Real Estate Agent Recruiting Goes Back to Basics

To lure agents, broker revives salary program.

(Boonton, NJ, January 17, 2012) — As Michigan brokerage Real Estate One ramps up its recruiting, President Dan Elsea is bringing back a program to pay new agents a small salary while they get started in the business.

Southfield-based Real Estate One had used salaries to bring in new agents, but the company put the program on hold as the housing market collapsed and the Michigan economy cratered.

With the Detroit housing market picking back up, Elsea tells industry newsletter Real Estate Broker's Insider that he plans to go on a recruiting spree. He aims to hire 600 agents over the next three to five years, and salaries for new agents are an important part of that plan.

The salaries are modest — in the range of $1,500 to $2,000 a month — and are paid for only about six months. The paychecks are designed as a draw against future commissions.

The program is designed to appeal to teachers, nurses, and other career changers who have built a nest egg but who don't want to leap into a job that might not produce a paycheck for a while. "It's for someone who needs a transition from one job to another," Elsea says.

More on Elsea's plans appear in the January issue of Real Estate Broker's Insider.

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