TikTok’s targeting options are not as advanced as some other platforms, meaning you may not reach your desired audience.  Although the TikTok algorithm does a remarkably good job at offsetting this.
  • Uncertain future: TikTok’s future is uncertain due to political concerns, meaning it may not be a reliable platform in the long term.
  • Inexperience: TikTok Ads is a relatively new platform, and not many businesses have experience with it, making it challenging to navigate.

LinkedIn Ads

LinkedIn is a social networking platform geared towards professionals, making it an ideal platform for B2B marketing. Here are some pros and cons of using LinkedIn Ads:

Pros:

  • Professional audience: LinkedIn’s audience is primarily professionals, making it an ideal platform for B2B marketing.
  • Targeting: LinkedIn Ads allows you to target users based on their job title, industry, and company size.
  • Ad formats: LinkedIn offers a range of ad formats, including sponsored content, sponsored InMail, and feed display ads.

Cons:

  • Cost: LinkedIn Ads can be expensive, with a minimum cost per click (CPC) of $2 and high cost per thousands (CPM).
  • Limited audience: LinkedIn’s audience is limited to professionals, meaning it may not be suitable for brokerages that want to target potential buyers and sellers.
  • Technical Stability: LinkedIn’s platform is not as technically robust as Google or Facebook.  Although this has been improved in the years since Microsoft has taken over ownership of it.
LinkedIn Ads

Choosing the Right Advertising Platform

Now that we’ve explored the pros and cons of each platform, how do you choose the right one for your business? Here are some factors to consider:

  • Budget: Consider how much you can afford to spend on advertising and which platforms offer the most affordable options for your budget.
  • Target audience: Think about where your target audience spends their time online and which platforms are most popular with them.
  • Ad format: Consider which ad formats are best suited to your goals and objectives and which platforms offer those formats.
  • Experience: Consider your level of experience with advertising and which platforms are easiest for you to navigate.

In conclusion, choosing the right advertising platform can be challenging, but by considering the pros and cons of each platform and your specific business needs, you can make an informed decision.

Whether you choose Facebook Ads, Google Ads, YouTube Ads, TikTok Ads, or LinkedIn Ads, remember to monitor your campaigns and adjust them as needed to ensure you get the most value for your advertising dollars.

Always be recruiting

Research Report: Why You Should Always Be Recruiting

XL Technologies has developed a comprehensive research report titled “Why You Should Always Be Recruiting” to help address the difficulty of finding top real estate agents to join your team. Due to the increasingly competitive nature of the industry, waiting for talented agents to come to you is not a viable strategy for success, even in mild economic downturns.

The report explores the current state of recruiting, including the obstacles and opportunities present in the industry. It also offers insights into the retention strategies of agents, which will help you understand what motivates them to remain with a brokerage.

In addition, the report examines the advantages and disadvantages of passive and active search approaches, providing essential information in determining the best strategy for your brokerage.

Always Be Recruiting Research Report

Finally, XL Technologies provides four effective tactics to build your agent pipeline, which can give you an edge over the competition.

If you are serious about attracting top real estate agents, the “Always Be Recruiting” report from XL Technologies is an absolute must-read. Download your copy today to gain valuable insights into the recruiting process and stay ahead of the competition.

Download the “Why You Should Always Be Recruiting” Research Report

Gain the upper hand in the war for real estate talent by downloading XL Technologies’ “Always Be Recruiting” report and learn the strategies to attract, engage, and retain top agents.

The Power of Recruitment and Retention in Modern Real Estate Brokerages

Recruitment and Retention Strategies for Modern Real Estate Brokerages

Improve Your Real Estate Brokerage’s Success with Modern Recruitment and Retention Strategies

As the real estate industry evolves, so do the ways in which brokerages recruit and retain agents. Traditional methods of tackling these ideas may no longer be effective due to the emergence of a new generation of young, educated, and ambitious agents who seek more than the standard tools, training, and support from their brokerage. Today’s real estate agent is an entrepreneur seeking a brokerage that can foster an atmosphere of success and retain them with a culture that aligns with their values.

A recent article in Fast Company stated that culture has become more important to millennial workers with nine in ten saying it is “extremely important” for them to have nurturing culture at work.

Brokers frequently regard recruitment as their most significant goal, yet often do not have a dedicated focus on it. Many tend to recruit only when they have time or have lost agents. Their approach to outbound marketing initiatives is often too generic to appeal to modern agents, and they fail to distinguish themselves from other brokerages in their market. They don’t even establish a profile of their ideal agent, taking a “Spray and Pray” approach to recruit, which involves sending out mass messages via text or email without any real strategy.

The Push vs. Pull Approach

Brokerages must understand that recruitment and retention are equally crucial to their success. Instead of pushing their message out to every agent in the market, they should focus on building a strong, loyal, and productive team of the type of agent they are looking to attract. To do this, brokers must know who their ideal agent is and how much the lifetime value of that agent is worth before embarking on any recruiting outreach.

Brokers need a dedicated recruitment and retention strategy with a clear and well-defined process that outlines the steps that should be taken to attract, train, and retain the best agents in their market.

