Online learning was once a high-tech alternative to traditional learning, but today, organizations across nearly every industry use it. If you're not too familiar with eLearning, you might have only heard of it in the context of schools.
Many educational institutions indeed use learning management software designed to help students and teachers be more successful, but that's not the kind of learning software we're talking about for business.
You can use a learning management system to deliver online training in many different business scenarios. One of the best examples is real estate training. It's essential for real estate brokerages to offer robust learning opportunities for their agents. If your real estate brokerage doesn't offer these kinds of resources, the brokerage could suffer.
Better education for the agents at your brokerage can lead to higher retention. When agents are satisfied with the continuing education opportunities they have access to, they have little reason to switch to different brokerages. However, if they aren't receiving enough enablement opportunities, they might decide that moving elsewhere could help them make more money or meet their other career goals.
It's also a good idea to enable your agents to sell more effectively by offering them real estate sales training. The housing market is more competitive than ever, and your agents need every advantage they can get. A real estate LMS (learning management system) is an excellent tool for improving your real estate agents' access to beneficial resources that can give them those advantages.
What's a Real Estate LMS?
A real estate learning management system is an online platform that enables more effective training for real estate agents. Brokerages can use a real estate LMS to onboard new agents, recruit new agents, aid their ongoing professional development, improve compliance, and more.
Why Should Real Estate Brokerages Use an LMS?
Using a learning management system is a highly effective way to improve real estate sales training programs — although you may not immediately associate learning software with the real estate industry, the benefits are clear. Examining a few real estate LMS use cases is one of the best ways to demonstrate their value. Real estate brokerages can use learning management systems for various purposes, but a few of the most notable are recruiting, onboarding, enablement and compliance.
Real estate brokerages can attract new talent by improving online education with a real estate LMS. Prospective agents are looking for value in each brokerage they consider and one great way to deliver that value is by offering extensive training options for new agents. When recruiting new agents, you can highlight these opportunities for growth as a major benefit of working with your brokerage. Recruiters can use a real estate training program with open access authentication to send training content directly to prospective agents to show them the high level of value your brokerage provides.
Onboarding new agents is crucial to their success. When you provide new agents with adequate onboarding training, you can greatly decrease the time it takes them to "ramp up" to their full potential with your brokerage. Without effective onboarding tools, this ramp time can drag on much longer than necessary and hinder productivity.
One of the most efficient ways to deliver onboarding training to new agents is with a learning management system that enables learning paths. Learning paths are an LMS feature that allows you to build intuitive journeys through course content relevant to specific purposes. For example, you could tailor a learning path for onboarding by setting up a sequence of courses that shares essential information about your brokerage in a sensible order.
Learning paths like these can make it easier for new agents to digest and retain information because they're guaranteed to complete the courses in the most effective order. They also won't have to spend time searching for resources or wondering what to do next because the courses are already grouped appropriately for different purposes.
Even after a new agent has been onboarded, there's still plenty of training ahead. It's important to provide agents with opportunities for ongoing development even after the onboarding phase has ended. New agents can benefit from ongoing training because they may just be starting their careers and need all the resources they can find. Experienced agents can also benefit because they may seek opportunities to develop their skills and advance to the next step in their careers.
There are many kinds of skills real estate agents can develop using a learning management system. Skills like marketing, pricing, negotiating and contract writing can always be improved. Opportunities to practice skills like these are an integral part of your agents' professional development. If you don't provide those opportunities, agents may begin to look elsewhere for them. Luckily, it's very easy to create and manage online courses for real estate agents with a learning management system like Northpass — much easier (and less expensive) than organizing in-person real estate sales seminars.
Another kind of training you can offer with a learning management system is compliance training. Compliance training is vital for any type of business to ensure the organization is adhering to the relevant standards and laws. The real estate agency, in particular, is subject to many regulations, so it's especially important for real estate agents to be thoroughly familiar with them. These regulations may change periodically, and it's often challenging to keep agents informed about the latest compliance updates.
However, a learning management system makes compliance training significantly more convenient. Using an LMS, you can create new courses about recent regulation updates promptly and make them available in a central repository of content that's easily accessible to all your agents.
Real Estate Training in Action: How Compass Uses Northpass to Train 18K+ Agents
Numerous examples of companies have seen major improvement thanks to the decision to implement a learning management system. You don't need to look any further than these examples to see how a real estate LMS can benefit a real estate agent. Sales training, compliance training, onboarding and many other types of training are much more effective when a high-quality LMS powers them.
Compass, an independent real estate brokerage founded in 2012, is one of the best real estate training examples. Compass's ethos is rooted in leveraging technology to help real estate agents grow their businesses and equip them with the tools and knowledge they need to succeed. However, as the business grew, it became apparent that in-person training was not a practical solution for training new agents to use the Compass platform.Northpass has greatly expanded Compass's ability to provide training for real estate agents. Compass's Northpass-powered online learning academy offers convenient access to materials that teach agents how to use the platform and gives them 24/7 access to training content that helps them become better real estate agents.
Real estate companies that offer training usually have an advantage. As Compass shows us, one of the best ways to scale your training program is with an LMS. Real estate brokerages that heed the value of online learning software can unlock similar benefits. Some of the results of Compass switching to an LMS include:
On average, 80% of agents who complete a technology course in Compass Academy use the product within the next 30 days.
Agent satisfaction is higher because agents can access training materials 24/7, allowing them to learn whenever it's most convenient.
Compass' existing knowledge resources have a place where they can be permanently stored, organized, and accessed by all.
Real Estate Training with Northpass
Using learning management software for real estate training is a great way to upgrade your brokerage's learning academy (or create one for the first time). Northpass is an extremely flexible LMS that you can use to train customers, employees, partners and gig workers in nearly any industry, including the real estate industry. Here are just a few of the ways you can use Northpass for training in real estate contexts:
Multiple Pricing Options
Northpass offers multiple LMS pricing models, which allows real estate brokerages to pay in whatever way makes the most sense for them.
Pay per learner - A pay per learning model charges you a fixed price for each learner enrolled in your academy.
Pay per active learner - Paying per active learner means you'll pay a fixed amount for each learner — but only if they're actually using your academy.
Pay as you go - Pay-as-you-go models charge you based on how much you use the software (like a pay-as-you-go phone plan).
Licensing fee - A licensing fee is a fixed, flat rate that you pay periodically (often annually) to the LMS vendor for access to the software.
Northpass also includes extensive analytics features. The platform has an intuitive dashboard where you can see personalized data about your academy. You can track learner activity, course completion rates, average time to complete each course or whatever metrics are most important to your brokerage. Northpass's comprehensive analytics dashboard makes it possible to make fast, accurate decisions about how to steer your learning academy toward success.