In the competitive world of real estate, attracting and retaining top talent is key to success. One of the most effective ways to keep your employees happy and productive is through a well-structured employee benefits program. To help manage these benefits, many real estate organizations choose an employee benefits consultant. Here are some ways to select the right benefits broker for your real estate business and the key questions to ask.
How a Benefits Broker Helps Your Business
A benefits broker is an insurance professional who helps manage your company’s employee benefits program. Larger brokerages employ a team of specialists in various areas, such as health insurance for employer-sponsored healthcare plans or retirement planning for 401(k), IRA and pension programs.
The benefits broker will assess your real estate company’s specific needs, create a tailored benefits plan, negotiate rates, ensure compliance with regulations and assist employees in understanding and accessing their benefits.
Unlike insurance agents, brokers are not tied to an insurance company, giving them the flexibility to shop around for the best rates. Insurance agents, by contrast, represent specific insurers and may not always act in your best interest.
Smart Investment
Whether you’re running a boutique agency or overseeing a large real estate firm, choosing the right benefits broker can simplify managing employee benefits and can have long-lasting advantages:
- Save Money: Brokers leverage their industry knowledge and relationships to secure better rates than you may find on your own.
- Save Time: Managing complex benefits can be time-consuming. A broker takes care of the details, so you can focus on growing your business.
- Enhance Employee Satisfaction: Offering competitive and thoughtful benefits is an excellent way to retain and motivate top-performing agents and employees.
- Stay Compliant: Real estate companies must navigate the nuances of federal and state laws, including ERISA, ACA, COBRA and FMLA. A benefits broker ensures compliance, reducing legal risks.
How to Choose a Benefits Broker
Finding the right benefits broker for your real estate firm requires careful consideration. Here are the key factors to evaluate:
- Broad Range of Services
Look for a broker who offers comprehensive services, including plan management, enrollment support, claims assistance and ongoing adjustments to keep your benefits programs current. A broker with full-service capabilities can be an invaluable partner. - Customization for Real Estate Teams
Real estate businesses often have diverse workforces, from salaried office staff to independent agents, with different needs. A good broker should tailor benefits packages that align with the demographics of your employees, whether they work in the office, remotely or on-site with clients. - Certifications
Make sure the broker has the necessary credentials. Look for certifications such as:
Certified Employee Benefit Specialist (CEBS) from the International Foundation of Employee Benefit Plans.
Professional in Human Resources (PHR) or Senior Certified Professional (SHRM-SCP). These certifications indicate a high level of expertise and experience in managing employee benefits, which is essential when navigating the complexities of benefits for real estate professionals. - Experience in Real Estate
- Ideally, the broker should have experience working with businesses in the real estate sector. Benefits programs for real estate agencies differ from other industries. A broker familiar with your industry’s specific needs can design more effective plans.
- Reputation and Trustworthiness
In real estate, reputation is everything. Look for brokers who have strong references from other real estate organizations and who are well-regarded within the industry. Client testimonials and long-term relationships with firms are good indicators of reliability. - Clear Communication and Customer Service
A good benefits broker should make the process as transparent and simple as possible. They should respond promptly to your inquiries and clearly explain complex benefits options. Real estate agents, in particular, can be hard to reach, so having a broker who is easy to contact is essential. - Cost Transparency
Understand the broker’s fee structure before committing. While some brokers charge a flat fee, others may work on a commission basis or a percentage of premiums. Ensure you fully understand all associated costs, including any potential hidden fees, so you can align the broker’s fees with your real estate business’s budget. - Technology and Resources
With the growing trend of remote work and digital solutions, it’s important to choose a broker who offers state-of-the-art technology platforms. A broker who provides online enrollment, claims management, and real-time access to benefits information can be a huge time-saver for both you and your employees.
A well-chosen benefits broker can transform your employee benefits program from a headache into a powerful tool for attracting and retaining top talent in the competitive real estate market. At Hub International, we have deep long-standing expertise in real estate and can help you find the right benefits solutions.
Frank DeLucia
Executive Vice President
HUB International Northeast
frank.delucia@hubinternational.com
(212)338-2395