There is also a need for a shift in the verbiage used in the traditional brokerage model. Expressions such as “attraction,” “investing in,” and “talent” or partnering with are more professional, modern, and appealing to the modern-day agent. This language change can help brokerages better connect with agents and convey a sense of partnership rather than ownership.

Do you Speak Their Language?

Most recruiting materials fail to convey recognition, respect, and a sense of partnership. They don’t speak the language of modern agents, even though the agent is the prime customer. Brokerages need to elevate their messaging, separate themselves from their competition, and move their target agents to action with value-based messaging to attract a steady stream of quality agents. To do this, brokerages must take an omnichannel approach, with targeted advertising campaigns, social media marketing, display advertising, and email campaigns that communicate value over features.

In fact, a recent survey of hundreds of agents in the United States and Canada, conducted by RE/MAX, found that a positive brokerage reputation is one of the driving forces behind an agent’s decision to join any particular brokerage. Therefore, it’s critical for Brokers to establish themselves as leaders in the market.

Stop Yelling Into an Empty Room.

Providing competitive compensation plans, tools, and resources for success is one of the critical factors in attracting and retaining top real estate agents. However, if a prospective agent never gets that message, it’s like yelling into an empty room; nobody will hear you. Therefore, brokerages should invest more in omnipresence advertising and marketing to keep their message in front of the agents in their markets. This allows them to maintain top-of-mind awareness, so when agents are ready to make a change, they are drawn to the messaging and take the desired action to reach out and start a conversation.

Developing an Omnipresence?

Some way to develop omnipresence is to:

  • Define who your ideal agent is and what their lifetime value is.
  • Develop clear, concise messaging that focuses on value, not features.
  • Advertise that value on multiple platforms, so keep your message in front of your target agents.
  • Automate the process to nurture agents from the initial consideration stage to onboarding.
  • Conduct surveys of your current agents to understand why they joined you and what makes them stay with you.

Look in the Mirror.

Remember that most brokerage owners are not great at objectively evaluating themselves. Therefore, it’s best to leverage a marketing and advertising firm specializing in developing and executing omnipresence advertising campaigns. For instance, when we work with our clients, the first thing we do is conduct a series of interviews with leadership and develop an objective SWOT analysis before any messaging is developed.

SWOT Analysis

This initial research is critical to ensuring the messaging and value are clearly defined. Next, we help them determine the ideal agent they want to attract. This is done through a series of exercises and analysis of their current roster. Once we have our perfect target agent to communicate with, we look at the competitive landscape. This involves researching what each competitor in the market is doing to attract and retain agents. From there, we decide on the target platforms best suited to reach their ideal agent avatar. After completing all the research, we start designing a strategy to communicate our client’s value. This often requires a complete overhaul of all massaging and outreach strategies to pull in the targeted agents. This can include social media advertising, retargeting campaign, and developing a dedicated recruiting website so prospective agents can investigate the positive impact of making the switch. It’s important to remember that having one page on your current consumer-facing site with a list of bullets and a form is not enough. The copy and imagery on the page need to convey value, not features. Copy needs to be structured to highlight how the agent’s 0life will improve by making a change. It must logically walk them through the broker’s value proposition so they want to contact you and learn more.

In conclusion,

Modern brokerages need to develop a solid recruitment and retention strategy that aligns with the values and expectations of today’s real estate agents. To attract and retain top talent, brokerages must focus on building a culture of success, speak the language of modern agents, and use value-based messaging to differentiate themselves from their competition. Investing in advertising and marketing campaigns that communicate the brokerage’s unique value proposition can help keep their message in front of their target agents and foster a sense of partnership, resulting in a steady stream of quality agents who will drive the brokerage’s success.

Top 5 Reasons Your Brokerage Should be Advertising and Not Recruiting

Top 5 Reasons Your Brokerage Should be Advertising and Not Recruiting

If you’re looking to grow your real estate brokerage, the quality and quantity of your agents are critical to your success. But how do you attract and retain top talent?

While recruiting has been the traditional method, there’s a smarter way to fill your pipeline with the best agents – advertising.

Top 5 Reasons Your Brokerage Should be Advertising and Not Recruiting

In this download, you will learn the following:

Why cold outreach is inefficient

Cold outreach, such as direct mail, email campaigns, or phone calls, can be time-consuming and ineffective.

Advertising is less intrusive

Recruiting can be intrusive and even off-putting for potential agents.

Build trust with an omnipresent brand

Advertising allows you to build a strong, omnipresent brand that potential agents can trust and recognize.

Showcase your company’s culture.

Advertising allows you to showcase your company’s culture and values, which can be a significant factor in attracting and retaining top talent.

Boost agent loyalty and retention.

Advertising can help you retain your top-performing agents by creating a strong sense of loyalty to your brand.

Claim your FREE download

If you’re ready to take your real estate brokerage to the next level, consider advertising instead of traditional recruiting methods. By leveraging the power of advertising, you can attract top talent, build a strong brand, and retain your best agents for years to come.