Brokerage Change YOUR CAREER
As much as we don’t want to change brokerages, there is no one-size-fits-all for our entire career. We should annually evaluate the company’s value against our next steps & future needs. The best time to consider a change is just before the 4th quarter because the SWFL season really begins in October.
THREE CRUCIAL CONSIDERATIONS:
- Examine reputation carefully.
We shouldn’t assume any broker or owner is worthy just because their resume or social media looks good, or they’re with a well-known brand. Your reputation is directly aligned with theirs in the industry. Your money is also going into their pocket. In essence, you’re hiring them for a serious job. A brand may have a stellar reputation in one city, but may not in your city. Most are franchises, individually owned and operated. Talk with agents who have worked with that broker before. If the broker is heavily competing or has changed companies frequently, that may be a red flag. Ultimately, the culture of the leader = culture of the pack. Take the time to do valuable homework here.
- Negotiate upfront.
Negotiations for everything you need should be made in advance and put in writing in your ICA, including permission to take your listings with you when you leave. Get clear on your specific needs for the next few years of GROWTH. Do you need help building a team or expanding to another city? Do you need more office space or a luxury average price point? Pin it down and find out exactly how the broker will fill that gap. Don’t move solely for leads. Most agents who do become quickly disenchanted.
- Consider system autonomy.
Most brokerages offer internal systems — lead, CRM, and transaction systems — that require serious training. Proprietary systems to a particular company are challenging because you cannot take them with you on your next move, and information you enter may become brokerage property. Although you can typically take your database in print or export it to CSV form, if you’ve used a proprietary CRM, you have to start over with a new system. Also, the brokerage may now have your customer information. Another reason to consider broker reputation.
Would you trust your child with someone you didn’t really know or check out thoroughly? Your business is your baby. Treat it that way —Coach Kerri is an award-winning entrepreneur and coach who develops real estate industry leaders in SWFL and Nashville. She’s the business strategist behind many agents, teams, and brokerages, coaching more than 1,100 business owners throughout her career.
Agents I coach love their brokers. They are supported and led well. Yet, owning a profitable business is hard work and weighted responsibility. We can’t stay put at our current brokerage just because we think change will be difficult. As long as a transition is organized and managed well, it can be simple and designed to trigger GROWTH.
Tip from the Pros: Be humble and leave the door open.
Sometimes a market shift or other unanticipated change may pull you back through it.