In the real estate industry, the agent’s ability to sell property and close deals serves as a measuring stick for successful job performance. Recognizing that agent performance drives the company’s sales success, Coldwell Banker decided to develop and advance their personnel by integrating authentic talent management strategies designed by TalentQuest.
With over 112,000 sales associates operating from more than 3,500 residential and commercial real estate offices, Coldwell Banker realized its organization had a strong need to identify, promote and develop their vast pool of talent. To tackle this challenge, Coldwell Banker approached TalentQuest to develop custom talent management strategies that would focus on assessing their top tier of executives by:
- Performing regular and behavioral interviews on Coldwell Banker’s executive team, which were then transcribed and coded for analysis.
- Designing custom competency models based on statistical analyses, separating average performers from exceptional performers.
- Developing industry-appropriate scenarios and role-playing to identify top management candidates both within and outside the company.
- Creating a Peak Performer Profile™ for the sales associate position to serve as a benchmark for calculating an agent’s Similarity Index (SI) score, which is a specific subset of factors most predictive of success.
- Applying high-achievement and attitudinal competencies across the company.
From there, we applied these competency models to sales associates across the organization. Then, we performed validity studies and found that individual performance was directly related to an agent’s SI score. Agents who scored in the 90-99.99 range earned twice as much as those who scored in the 70-79.99 range.
At every level across the company, Coldwell Banker uses our custom competency models and assessment tools to make decisions that range from assessing management potential and succession planning to leadership development and talent acquisition.
