The characteristics of high performance brokers.
Editor’s note: This article is from WeChat public account Shell Institute (ID: gh_44da0ccc8400), author Cao Fengjuan.
Core discovery
The high rate of broker turnover and serious division of performance are important issues for the brokerage industry. So, what kind of people may have the potential to cultivate the industry for a long time? Who have the hard and soft conditions to become a high-performance broker in the future? The answers to these questions are important for store managers/business circle managers to develop high-performance brokers, improve industry status, and determine industry benchmarks.
In order to observe the commonality of high-performance brokers and to find out the essential reasons for brokers to achieve high performance, we conducted a research and analysis based on the TOP20% of the total performance of Beijing chain owners.
Characteristics of high performance brokers
More than 90% of brokers are aged 20-39 years old
The average age of a high-performance brokerage school is 22.2 years old, and the age of recruitment is 28.5 years. The median age of the current age is 30 years old, and the 20-40 year old group is the backbone, accounting for 94.8% of the total, showing a youthful trend.
The age of entry for real estate agents Age structure
Source: Shell Research Institute
More than 70% of men are male, and the industry has become stronger in women
Real estate brokerage is an industry that needs long-term travel and long investment time. Men have become the main force of high-performance brokerage groups, accounting for 71.2%. However, among the groups over 40 years old, the proportion of female brokers has gradually increased, and the elite trend has become prominent.
Figure: Gender Structure of Realtors
Source: Shell Research Institute
Over 80% of high-performance brokers have been in business for more than 4 years
Real estate brokerage is an industry that needs long-term precipitation. The accumulation of housing, customers and professional knowledge in the deep-rooted business district and rooted community will boost the formation of a high-performance broker. The average number of brokers in the high-performance sample is 5.6 years, which is significantly higher than the average of 20 months in Beijing.
Figure: The length of the real estate agent’s career
Source: Shell Research Institute
About 70% of brokers have advanced degrees
Approximately 70% of the brokers in the high-performing sample have a higher education level, which is much higher than the industry average. The professional background of brokers is relatively scattered, and the business administration major is the mainstream.
In the undergraduate degree, high-performance brokers in two or three colleges occupy the main body, accounting for 77%. Two or three students in the TOP10% of the institutions, the professional [1] brokers occupyHalf of the country.
[1] Good professional refers to the specialty of the school.
Figure: The distribution of the agent’s education
Source: Shell Research Institute
Figure: broker professional top5
Source: Shell Research Institute
The score of beat scores above 80 points is 43.3%
High-performance brokers have a higher overall score, with a score of 43.3% over 80 points. The professional pacing exam is designed to enhance the professional knowledge of brokers and create a better service experience.
Figure: broker’s scores
Source: Shell Research Institute
Brokers participate in multilateral cooperation, with an average of about 6 roles per order.
The ACN cooperative network enables multiple brokers to participate in the same single transaction in different roles and to divide commissions proportionally. Among the high-performance brokers, the average person participates in 72 single-business, and the average one-sale transaction has 6 roles. Collaborate.
Figure: The participation arbitrage of the broker as the average number of sides of the trader
Source: Shell Research Institute
The essential reason for the formation of high-performance brokers
In order to obtain the high-performance broker’s differentiated characteristics and the essential reasons for achieving high performance, we will compare and analyze the high-performance broker sample and the non-high-performance broker sample.
The basic traits of gender, age of entry, and education are indistinguishable
High-performance brokers and non-high-performance brokers have no distinct differences in gender structure, age of entry, and academic distribution, suggesting that established identity characteristics are not sufficient to lead brokers to achieve high performance.
Figure: Gender structure of the broker Age of entry
Source: Shell Research Institute
In terms of academic qualifications, the proportion of brokers with higher education in the high-performance sample is relatively low. This may be due to the fact that some brokers have entered the industry early and have a lot of experience in the high-performance sample. In addition, the impact of academic qualifications on the performance of brokers needs to be beyond a certain period of time before they can appear.Out, among the agents below M3, the high degree of education and performance did not show a significant positive correlation, but above M5, the performance of highly educated brokers was significantly higher.
Figure: Comparison of the academic qualifications of brokers
Source: Shell Research Institute
Figure: Average performance of brokers of different ranks (full sample)
Source: Shell Research Institute
Unique traits: industry experience, professionalism, cooperation quality
High performance brokers have more experience in the industry. High-performance brokers accounted for 32% of those who have been in business for more than 7 years, and only 21.1% of non-high-performance brokers. A longer working life means higher average performance, which is the value of long-term industry.
Figure: The number of years of employment The average performance of the years of employment (full sample)
Source: Shell Research Institute
High-performance brokers have better academic performance. The percentage of high-performance brokers with a score of 80 or higher was significantly higher than that of non-high-performance brokers. The level of academic performance reflects the level of professional services that brokers can provide to a certain extent, and better scores can result in higher average performance.
Figure: The average performance of the scholastic results (full sample)
Source: Shell Research Institute
High-performance brokers have a higher level of engagement. High-performance brokers accounted for 83.6% of the average singularity in more than 50 singles, and 78.1% of the participating sides in the five-side or more, which was significantly higher than the proportion of non-high-performance brokers, and the more the number of participating sides, The higher the average performance of the transaction.
Picture: Participation singular as the average number of sides of the trader
Source: Shell Research Institute
Figure: Average performance for different participating sides (full sample)
Source: Shell Institute
The impact of the unique characteristics of high-performance brokers on performance
The above findings indicate that the basic characteristics of gender structure, age of entry, and academic qualifications are not unique to high-performance brokers. High-performance brokers only have an advantage in terms of years of employment, academic performance, and cooperation. Next, we will use the model-based data to measure the impact of years of employment, professionalism, and cooperation on the performance of brokers.
The regression model is as follows:
Among them, the explanatory variable (Y) is the total performance, and the main explanatory variables include the years of employment (X1), the scores of the students (X2), the breadth of cooperation (X3), and the depth of cooperation (X4). The breadth of cooperation is measured by the number of business units in which the broker participates. The depth of cooperation is measured by the broker’s average number of sides as the trader. The model R2 is 0.21, the P value of the F test is 0.00, and the model goodness of fit is good. The correlation coefficients between the variables are all less than 0.2, and there is no collinearity problem after testing. The P values of the estimated coefficients of each variable were all less than 0.01, and passed the significance test.
There is a positive relationship between the broker’s career years and performance, and a rich experience can lead to a significant increase in performance. The level of academic performance can reflect the degree of professionalism of brokers’ operations to a certain extent. Specialized services can promote the realization of transactions and the formation of high performance. Cooperation is the most effective division of labor that can be achieved by considering the time and energy of each broker. The breadth and depth of cooperation will have a significant positive impact on performance. Overall, the degree of influence of the number of years of employment, the examination of the exam, and the performance of the broker on the performance of the broker is: cooperation > years of employment > the exam.