Almost every company is looking for high-potential new agents. The pool of new agents is enormous. Out of the nearly 230,000 agents we profile every month fully 58,000 have joined the MLS in the last 3 years – and those are just the ones who have had a listing or sale! The sad reality is that the vast majority – as many as 70% – of these agents will not survive to become full-time professional real estate agents making a living in the business. Can we use data to help sort through the mountains of newer agents and identify those who are likely to make it?
Today we are proud to announce our new Rookie Potential grading, a first in the real estate industry. Our state-of-the-art machine learning system examines a rookie agent’s progress since joining the MLS and compares it to typical historical performance patterns as represented in over 2.4 million training examples. The result is the agent’s Rookie Potential Score. This score represents the estimated chance that an agent will close $3M in their fourth year in the business.
We compute this score for every agent who has recorded their first MLS transaction in the last 36 months.
A few examples to illustrate:
Dorothy M.
First MLS entry: 13 monthsago
Closings: $412,500 in 1.5 sides
New listings: 1
Rookie Potential Score: 3.72%
Aaron A
First MLS entry: 13 months ago
Closings: $2.4M in 6 sides
New listings: 1
Rookie Potential Score: 38.09%
Aaron C
First MLS entry: 13 months ago
Closings: $1.2M in 3 sides
New listings: 1
Rookie Potential Score: 10.08%
The scores might seem low at first glance, but note that all 3 agents are only 13 months from their first MLS entry. We are predicting the chance they will stay in the business and grow their production to a $3M/year run-rate by the end of month 48 (November 2022 in this case).
If we are looking at recruiting promising new agents we will clearly be drawn to Aaron A. If these are our agents, perhaps we consider encouraging Dorothy to join a team.
To learn more about how Relitix puts artificial intelligence to work for brokerage management send us an email at info@relitix.com
