There’s no shortage of real estate companies available in the market today. And, while having a wide selection of national, regional and local brands to choose sounds exciting, it can be a lot to wade through to find a brokerage that feels like home.
Now, switching real estate brokerage is fairly common. In fact, according to the National Association of Realtors (NAR) 2016 Member Profile, the median period of time Realtors spend at their current company decreased from five years to three years, which is a huge drop from seven years in 2013.
That means the average real estate agent may change offices at least three times during a 10-year period of time. And, with NAR reporting that up to 86 percent of its members are independent contractors with their brokerages, making a move is a relatively easy thing to do.
The reason you may be looking to make a move might be the same as the top five reasons other agents choose to:
Or, it could be for a totally different reason.
No matter why you’re looking to find a new home to run your business, there are five important criteria you must consider as you evaluate changing brokerages.
Here they are in no specific order:
1. Culture
If you’re like most people in the workforce today, you’re going to spend at least 8.8 hours of your day engaged in work activities. Some of that time will be at an office where other people are also working.
To that end, you’re going to want to make sure that the culture of the brokerage you choose fits your needs best
Certainly, following your gut will tell you a lot about which culture will be best for you, but make sure you do your research and talk to some people at the brokerages you’re considering. If possible, attend a sales meeting and a social event so you can spend time with your potential co-workers in both environments to see how they show up.
Culture is probably one of the biggest factors in making your decision. If you can’t stand the people around whom you work or the people who run the brokerage, it’s going to be tough for you to get excited about being part of that organization.
2. Leadership
The leaders of a brokerage set the tone for much of what happens on a day-to-day basis. As well, they’re the ones who will need to be there to support you, especially if some part — or all — of a deal goes sideways.
Be sure to take time and examine the leadership at every level before you join a brokerage. Start at the top with the CEO, work your way down through any vice presidents, then check out the marketing team and regional managers. Make sure you talk to/meet with everyone...including the office leaders who handle the day-to-day operations of the business.
Be as detail oriented as possible in your research:
The answers to these questions are neither good nor bad, they just need to mesh with whom you are and what your goals are.
Make sure the mindset of the brokerage’s leadership is aligned with what you envision for your future.
3. Support
At the end of the day, you’re making the move to a new brokerage to become more successful. To that end, you need to make sure that the support you get when you move is in line with what you’re looking to accomplish.
Your split might be a consideration, but it shouldn’t be the only factor in making the right decision. Things like technology, programs, services, training on how to use the office services, leadership availability and even administrative support should all play a part in where you decide you’ll end up.
As well, ask yourself if they provide resources to support ongoing professional development or what they do to support your lead generation efforts? Are there marketing tools available and do they have a strong stable of vendors to help you with your business and in serving your clients?
Make sure you take a full 360 degree view of who and what are available to support you in running and growing your business.
In addition to considering these factors, you should be clear about the support that is most critical to you. This should be at the top of your list as you examine a potential new brokerage.
In the end, your choice should be 100% based on what’s in what is best for your career.
Leave no stone unturned as you — including what will give you the most satisfaction — as you come to the conclusion on your choice of brokerages. And, as much as the decision may be emotionally charged, use sound rationale and critical thinking to find the right brokerage for yourself.
Change can be a good thing, but there is also such a thing as too much change. Be sure to evaluate closely the factors we’ve discussed here before you take the leap.
You’ll be glad you did.